Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/03/18
Bob Mason
Updated
Bitcoin Cash Holds Steady
Bitcoin Cash managed to avoid a loss on Sunday, in spite of Bitcoin sliding into the red, gaining just 0.02% to end the day at $970.8.
In stark contrast to previous weekends, Bitcoin Cash moved through a relatively tight range on Sunday, with an intraday high $992.1 and low $960 seeing Bitcoin Cash hovering at around the 23.6% FIB Retracement Level throughout the day.
Major support and resistance levels were left untested through the day, the day’s $992.1 high falling short of the first major resistance level of $1,013.87, with the day’s low $962 holding above the day’s first major support level of $945.57
For the week, Monday through to Sunday’s close, Bitcoin Cash saw a gain of just 4%, which came off the back of solid gains at the start of the week, before Bitcoin Cash turned bearish at Wednesday’s swing hi $1,084.
The bearish trend remains intact, in spite of a bounce back through to the day’s 62% FIB Retracement Level on Friday, failure to break out ultimately pinning Bitcoin Cash back to sub-$1,000 levels and unable to break back through to $1,000 levels for the first time since Tuesday’s $999.99 high.
At the time of writing, Bitcoin Cash was up 0.14% to $970.7 through the early part of the morning, with a morning low $960 holding above the day’s first major support level of $957.83, in what has been a relatively range bound start to the day.
For the day ahead, a move back through to the morning’s $975.4 high would support a run at the day’s 23.6% FIB Retracement Level of $986.44 and the day’s first major resistance level of $987.93, though for Bitcoin Cash to break through and make a run at the day’s 2nd resistance level of $1,005.07, broader market sentiment will need to be positive through the middle part of the day.
Failure to break through the day’s 23.6% FIB Retracement Level would likely see Bitcoin Cash pull back to the morning’s low and test the day’s first major support level. How much support is in place will ultimately be dependent upon the news wires. Negative regulatory news likely to soften support through to the day’s 3rd support level of $914.77.
Things were not much better for Litecoin Cash on Sunday, a 0.75% gain to end the day at $160.18 certainly not enough to offset Saturday’s 6.01% tumble.
There was a little more life in Litecoin through the day, with Litecoin managing to hit an intraday high $163.08 in the final hours of the weekend, leading to some profit taking on the approach to the day’s 38.2% FIB Retracement Level of $164.1.
An intraday low $157.60 failed to test major support levels through the day, with Litecoin’s failure to move through major resistance levels through the day affirming the bearish trend formed at last Wednesday’s swing hi $175.5.
Market concerns over a ramp up in regulatory chatter going into the week pinned back investor appetite, as Binance awaits punishment from Japanese regulators and South Korean banks open their doors to regulators to check AML adherence.
For the week, Litecoin gained 4.01%.
Through the early part of this morning, it’s been relatively uneventful with Litecoin flat at $160.18 at the time of writing, Litecoin seeing a particularly range bound start to the week, an intraday high $160.62 and intraday low $159.05 pegged in between the day’s major support and resistance levels.
For the day ahead, a move through the day’s 23.6% FIB Retracement Level of $161.4 would support a run at the first major resistance level of $162.94, though for more material gains, investors will be in the need of some improved sentiment across the markets, as Litecoin’s bearish trend remains intact at the start of the week.
Failure to break through the day’s 23.6% FIB Retracement Level could see a shift in sentiment and a pull back to test sub-$160 support levels, the day’s first major support level sitting at $157.55.
That was quite a week for Ripple’s XRP, with Sunday’s 1.24% gain bringing to an end 5 consecutive days of declines that ultimately led to a 2.36% loss for the week, Monday through to Sunday’s end of day $0.63488.
The slide through the week bucked the trend across the majority of the cryptomarket front runners, with Ripple’s XRP continuing to struggle for direction following the most recent tumble in response to Coinbase’s announcement that XRP would not be included.
A run at the day’s FIB Retracement Level of $0.6558, with an intraday high $0.65369, faced a build-up of selling pressure, with the regulatory uncertainty that continues to shroud the cryptomarket, seeing investors sell-off late in the day.
On the bright side, Ripple investors managed to avoid testing the day’s first major support level of $0.6004, with last Monday’s $0.53656 low likely have tested even the most resilient of Ripple investors.
Following Sunday’s gains, the bearish trend resumed through the early part of this morning, with Ripple’s XRP down 0.94% to $0.6286 at the time of writing.
A morning $0.64126 high moved through the day’s 23.6% FIB Retracement Level of $0.6385, leading to a pullback to current levels, the early uptick falling short of the day’s first major resistance level of $0.6524.
The morning has certainly been more volatile than for the likes of Bitcoin Cash and Litecoin, with an early intraday low $0.6159 testing the day’s first major support level of $0.6178 early in the day.
For the day ahead, the bearish trend remains intact, with Ripple’s XRP needing to move through the day’s 23.6% FIB Retracement Level of $0.6385 and the day’s first major resistance level of $0.6524 to shift sentiment towards, Ripple’s XRP unlikely to find material support from the broader markets, in the event of an afternoon rebound.
Failure to move through the day’s 23.6% FIB Retracement Level may well see another selloff, with the day’s first major support level of $0.6178 likely to be back in play through the middle part of the day.
