Home Litecoin Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/05/18

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/05/18

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Bitcoin Cash Slips Again

Bitcoin Cash fell by 3.38% on Tuesday, following Monday’s 6.21% slide, to end the day at $1,596.8, its first sub-$1,600 close since Saturday.

Hopes of a recovery through the day, coming off the back of a rise to a day high $1,695 in the early hours, evaporated as Bitcoin Cash and the broader market went into reverse through the morning.

With the morning high, falling well short of the day’s first major resistance level of $1,771.4, with plenty of resistance at $1,700, Bitcoin Cash slid to a day low $1,550.1 to test buying appetite at the 23.6% FIB Retracement Level of $1,555 before recovering late in the day.

Holding above the day’s first major support level at $1,544.4 was key to the late uptick, though a failure to break back through to $1,750 on the day failed to support the bullish trend formed back on 6th April, with a bullish trend reversal beginning to take shape.

At the time of writing, Bitcoin Cash was down a further 6.07% to $1,503.8, a morning low $1,457.4 seeing Bitcoin Cash fall through the 23.6% FIB Retracement Level of $1,555 and the day’s first major support level at $1,532.93 to test support at the second major support level of $1,469.07, before moving back through to $1,500 levels.

For the day ahead, a move back through $1,550 would support a run through to the start of the day high $1,600, though for support to kick in at the 23.6% FIB Retracement Level of $1,555, sentiment across the broader market will need to improve.

Recent losses have led to Bitcoin Cash building a near-term bearish trend and failing to break free of the 23.6% FIB Retracement Level will likely see heavier losses later in the day, as the markets move on from the upcoming fork, investors having locked in profits from the April rally.

With the day’s first and second major support levels tested early, sub-$1,400 support levels could come into play should Bitcoin Cash fail to move through to $1,550 levels this morning, which would affirm a reversal to the bullish trend formed at 6th April’s swing lo $600.1.

BCH/USD 09/05/18 4-Hourly Chart

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Litecoin on the Slide

Litecoin slid 3.26% on Tuesday, following Monday’s 3.79% fall, to end the day at $158.96, marking a 3rd consecutive day of declines.

Trends across the markets were similar, with an early $168.1 intraday high falling short of the day’s first major resistance level at $171.72, leading to a reversal through the morning that led Litecoin down to an intraday low $157.01.

In stark contrast to some of the majors, Litecoin’s slide through to the day’s first major support level at $157.35, calling on support at the 38.2% FIB Retracement Level of $155.5, Litecoin having failed to break out from the 23.6% FIB Retracement Level of $165.8 in the early hours.

At the time of writing, Litecoin was down a further 3.72% to $153.06, an early fall through to a morning low $151.05 seeing Litecoin slide through the 38.2% FIB Retracement Level of $155.5 and first major support level at $154.61 to test support at the day’s second major support level at $150.27.

For the day ahead, a move back through the 38.2% FIB Retracement Level would support a run at $160 levels, though with a near-term bearish trend beginning to form, market sentiment will need to shift for any break out.

Failure to move back through to $160 levels will likely bring sub-$150 support levels into play, though we would expect Litecoin to leave the day’s third major support level at $139.18 untested.

It’s turning bearish, with a lack of appetite across the broader market supporting further declines before any upswing.

LTC/USD 09/05/18 4-Hourly Chart

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Ripple On the Slide

Ripple’s XRP fell by 2.59% on Tuesday, following Monday’s 4.58% slide, to end the day at $0.80421, Tuesday’s fall being the 3rd consecutive day in the red.

While a morning high $0.84849 saw Ripple’s XRP move back through the 23.6% FIB Retracement Level of $0.8477, upward momentum was short lived, with Ripple’s XRP falling short of the day’s first major resistance level at $0.8662 to go through a morning sell-off to a day low $0.78703.

The slide saw Ripple’s XRP fall through the day’s first major support level at $0.7886 to come within reach of the 38.2% FIB Retracement Level of $0.7731 before recovering to $0.80 levels by the day’s end, recent losses beginning to lead to a bullish trend reversal through early May.

At the time of writing, Ripple’s XRP was down 4.86% to $0.76637, with a slide through to a morning low $0.75441 seeing Ripple’s XRP tumble through the first major support level at $0.7780 to bring the day’s second major support level at $0.7518 into play, the morning’s low seeing Ripple’s XRP fall through the 38.2% FIB Retracement Level of $0.7731.

This week’s moves have continued to support a bullish trend reversal, with a continued failure to move back through to the 23.6% FIB Retracement Level supporting a near-term bearish trend formation.

For the day ahead, failure to break out from the 38.2% FIB Retracement Level of $0.7731 through to $0.78 levels this morning will likely see further losses through the day before any recovery, with $0.80 levels key to avoid the affirmation of a bearish trend formation.

XRP/USD 09/05/18 4-Hourly Chart

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