Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/06/18
Bitcoin Cash Turning Bullish
Bitcoin Cash rallied 8.26% on Saturday, following Friday’s 1.22% rise, to end the day at $1,085.
An early dip to an intraday low $990.3 was the only bearish move of the day, with Bitcoin Cash’s struggles of breaking out from $1,000 coming to an end through the morning. A late afternoon rally saw Bitcoin Cash rally to an intraday high $1,102.9, breaking through the day’s major resistance levels to test selling pressure at the 23.6% FIB Retracement Level of $1,100 for the first time since 22nd May, before easing back to sub-$1,100 levels by the day’s end.
At the time of writing, Bitcoin Cash was down 0.29% to $1,081, with an early attempted break through the 23.6% FIB Retracement Level of $1,100 leading to a pullback to a morning low $1,072.2 before a partial recovery.
For the day ahead, breaking through the 23.6% FIB Retracement Level will be key to continue supporting the bearish trend reversal, with Bitcoin Cash’s pullback from $1,100 late on Saturday continuing to leave the extended bearish trend intact, with a slide back to $800 levels still possible near-term.
Failure to move through $1,100 to test the day’s first major resistance level at $1,128.5 will likely weigh on Bitcoin Cash, to bring sub-$1,000 levels into play later in the day, investors likely to hold off for another dip.
Holding on to $1,000 levels in the early part of the day should continue to support a positive day ahead.
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Litecoin Looking to Slide
Litecoin gained 3.14% on Saturday, following Friday’s 1.34% rise, to end the day at $123.65, its highest close since 23rd May’s $128.38.
Recovering from a start of the day intraday low $118.52, Litecoin rallied through the day’s first major resistance level at $121.52 in the late morning, before an afternoon rally saw Litecoin move through to $123 levels to test the day’s second major resistance level at $123.08 and hold, whilst falling short of the 23.6% FIB Retracement Level at $127, to leave the extended bearish trend intact.
At the time of writing, Litecoin was down 0.74% to $122.74, with Litecoin pulling back from an early $123.97 high to an intraday low $122.56, Saturday’s gains under threat in the early part of the day as investors look to lock in profits ahead of the next move.
For the day ahead, a move through to $123.5 would support another run at $124 levels, with a break through to $124.4 bringing the day’s first major resistance level at $125.9 into play, while the 23.6% FIB Retracement Level of $127 will likely remain out of reach through the day.
Failure to break through to $124 levels through the day will likely see Litecoin pullback to $121 levels, with any deterioration in sentiment across the cryptomarket likely to see the day’s first major support level at $119.96 tested before any recovery.
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Ripple Looking to Consolidate
Ripple’s XRP gained 3.77% on Saturday, following Friday’s 1.75% rise, to end the day at $0.64504, its highest close since 22nd May’s $0.67493.
Bucking the trend seen across the broader market, Ripple’s XRP found most of its gains through the first half of the day, recovering from a start of the day intraday low $0.61058 to break through the day’s first major resistance level at $0.6313 and second major resistance level at $0.6402 with a morning high $0.65038.
A relatively range bound afternoon saw Ripple’s XRP strike an intraday high $0.6544, with Ripple’s XRP breaking out from the 23.6% FIB Retracement Level of $0.6434 to support the start of a bearish trend reversal from 29th May’s swing lo $0.543.
At the time of writing, Ripple’s XRP was down 0.24% to $0.64267, recovering from an early $0.6387 low, whilst struggling to hold above the 23.6% FIB Retracement Level of $0.6434 to continue supporting the bearish trend reversal.
For the day ahead, a breakout from the 23.6% FIB Retracement Level of $0.6434 would support a run at the morning’s high $0.65171, to bring the day’s first major resistance level at $0.6628 into play and cement a near-term bullish trend that would see Ripple’s XRP gain momentum and look for another bull run through to $0.90 levels.
Failure to breakout from the 23.6% FIB Retracement Level to take a run at $0.66 levels would likely see Ripple’s XRP give up some of Saturday’s gains to bring the day’s first major support level at $0.6189 into play, though we would expect Ripple’s XRP to find plenty of support at $0.62 to avoid testing major support levels through the day.
Holding at $0.64 levels through the early part of the morning would ultimately support an upward move later in the morning.
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This article was originally posted on FX Empire
