Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/06/18 $LTC

Bitcoin Cash Back in the Red

Bitcoin Cash gained 1.09% on Thursday, reversing Wednesday’s 0.62% fall, to end the month of May down 26.3% at $993.3.

The first half of the day was looking good for the Bitcoin Cash bulls, with Bitcoin Cash rising to an intraday high $1,030 by bid morning, breaking through the day’s first major resistance level at $1,024.93 before a mid-day reversal back through to sub-$1,000 levels.

While gains through the day were coughed up, Bitcoin Cash managed to avoid testing the day’s first major support level at $943.53, with an intraday low $970.3, though it was yet another session where Bitcoin Cash fell well short of the 23.6% FIB Retracement Level of $1,100 and the 5th consecutive day’s end at sub-$1,000.

At the time of writing, Bitcoin Cash was down 1.08% to $986.0, with Thursday afternoon’s reversal spilling over to the early hours of the day.

A morning $982.8 low held above the day’s first major support level at $965.73, while a start of the day $1,001.9 high came up short of the day’s first major resistance level at $1,025.43, the bears continuing to pin Bitcoin Cash back, with a build-up of resistance at $1,000.

For the day ahead, Bitcoin Cash will need to move through to $1,000 and break out from the day’s first major resistance level at $1,025.43 to take a run at the 23.6% FIB Retracement Level of $1,100 and begin reversing the extended bearish trend formed back at 5th May’s swing hi $1,849.9.

Failure to break out from $1,025 will likely see a reversal later in the day, with the day’ first major support level at $965.73 likely to be breached before any recovery, the bearish trend remaining firmly intact going into June.

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Litecoin Looks for Support

Litecoin gained 0.96% on Thursday, partially reversing Wednesday’s 1.98% fall, to end the month of May down 20.24% at $118.3.

Following the broader market trend, Litecoin struck an intraday high $120.99 in the early hours of the day, falling short of the day’s first major resistance level at $121.69 and the 23.6% FIB Retracement Level of $127, before easing back to sub-$120 levels.

While the afternoon was relatively range bound, a late in the day reversal saw Litecoin fall to an intraday low $116.49 before recovering to $118 levels by the close, the day’s low holding well above the first major support level at $113.83, a build-up of resistance at $120 pinning Litecoin back for the day.

At the time of writing, Litecoin was down 0.3% to $118, with the late in the day reversal on Thursday continuing through to the early hours of this morning.

In spite of the morning losses, moves through the early part of the day have been relatively range bound, with a morning $117.78 low and $118.81 high steering well clear of the day’s major support and resistance levels.

For the day ahead, the Litecoin bulls will be targeting a break through to $120 levels to test the day’s first major resistance level at $120.7, a reversal of Thursday afternoon’s moves unlikely to bring the 23.6% FIB Retracement Level of $127 into play, barring a material shift in sentiment.

Failure to break back through to $120 levels will likely see Litecoin take a tumble, with the day’s first major support level at $116.2 and second major support level at $114.09 in play, Litecoin needing to avoid sub-$110 levels to support a weekend recovery.

LTC/USD 01/06/18 4-Hourly Chart

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Ripple Back in Reverse

Ripple’s XRP gained 1.63% on Thursday, following Wednesday’s 0.04% gain, to end the month of May down 26.5% at $0.61164.

Moves through the day bucked the market trend, with Ripple’s XRP sliding to an early morning $0.58934 low before recovering through the middle part of the day to an intraday high $0.62242 to test the day’s first major resistance level at $0.6244 leading to a pullback to $0.61 levels by the day’s end.

In spite of 3 consecutive days of gains to wrap up the month of May, Ripple’s XRP continued to fall well short of the 23% FIB Retracement level of $0.6434, leaving the extended bearish trend formed back at late April’s swing hi $0.96837 firmly intact.

At the time of writing, Ripple’s XRP was down 0.64% at $0.60781, with Thursday’s late in the day reversal continuing through the early part of the day, Ripple’s XRP tracking the broader market into the red, with a morning low $0.60122.

For the day ahead, holding on to $0.60 levels through the morning will be key in supporting a second half of the day bounce, with a move through $0.6078 supporting a break through to $0.61 levels and a run at the day’s first major resistance level at $0.6263.

Failure to break through to $0.61 levels will bring sub-$0.60 support levels back into play, with the day’s first major support level at $0.5932 likely to provide little support should sentiment across the broader market not shift through the morning.

While the bearish trend remains intact, moves through the current week suggest a bottoming out, though falling through to $0.55 levels could see the bearish trend extend further to bring sub-$0.50 levels back into play.

XPR/USD 01/06/18 4-Hourly Chart

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