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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/06/18

Bob Mason
Updated

Bitcoin Struggles On

Bitcoin Cash tumbled by 7.96% on Tuesday, following Monday’s 0.54% fall, to end the day at $694.1, Tuesday’s fall being the 6th in the last 7 days.

It was bearish through the day for Bitcoin Cash, an intraday high $758.1 high at the start of the day, which fell well short of the first major resistance level at $780.47, the only positive move of the day, a reversal through the day leading Bitcoin Cash to a late in the day intraday low $692.1.

The day long reversal saw Bitcoin Cash pullback through the day’s first major support level at $734.27 and second major support level at $710.83 before steadying, ending the day at sub-$700 levels being of concern.

At the time of writing, Bitcoin Cash was up 0.27% to $696.6, with moves through the early part of the day relatively range bound, a morning low $685.1 and $704.7 high, steering well clear of the day’s major support and resistance levels.

For the day ahead, moving back through to $700 levels would support a run at the first major resistance level at $737.43, with the downward trend in recent days likely to draw in buyers should the news wires remain silent on the regulatory front.

Failure to break back through to $700 levels could see Bitcoin Cash resume its slide, with the day’s first major support level at $677.43 likely to be tested before any recovery, the extended bearish trend formed at early May’s swing hi $1,849.9 firmly intact.

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Litecoin on the Move

Litecoin fell by 7.21% on Tuesday, reversing Monday’s 1.34% gain to end the day at $75.78, Litecoin falling in 7 of the last 8 days.

Bucking the trend through the early part of the morning, Litecoin moved through to an intraday high $82.55 before joining the rest of the crypto majors in a day long reversal, the day’s high falling short of the first major resistance level at $84.51.

The sell-off through the day saw Litecoin fall through the day’s first major support level at $78.82 to test support at the second major support level at $75.97, with an intraday low $75.37, Litecoin unable break back through the key support levels by the day’s end.

At the time of writing, Litecoin was up 1.53% to $76.96, with Litecoin managing to recover from an early pullback to a morning $74.85 low that held above the day’s first major support level at $73.25.

The recovery saw Litecoin move through to a morning $77.59 high before easing back to $76 levels, the day’s first major support level at $80.43 left untested through the morning.

For the day ahead, a move through to $77.9 would support a run at the first major resistance level at $80.43, though for Litecoin to break back through to $80 levels there’s going to need to be a significant boost in sentiment through the middle part of the day, Litecoin already setting the pace across the majors.

Failure to move through $77.9 to take a run at $80 could see a reversal through the afternoon, with the day’s first major support level at $73.25 in play should the wires deliver more negative news later in the day.

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Ripple Looking to Recover

Ripple’s XRP fell by 5.76% on Tuesday, reversing Monday’s 1.42% gain, to end the day at $0.45393.

Faring somewhat better than its peers, Tuesday’s fall was the 5th in the last 8 days.

An early move through to an intraday high $0.48469 saw Ripple’s XRP fall short of the first major resistance level at $0.4949, with Ripple’s XRP following the broader market through the remainder of the day, sliding through the first major support level at $0.4701 and second major support level at $0.4574 to an intraday low $0.45074 before steadying.

The bearish moves through the day saw Ripple’s XRP end the day below the second major support level at $0.4574.

At the time of writing, Ripple’s XRP was up 1.13% to $0.45935, with Ripple’s XRP falling to a start of the day $0.44894 low before bouncing back to a morning $0.46427 high, the day’s first major support and resistance levels left untested early on.

For the day ahead, a move through $0.4631 would support a run at $0.47 levels and the day’s first major resistance level at $0.4755, with the improved sentiment across the majors this morning supporting some near-term upside, though any breakout through the day’s major resistance level would be unlikely.

Failure to move through $0.4631 would see Ripple’s XRP pullback later in the day, though we would expect the first major support level at $0.4416 to be left untested.

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This article was originally posted on FX Empire

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