Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/06/18
Bitcoin Cash Tanks
Bitcoin Cash tumbled 13.9% on Friday, following on from Thursday’s 2.17% fall, to end the day at $750.4, the day’s losses taking Bitcoin Cash into the red for the week.
An intraday high $875.3 came at the start of the day, falling short of the first major resistance level at $898.9 and the 23.6% FIB Retracement Level of $1,049 before the market sell-off kicked in, with Bitcoin Cash sliding through the day to an intraday low and new swing lo $720, Bitcoin Cash sliding through the major support levels on the way to sub-$800 levels for the first time since 19th April.
At the time of writing, Bitcoin Cash was up 2.71% to $771, the early morning gain coming off the back of a partial recovery late in the day on Friday.
This morning’s start of the day $746.3 low held well above the first major support level at $688.5, with the morning’s $779.7 high also leaving the first major resistance level at $843.8 untested early on.
For the day ahead, a move through $782 would support a run at $800 levels to bring the day’s first major resistance level into play, though investors may well sit tight to gauge whether the morning gains are a spill over or the start of a recovery, with sub-$700 levels still on the cards before any more material recovery.
Failure to break through $782 and make a run at $800 levels will likely see Bitcoin Cash come under greater pressure later in the day, the first major support level at $688.5 certainly in play as the extended bearish trend continues into the final week of June.
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Litecoin Hit by the Bears
A 4th consecutive day of losses saw Litecoin slide by 12.06% on Friday, following Thursday’s 1.16% fall, to end the day at $85.03. The day’s losses took Litecoin into the red for the week, down 10.5%.
Following the broader market trend, Litecoin’s start of the day intraday high $96.79 left the first major resistance level at $98.53 untested, with a mass market sell-off taking Litecoin through the major support levels to an intraday low and new swing lo $80.29 before recovering to $85 levels by the day’s end.
At the time of writing, Litecoin was up 1.21% to $86.06, with Friday’s late upward moves continuing into the early hours of this morning.
A start of the day $87.11 high fell short of the first major resistance level at $94.4, with the morning’s $84.51 also leaving the day’s first major support level at $77.94 untested early on.
For the day ahead, a move through to $87.4 would support a run at the first major resistance level at $94.45, though we can expect plenty of resistance at $90, as investors tread carefully following Friday’s sell-off.
Failure to break through to $90 levels will likely see Litecoin pullback later in the day, with sub-$80 support levels in play, the extended bearish trend firmly intact, as regulators continue to wreak havoc on the markets.
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Ripple Makes the Wrong Kind of Splash
Ripple’s XRP slid by 9.11% on Friday, following Thursday’s 1.1% fall, to end the day at $0.48405, the moves through the day taking Ripple’s XRP down 7.59% for the week.
The day’s $0.53841 high came at the start of the day, falling short of the first major resistance level at $54.37, with the crypto sell-off seeing Ripple’s XRP tumble through the day’s major support levels to an intraday low and new swing lo $0.46669 before recovering to $0.48 levels by the day’s end.
At the time of writing, Ripple’s XRP was up 1.92% to $0.49298, with a late Friday move seeing Ripple’s XRP hit a start of the day $0.49607 high before easing back, the day’s first major resistance level at $0.5261 and first major support level at $0.4544 level untested in the early hours.
For the day ahead, a move through to $0.4964 would support a run at the first major resistance level at $0.5261, though Ripple’s XRP will likely face plenty of resistance at $0.50 levels through the early part of the day as investors get a sense of what lies ahead for the weekend.
Failure to move through $0.4964 to $0.50 levels will likely see Friday’s sell-off resume, with the day’s first major support level at $0.4544 likely to be tested before any recovery, the crypto bulls in dire need of a weekend rally to plug the hole that has seen all the majors strike new swing los this week.
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This article was originally posted on FX Empire
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