Home Litecoin Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/05/18

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/05/18

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Bitcoin Cash Red Again

Bitcoin Cash slipped by 0.99% on Sunday, following Saturday’s 0.78% fall, to end the week down 23% at $995.2, with the sub-$1,000 close only the 2nd since late April.

Saturday’s late in the day reversal continued through to the early hours of Sunday morning, with Bitcoin Cash falling through the day’s first major support level at $985.5 to an intraday low $969.5, calling on support at the second major support level at $966.6 before recovering to $1,000 levels by the middle of the day.

Bitcoin Cash failed to break through the $1,020 level needed to support a run at key resistance levels, with an intraday high $1,010.8 falling short of the day’s first major resistance level at $1,036.6 and well short of the 23.6% FIB Retracement Level of $1,155.6, supporting the extended bearish trend formed in early May.

At the time of writing, Bitcoin Cash was down 5.04% to $945.1, as the bears took a firmer grip following last week’s slide and a failed attempt at a weekend rally on Saturday.

The start of the day slide to the morning’s low and current $945.1 pulled Bitcoin Cash through the first major support level at $972.87 and second major support level at $950.53 with ease, the market reversal gathering pace as investors begin accept the reality of a more material pullback to sub-$700 levels before a likely bearish trend reversal kicks in.

For the day ahead, while it’s looking quite dire for Bitcoin Cash, a recovery to $970 would support a run at $1,000 levels and the day’s first major support level at $1,014.17, such a rebound bucking recent trends, with Bitcoin Cash having been unable to reverse extended intraday losses of late.

Failure to move back through to $970 levels will likely see heavier losses through the morning, Bitcoin Cash needing to hold on to $940 levels and steady the ship. The acceleration this morning will likely bring the day’s third major support level at $909.23 into play, with sub-$900 levels likely to be seen.

BCH/USD 28/05/18 4-Hourly Chart

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Litecoin Bulls Let Go

Litecoin slipped by 0.41% on Sunday, following Saturday’s 0.61% fall, to end the weekend down 15.5% to $117.84.

Moves through the early part of the day followed the broader market, with Saturday’s late sell-off continuing into Sunday morning, Litecoin falling to an intraday low $116.51 to call on support at the day’s first major support level at $116.34.

An afternoon recovery to an intraday high $118.98 saw Litecoin fall short of the $120 levels and the day’s first major support level at $119.04, leading to a pullback to $117 levels by the day’s end, leaving Litecoin in the hands of the bears.

At the time of writing, Litecoin was down 3.5% to $113.71, with a sell-off in the early hours seeing Litecoin slide through the day’s first major support level at $116.57 and second major support level at $115.31 to call on support at the day’s third major support level at $112.84, with an intraday low and new swing lo $112.5.

A partial recovery to $113 levels will ease the pain, though the persistently bearish sentiment across the market could see Litecoin face heavier losses later in the day.

For the day ahead, a move back through the day’s second major support level at $115.31 would support a run at $117 levels and a possible return to positive territory, though we would expect the day’s first major resistance level at $119.04 to be left untested through the day, with any hopes of a run at the 23.6% FIB Retracement Level of $130.98 dashed for yet another day.

Failure to move back through to $117 levels will bring sub-$100 support levels into play for the first time since 2nd February’s $100.2 low, Litecoin having last sat at sub-$100 levels prior to the December rally that led to an all-time high 420.

It’s a bad start to the week and things could well get worse before they get better.

LTC/USD 28/05/18 4-Hourly Chart

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Ripple Stumbles

Ripple’s XRP fell by 1.09% on Sunday, following Saturday’s 0.01% gain, to end the weekend down 13.93% to $0.60127.

An early morning fall set the tone for the day, with Ripple’s XRP falling to an intraday low $0.59434 by mid-morning, before recovering to $0.60 levels, in what was a relatively range bound day, the day’s highs and lows avoiding the major support and resistance levels to leave the extended bearish trend intact.

The good news for Ripple investors would have been the hold at $0.60 levels by the day’s end, but with the bears in firm control, heavier losses are certainly expected as the market prepares for the introduction of regulatory oversight in the summer.

At the time of writing, Ripple’s XRP was down 4.64% to $0.57477, with a broad based market sell-off seeing Ripple’s XRP fall through the day’s first major support level at $0.5924 and second major support level at $0.5836 to an intraday low $0.57136 before steadying.

With the bears taking control at the start of the week, Ripple’s XRP will need to move back through the day’s first major support level at $0.5924 to see a recovery to $0.60 levels and bring the day’s first major resistance level at $0.6120 into play.

The path of least resistance is likely to be downwards however, with a failure to break through to $0.58 levels in the early part of the day likely to bring the day’s third major support level at $0.564 into play.

As investors will have seen this morning, support levels provide little comfort in mass sell-offs and the market will need to see conditions stabilize this morning before making any moves, Ripple’s XRP and the broader market capable of a recovery through the day should key price targets be reached early.

XRP/USD 28/05/18 4-Hourly Chart

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