Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/05/18
Bitcoin Cash Finds Support
Bitcoin Cash gained 1.86% on Wednesday, bringing to an end 3 consecutive days’ of decline, to end the day at $1,630.7.
It was a choppy day for the cryptomarket and Bitcoin Cash, with an early slide to a morning low $1,457.4 seeing Bitcoin Cash slide through the 23.6% FIB Retracement Level of $1,555 and the day’s first major support level at $1,532.93 before sentiment shifted through the late morning and afternoon, support kicking in at the second major support level at $1,469.07.
A late morning rally saw Bitcoin Cash rise to a morning high $1,583, breaking clear of the 23.6% FIB Retracement Level before an afternoon rally that saw a move through to a day high $1,679, testing the day’s first major resistance level at $1,677.83 before easing back by the day’s end.
It was certainly a day of two halves, something that investors have become accustomed to, with the move back through to $1,600 levels key for the Bitcoin Cash bulls.
At the time of writing, Bitcoin Cash was up 1.83% to $1,656.5, the early moves a spillover from Wednesday’s afternoon rally, with the break out from the 23.6% FIB Retracement Level reinforcing the bullish trend formed back at 6th April.
For the day ahead, a move through to $1,680 would support a run at the day’s first major resistance level at $1,720.67, to bring $2,000 back onto the table, though following the recent sell-off, investors could play it cautiously through the middle of the day.
Any pullback through to this morning’s $1,620 low could see Bitcoin Cash call on support at the 23.6% FIB Retracement Level of $1,555, with market sentiment to then dictate whether sub-$1,500 support levels will be tested for a 2nd consecutive day.
It’s a bullish start that should continue through to the afternoon, a hold above the day’s first major resistance level at $1,720.67 needed to continue the upward momentum through the remainder of the week.
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Litecoin on the Move
Litecoin slipped 1.35% on Wednesday, making it 4-consecutive days in the red, ending the day at $156.83.
A morning slide, in line with the broader market, saw Litecoin fall through the day’s first major support level at $154.61 and 38.2% FIB Retracement Level at $155.5 to an intraday low $151.05 to call on support at the day’s second major support level at $150.27. A midday recovery led Litecoin to a day high $160.33 to break clear of the 38.2% FIB Retracement Level and avoid a bullish trend reversal, before easing to sub-$160 levels by the close.
With key resistance levels untested through the day, holding above the 38.2% FIB Retracement Level was key on Thursday.
At the time of writing, Litecoin was up 2.3% to a morning high $160.43, Litecoin breaking out from the 38.2% FIB Retracement Level of $155.5 to take a run at the 23.6% FIB Retracement Level of $165.8 and reaffirm the bullish trend, formed on 6th April that has come under pressure in recent days.
A move through the day’s first major resistance level at $161.09 would support a run at the day’s second major resistance level at $165.35 and the 23.6% FIB Retracement Level of $165.8, though we will expect a hold at $160 levels by the day’s end a satisfactory end to the day for the bulls.
Failure to move through the day’s first major resistance level at $161.09 could see Litecoin under pressure later in the day, with any slide back through to the 38.2% FIB Retracement Level likely to lead to heavier losses and a reversal of the bullish trend formed at 6th April’s swing lo $112.1.
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Ripple back in the $0.80s
Ripple’s XRP slipped 0.84% on Wednesday, following Tuesday’s 2.59% slide, to end the day at $0.79876, making it 4 consecutive days in the red.
A morning slide saw Ripple’s XRP fall through the day’s first major support level at $0.7780 and 38.2% FIB Retracement Level of $0.7731 with relative ease to an intraday low $0.75776, calling on support at around the day’s second major support level at $0.7518 before a mid-morning recovery.
Ripple’s XRP recovered to a morning high $0.8065, breaking out from the 38.2% FIB Retracement Level to hit an intraday high $0.8186 before easing back to sub-$0.80 levels by the day’s end.
While Ripple’s XRP failed to test the day’s key resistance levels, breaking out from the 38.2% FIB Retracement Level was key in supporting the extended bullish trend formed at 6th April’s swing lo $0.45716.
At the time of writing, Ripple’s XRP was up 0.94% to $0.80146, which sits just shy of a morning high $0.80616 and well short of the day’s first major resistance level at $0.8256 and the 23.6% FIB Retracement Level of $0.8477.
It’s been a relatively choppy start to the day, in spite of the early gains, with Ripple’s XRP having called on support at the psychological $0.80 level with a morning low $0.78974.
Steering clear of the day’s first major support level at $0.7648 and holding above the 38.2% FIB Retracement Level of $0.7731 supporting the upswing this morning.
For the day ahead, a run at the day’s first major resistance level at $0.8256 would support a move through the 23.6% FIB Retracement Level of $0.8477, though for Ripple’s XRP to continue on its extended bullish trend, a break out from $0.8477 will be needed later in the day.
Failure to move through to $0.82 levels could see Ripple’s XRP pullback through the 38.2% FIB Retracement level to test the day’s first major support level at $0.7648, any material deterioration in market sentiment likely to see 62% FIB Retracement Level support come into play, while also seeing a reversal to the bullish trend formed at 6th April’s swing lo $0.45716.
While it’s been a positive start, Ripple’s XRP is going to need to make a move or face the prospects of yet another day in the red.
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This article was originally posted on FX Empire
