Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/03/18

Bitcoin Cash on Slide

Bitcoin Cash fell by 1.84% on Thursday, following Wednesday’s 2.95% fall, to end the day at $1,011. The bullish trend that had been formed last Sunday evening reversed on Wednesday morning and, despite Bitcoin rising to an intraday high $1,066 in the early hours of Thursday, the bearish trend remained intact through the day, falling to an intraday low $981.9.

While the intraday high failed to test major resistance levels, the $981.9 low tested the day’s first major resistance level of $995.67 and buyer appetite at the day’s 38.2% FIB Retracement Level of $991.56, though support was not enough for Bitcoin Cash to break through the day’s 23.6% FIB Retracement Level of $1,026.89 by the close.

There may have been hopes of a recovery going into this morning, with Bitcoin Cash managing to recover to $1,000 levels by the close, but the sell-off continued through the early hours of today.

At the time of writing Bitcoin Cash was down 4.57% to $966.3, with the day ahead looking bleak as investors responded to yet more negative news hitting the wires.

For the day ahead, with Bitcoin Cash sitting below the day’s first major support level of $973.27, failure to move through to $1,000 levels could see the day’s 2^nd support level of $935.53 tested, with Bitcoin Cash sitting well below the day’s 23.6% FIB Retracement Level of $1,006.

It’s certainly looking bearish going into the weekend and, while investors have been quick to jump in on the dips of late, there may well be a pause this time around.

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Litecoin Back down to the $150s

Litecoin slid 2.99% on Thursday, following Wednesday’s 0.3% fall, to end the day at $163.65, as the bullish trend formed on late Sunday reversed through the day.

An intraday low $160.11 fell through the day’s first major support level of $164.02, with support kicking in at $160, the day’s 2^nd support level sitting at $159.4.

Falling through the day’s 23.6% FIB Retracement Level of $166.44 saw little buying appetite, before investors moved back in at the day’s 38.2% FIB Retracement Level of $160.84.

Major resistance levels were untested through the day, with Litecoin’s $170 high falling short of the day’s first major resistance level of $174.38, affirming the bearish trend reversal through the day.

At the time of writing, the bearish trend continued, with Litecoin down 3.61% to $157.92. With Litecoin having fallen through the day’s first major support level of $159.17, the day’s 2^nd support level of $154.7 is likely to be tested today. The negative sentiment that has hit the cryptomarket will test investor resolve at $154 levels, investors in need of some positive news to spur a recovery through the 2^nd half of the day.

A move back through to $160 levels would provide some relief, though we will expect the day’s major resistance levels to remain untested through the day, sellers likely to be lined up at the day’s 23.6% FIB Retracement Level of $163.74.

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Ripple in the Red Again

It’s been a week that Ripple investors will likely want to forget, with Ripple’s XRP falling 4.13% on Thursday, to end the day at $0.65084. The fall made it 3 consecutive days in the red, with Ripple’s XRP having fallen behind its peers on Tuesday, the bullish trend reversal kicking in from Tuesday’s swing hi $0.72872.

Ripple’s XRP fell through the day’s first major support level of $0.6558 and 2^nd support level of $0.6318, with an intraday low $0.61989, before recovering to $0.65083 by the day’s end. Resistance levels were left untested through the day, an intraday high $0.69558 falling short of the day’s first major resistance level of $0.7076, affirming the bearish trend formed on Tuesday.

At the time of writing, Ripple’s XRP was down 4% to $0.6253, with investors showing little appetite to jump back in at current levels. A morning low $0.6176 tested support at the day’s first major support level of $0.6153, with resistance levels untested thus far.

For the day ahead, a move back through the day’s $0.6551 high would support a run at the day’s first major resistance level of $0.6910, though with sellers likely to be lined up at the day’s 23.6% FIB Retracement Level of $0.6456 and 38.2% FIB Retracement Level of $0.6615, any major recovery will be market sentiment driven.

With the news wires continuing to plague the cryptomarket through the 2^nd half of the week, Ripple’s XRP is going to need something spectacular to avert a 4^th consecutive day in the red.

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