Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/05/18

Bob Mason

Updated Fri, May 18, 2018, 11:12 PM

Bitcoin Cash Goes Defensive

Bitcoin Cash gained 0.98% on Friday, to bring an end to 4 consecutive days’ of decline, ending the day at $1,204.1, to leave Bitcoin Cash down 18.3% for the week, Monday through Friday.

A start of the day fall to a morning low $1,155.1 held above the day’s first major support level at $1,115.37, supporting a morning recovery to an intraday high $1,224 before a middle of the day reversal, the day’s high falling well short of the first major resistance level at $1,307.77 and the 23.6% FIB Retracement Level of $1,320.9.

The afternoon reversal saw Bitcoin Cash pullback to an intraday low and new swing lo $1,128 before recovering in the late part of the day to eke out a minor gain for the day.

Failing to test the day’s key resistance levels and striking a new swing lo on Friday affirmed the near-term bearish trend, pointing to more declines ahead.

At the time of writing, Bitcoin Cash was down 1.74% to $1,182, negative sentiment towards Bitcoin Cash continuing to weigh, investors looking elsewhere following a hard fork that isn’t expected to deliver too many fireworks in the near-term.

A start of the day slide did the damage early on, with Bitcoin Cash falling to a morning low $1,166.8 before partially recovering, Bitcoin Cash finding little support in spite of holding above the day’s first major support level at $1,146.73.

For the day ahead, a move back through to $1,185 would support a run at $1,200 levels, though there will likely be plenty of resistance later in the day that could pin Bitcoin Cash back from a run at the day’s first major resistance level at $1,242.73.

Failing to break through to $1,200 levels could see a reversal of any intraday gains, with the day’s first major support level at $1,146.73 certainly in play today, the crypto bulls likely to be disappointed, as the prospects of a weekend rally look slim early on.

It’s looking particularly bearish and would expect the day’s support levels to be tested before any bounce back.

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Litecoin Finds Support

Litecoin had a better day than most on Friday, gaining 2.72% to end the day at $136.25, down 5.66% for the week.

It was a choppy day for Litecoin, with an intraday low and new swing lo $129.1 coming at the start of the day, before upward momentum took Litecoin through to an intraday high $137.6 in the late afternoon.

In spite of the day’s gains and a new swing lo, major support and resistance levels were left untested, with Litecoin’s low the first visit to sub-$130 levels since 18^th April.

At the time of writing, Litecoin was up 0.25% to $136.64, recovering from an early morning $134.25 low to current levels, the early dip steering clear of the day’s first major support level at $131.03, while the day’s first major resistance level at $139.53 also remained untested.

For the day ahead, a run at the day’s first major resistance level would support a break through to $140 levels to test selling pressure at the 23.6% FIB Retracement Level of $142, though for Litecoin to break through to $140 levels, sentiment will need to improve through the day, the bears continuing to drive the markets early on.

Failing to break through to $140 levels could see Litecoin cough up Friday’s gains to test the day’s first major support level and dip back into the $120s before any recovery.

The near-term bearish trend formed at 5^th May’s $182.35 remains intact, with a break through the 38.2% FIB Retracement Level of $149 into the $150s needed to support a bearish trend reversal, the chances of which look slim at best for now.

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Ripple Looks Bearish Again

Ripple’s XRP gained 3.3% on Friday, partially reversing Thursday’s 6.57% slide, to end the week down 7.14% to $0.68008.

A start of the day fall to an intraday low $0.64193 held above the day’s first major support level at $0.6324, leading to a move through to a morning high $0.67771, before an afternoon rally to an intraday high $0.68606, the day’s high falling short of the first major resistance level at $0.7025 and the 23.6% FIB Retracement Level of $0.7112.

In spite of managing to avoid a new swing lo, the near-term bearish trend remained intact with Ripple’s XRP failing to test key resistance levels through the day, while also falling well short of the 38.2% FIB Retracement Level of $0.7603 that needs to be breached to reverse the bearish trend.

At the time of writing, Ripple’s XRP was down 0.31% to $0.67776, with the day starting off on a bad note, Ripple’s XRP falling to a start of the day $0.0.66701 before recovering to $0.67 levels.

Holding above the day’s first major support level at $0.6527 will have been the only positive at the start of the day, with negative sentiment across the broader market likely to weigh on Friday’s gains.

For the day ahead, a move through to $0.67 levels would support a run at the day’s first major resistance level at $0.6968 to bring the 23.6% FIB Retracement Level of $0.7112 into play, though sentiment will need to shift for a break back through to $0.70 levels, Friday’s high the first time Ripple’s XRP fell short of $0.70 levels since 18^th April.

Failure to break through to $0.70 levels in the middle part of the day will likely bring the day’s first major support level at $0.6527 into play, though we would expect Ripple’s XRP to recover from any sub-$0.65 moves in what will be another choppy day ahead.