Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/06/18

Bitcoin Cash Looks for Support

Bitcoin Cash fell by 8.79% on Tuesday, more than reversing Monday’s 1.78% gain, to end the day at $869.2.

After a relatively range bound start to the day that saw Bitcoin Cash hit an intraday high $958.8, which fell short of the first major resistance level at $992.63 and the 23.6% FIB Retracement Level of $1,100, it was downhill through the first major support level at $901.93 to call on support at the second major support level at $853.27 with an intraday low and new swing lo $850.1.

At the time of writing, Bitcoin Cash was up 0.24% to $872, with Bitcoin Cash recovering from an early dip to $855.1, the day’s major resistance and support levels left untested in the early hours.

For the day ahead, a move through to $893 would support a run at the day’s first major resistance level at $935.3 to bring $1,000 levels back into play, though market sentiment will need to improve for Bitcoin Cash to hold on to $1,000 levels and begin looking to reverse the extended bearish trend.

Failure to move through to $900 levels would likely see a reversal through the second half of the day, the day’s first major support level at $826.6 in play in a sell-off before any recovery, the bears controlling the cryptomarket for now.

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Litecoin Bucks the Trend

Litecoin fell by 6.9% on Tuesday, following Monday’s 0.37% rise, to end the day at $100.05.

A choppy start to the day saw Litecoin strike an intraday high $107.95 to leave the day’s first major resistance level and 23.6% FIB Retracement Level of $122 untested, as a broad market sell-off through the afternoon left Litecoin sliding through the first major support level at $104.04 and second major support level at $100.71 to an intraday low and new swing lo $97.5.

A recovery to $100 levels by the day’s end was the only positive for the market bulls.

At the time of writing, Litecoin was down 0.76% to $99.43, with Litecoin pulling back from an early high $100.57 to a morning low and new swing lo $98.61 before recovering, $100 levels the test for Litecoin.

For the day ahead, a move through to $101.8 would be needed to support a run at the first major resistance level at $106.17, while the 23.6% FIB Retracement Level of $118 will more than likely be out of reach, Litecoin’s first target being to move back to $100 levels.

Failure to move through to $102 levels could see Litecoin face another sell-off later in the day, with the day’s first major support level at $95.72 in play, while we would expect Litecoin to avoid sub-$95 levels through the day.

LTC/USD 13/06/18 4-Hourly Chart

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Ripple in the Red

Ripple’s XRP fell by 7.52% on Tuesday, following Monday’s 3.28% gain, to end the day at $0.55371.

A start of the day $0.59881 came up short of the day’s first major resistance level at $0.6124 and the 23.6% FIB Retracement Level of $0.6442, in a choppy morning that ultimately led to a sell-off, with Ripple’s XRP sliding through the first major support level at $0.5716 to call on support at the second major support level at $0.5456 with an intraday low and new swing lo $0.54269, before recovering to $0.55 levels.

At the time of writing, Ripple’s XRP was down 0.44% to $0.5553 in what’s been a relatively range bound start to the day, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through $0.5651 would support a run at the day’s first major resistance level at $0.5875, while $0.60 levels and the 23.6% FIB Retracement Level of $0.644 will likely remain out of reach through the day, resistance likely to be strong at key levels, as investors tread carefully through the current bearish trend.

Failure to move back through to $0.5651 would likely see Ripple’s XRP slide in the latter part of the day, the extended bearish trend, formed in late April, still firmly intact as investors fret over the continued shift in the regulatory landscape and the possible ramifications of exchanges continuing to be hacked, as regulators look to protect investors across the cryptomarket.

XRP/USD 13/06/18 Hourly Chart

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