Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/05/18

Bitcoin Cash on the Move

Bitcoin Cash saw red again on Saturday, falling 2.29% to reverse Friday’s 0.98% rise and end the day at $1,176.5.

A choppy start to the day saw Bitcoin Cash slide through to $1,145.3 testing the day’s first major support level at $1,146.73 before bouncing back to an intraday high $1,218 in the late morning.

Bitcoin Cash failed to test the day’s first major resistance level at $1,242.57 and selling pressure at the 23.6% FIB Retracement Level of $1,298, with $1,200 resistance too strong, leading to a pullback to sub-$1,200 levels in the afternoon.

While failing to test key resistance levels on the day continued to support the near-term bearish trend, avoiding another sell-off late in the day was a positive for the Bitcoin Cash bulls on the day.

At the time of writing, Bitcoin Cash was up 5.44% to $1,241, the move coming off the back of a relatively range bound second half of the day on Saturday that left key support levels untested following the morning breach.

Bitcoin Cash broke through the today’s first major resistance level at $1,214.57 to a morning high 1,250.5, testing the day’s second major resistance level at $1,252.63 before easing back, the lack of a sell-off supporting a run at the 23.6% FIB Retracement Level of $1,298.

Failure to move through to test selling pressure at $1,298 would likely lead to an afternoon reversal, to test support at $1,200, while the day’s first major support level at $1,141.87 will likely be left untested today.

It’s a bullish start to the day, but with Bitcoin Cash down 20.2% for the week Monday through Saturday, there’s a long way to go to reverse the near-term bearish trend formed at 5^th May’s swing hi $1,849.9.

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Litecoin Looking for Buyers

Litecoin slipped 0.95% on Saturday, partially reversing Friday’s 2.72% rise, to end the day at $134.96.

An early fall through to an intraday low $133.25 avoided the day’s first major support level at $131.03, leading to a late morning rally to an intraday high $137.18 before a downward move through the afternoon to $134 levels.

A relatively range bound afternoon left the day’s first major resistance level at $139.53 untested, with the 23.6% FIB Retracement Level of $142 some way off, supporting the near-term bearish trend formed at 5^th May’s swing hi $182.35.

At the time of writing, Litecoin was up 0.08% to $135.11, recovering from a slide to an early morning low $132.2 to test the day’s first major support level at $133.08 before bouncing back to $135 levels, a morning high $135.6 falling short of the day’s first major resistance level at $137.02.

For the day ahead, a move through the day’s first major resistance level would support a run at the 23.6% FIB Retracement Level of $142, though market sentiment will need to improve for Litecoin to break out from $140.

Failing to move through $137 level to test resistance at $140 could see Litecoin pullback to the morning’s $132.2 low to bring the day’s second major support level at $131.19 into play.

While Litecoin holds steady in the early hours, the bearish trend remains intact, with Litecoin still at risk of a pullback to sub-$120 levels before any major recovery, further negative regulatory news capable of a pullback to the early February lows that tested $100 support levels.

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Ripple Finds its Feet

Ripple’s XRP slipped 0.49% on Saturday, partially reversing Friday’s 3.03% gain, to end the day at $0.67393.

A morning low $0.66098 held above the day’s first major support level at $0.6527, leading to bounce to an intraday high $0.69226 in the late morning, to come within reach of the day’s first major resistance level at $0.6968 before a reversal through the afternoon to $0.67 levels.

While holding above the day’s major support levels, failing to break through to $0.70 levels to test selling pressure at the 23.6% FIB Retracement Level of $0.7112 continued to support the near-term bearish trend formed in late April.

At the time of writing, Ripple’s XRP was up 0.8% to $0.68086, easing back from a morning high $0.68758 that fell short of the day’s first major resistance level of $0.6905, with the morning’s $0.667 avoiding the day’s first major support level at $0.6592.

For the day ahead, a move back through the morning high to test the day’s first major support level at $0.6905 would support a run at $0.70 levels, though for Ripple’s XRP to bring the 23.6% FIB Retracement Level of $0.7112 into play, the broader market will need to see a material shift in sentiment.

Failure to move through to $0.69 levels would likely lead to a reversal, with the day’s first major support level at $0.6592 in play later in the day.

The bearish trend remains intact, with Ripple’s XRP needing to move through the 38.2% FIB Retracement Level of $0.7603 to begin raising the possibility of a bearish trend reversal.

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