Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/03/18

Bob Mason

Updated Sat, Mar 24, 2018, 11:52 PM

Bitcoin Cash Sees early Gains

Bitcoin Cash saw the bearish trend resume on Saturday, with a 5.72% fall to end the day at $969.2, giving up $1,000 levels at the day’s end for the first time since Tuesday.

A start of the day intraday high $1,034.9 failed to break through the day’s first major resistance level of $1,052.63, leading to a pullback to $987.4, as Bitcoin Cash faced selling pressure at the day’s 62% FIB Retracement Level of $1,035.22 and 38.2% FIB Retracement Level of $1005.08.

The midday slide managed to avoid the day’s first major support level of $980.33, with an attempted recovery through the afternoon reversing late in the day, as investors locked in minor gains from the day. Bitcoin Cash slipped through the day’s major support level to an intraday low $966.6, before a minor uptick to the day’s $969.2 close.

Support failed to support a move back through to $1,000 levels, with Bitcoin Cash ending the day below the 23.6% FIB Retracement Level of $986.44 and the day’s first major support level.

At the time of writing, Bitcoin Cash was up 1.46% to $982.6, with a morning low $966 avoiding the day’s first major support level of $945.57, with moves relatively range bound early on.

For the day ahead, a move through the day’s 23.6% FIB Retracement Level of $986.44 would support a run at $1,000 levels and a test of the day’s first major resistance level of $1,013.87, though Bitcoin Cash may face increased selling pressure on the way, with the day’s 38.2% FIB Retracement Level of $1,005.08 to contend with.

Failure to move through to $1,000 levels through the morning will test investor appetite through the afternoon, though with a weekend rally yet to have materialized, the bulls may look to take control before the end of the weekend.

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Litecoin Steadies after a Saturday Slide

Litecoin slid 6.01% on Saturday, reversing Friday’s 3.16% gain, to end the day at $158.51, with the bearish trend formed from Wednesday’s swing hi $175.5 resuming.

A pullback from the day’s 62% FIB Retracement Level of $168.5 at the start of the day affirmed a continuation of the bearish trend, with Litecoin falling through towards the day’s 23.6% FIB Retracement Level of $161.4 before support kicked in through the early afternoon.

Litecoin wasn’t able to hold on, with a late sell-off seeing a pull back to an intraday low $158.41, falling through the day’s first major support level of $161.04, before ending the day at $158.99, leaving resistance levels untested through the day.

At the time of writing, Litecoin was up 1.12% to $160.78, with an early $158.25 low avoiding the day’s first major support level of $154.78.

A move through to the day’s 23.6% FIB Retracement Level of $161.4 would support a run at the day’s first major resistance level of $165.87 and 38.2% FIB Retracement Level of $164.1, though any moves beyond will likely be on hold as investors await further updates from Japan and South Korea’s regulators in the early part of the week.

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Ripple Looks to End the Weekend on a High

Hopes of an early weekend rally disappeared early for Ripple’s XRP on Saturday, a push through to the day’s 62% FIB Retracement Level of $0.6836, with a start of the day $0.6858 intraday high, leading to a pull back to $0.62817 by the middle of the day.

There was plenty of selling pressure through the morning, with Ripple’s XRP sliding through the day’s 23.6% FIB Retracement Level of $0.6385, while avoiding the first major support level of $0.6163.

A pickup through the afternoon didn’t hold, with Ripple’s XRP failing to break through the day’s 38.2% FIB Retracement Level of $0.6558, ultimately leading to a late in the day fall to a $0.61843 intraday low to test the day’s first major support level.

Saturday’s 2.24% fall was relatively minor when compared to its peers, with Ripple’s XRP managing to also break through the day’s first and major resistance levels at the start of the day before easing to an end of day $0.62511.

At the time of writing, Ripple’s XRP was up 1.62% to $0.63692, with Ripple’s XRP having plenty of lost ground to cover following last week’s losses.

A move through the day’s 23.6% FIB Retracement Level of $0.6385 would support a run at the day’s first major resistance level of $0.6678, though broader market sentiment will dictate selling pressure at the day’s 38.2% FIB Retracement Level of $0.6558.

Failure to break through to $0.65 levels this afternoon will likely see Ripple’s XRP pull back through to $0.62 levels, bringing the day’s first major support level of $0.6 into play.

Sentiment this morning has improved across the market, though there will likely be some selling pressure late in the day, investors uncertain of what lies ahead for Binance in Japan and the cryptomarket in South Korea, as regulators investigate the banks.