Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/05/18

Bitcoin on the Slide

Bitcoin Cash slid by 4.9% on Monday, pulling back some of Sunday’s 10.1% gain, to end the day at $1,211.3

A morning rally saw Bitcoin Cash break through the 23.6% FIB Retracement Level of $1,298 to $1,300 levels, with an intraday high $1,304.9 before an afternoon reversal.

The market’s shift in sentiment through the second half of the day saw Bitcoin Cash pullback through the 23.6% FIB Retracement Level of $1,298 to an intraday low $1,211.3 before a partial recovery late in the day, the only positive being a hold above the day’s first major support level at $1,201.87

Last week’s slide and Monday’s return to the red reaffirmed the near-term bearish trend formed at 5^th May’s swing hi $1,849.9, with Bitcoin Cash needing to break through the 38.2% FIB Retracement Level of $1,404 to begin looking at a bearish trend reversal.

At the time of writing, Bitcoin Cash was down 2.92% to $1,192.5, with Monday afternoon’s reversal and pullback from the 23.6% FIB Retracement Level of $1,298 spilling over to the early hours of this morning.

Bitcoin Cash slid to an early morning $1,184 low, falling through the day’s first major support level at $1,192.1 before recovering to hold at around the first major support level, with a move back through to $1,200 levels likely to face plenty of resistance this morning.

A break back through to the start of the day’s $1,229.5 high would support a run at the day’s first major resistance level at $1,285.7 and the 23.6% FIB Retracement Level of $1,298 though market sentiment would need to see a vast improvement for Bitcoin Cash investors to avoid hitting the sell-button long before.

Failing to move back through the morning high could see heavier declines this afternoon, with Bitcoin Cash yet to have touched $1,000 levels in the current bearish trend.

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Litecoin Reverses Again

Litecoin fell by 3.64% on Monday, more than offsetting Sunday’s 3.26% gain, to end the day at $134.3.

A start of the day intraday high $139.98 fell short of the day’s first major resistance level at $142.66 and 23.6% FIB Retracement Level of $142, with Litecoin bucking the trend through the morning, investors locking in Sunday’s profits early on in the day.

Litecoin’s negative trend through the day saw Litecoin fall through the day’s first major support level at $134.16 to an intraday low $133.53 before finding support late in the day to recover to $134 levels.

The moves through Monday reaffirmed Litecoin’s near-term bearish trend, with investors having little from the news wires to feed off in order to support a bearish trend reversal.

At the time of writing, Litecoin was down 0.86% to $133.11, with Monday’s slide carrying on into the early hours of this morning.

Litecoin fell to an intraday low $132.5 in the early hours, holding above the day’s first major support level at $131.89 before a partial recovery, the morning’s losses moderate following a particularly bearish trend through the day on Monday.

For the day ahead, a move back through to $135 levels would support a run at the day’s first major resistance level at $138.34, while the 23.6% FIB Retracement Level of $142 will likely be out of reach, Litecoin likely to find plenty of resistance at $140 in the event of an afternoon rally.

Failing to test the day’s first major resistance level through the middle part of the day will be a negative for Litecoin, bringing the day’s first major support level at $131.89 into play, while sub-$130 levels should be avoided.

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Ripple Splash Reversal

Ripple’s XRP slid by 3.39% on Monday, reversing Sunday’s 3.43% gain, to end the day at $0.67493.

Things were looking good at the start of the day, with Ripple’s XRP breaking back through to $0.70 levels, with an intraday high $0.70889, though Ripple’s XRP failed to test key resistance levels, with the day’s high falling short of the 23.6% FIB Retracement Level at $0.7112 and the day’s first major resistance level at $0.7173.

A late morning sell-off saw Ripple’s XPR slide through the day’s first major support level at $0.6734 to an intraday low $0.66506, before recovering to $0.67 levels, attempts to move back through to $0.68 levels thwarted late in the day, investors looking to avoid getting hit by another sell-off.

Monday’s reversal reaffirmed the near-term bearish trend formed in late April, with Ripple’s XRP having ended the day at sub-$0.70 levels for a 5^th consecutive day on Monday.

At the time of writing, Ripple’s XRP was down 1.31% to $0.66646, an early tumble seeing Ripple’s XRL slide to an intraday low $0.66065 before recovering, the morning’s low holding well above the day’s first major support level at $0.6570.

For the day ahead, a move back through to $0.68 levels would support a move through to $0.70 levels to test the day’s first major resistance level at $0.7009 and selling pressure at the 23.6% FIB Retracement Level of $0.7112, though for any moves through to $0.70 levels, sentiment across the broader market will need to find its footing, the news wires providing investors with little incentive to jump back in for the long haul.

Failure to move through to $0.68 levels will likely see an afternoon fall to bring the day’s first major support level at $0.6570 into play.

Looking at current dynamics and what lies ahead for the market, the bearish trend is likely to remain intact near-term, with a move through to $0.80 levels, needed to reverse the trend, a big ask for now.

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