Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/05/18

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Bitcoin Cash Bears in Control

Bitcoin Cash tumbled again on Wednesday, falling 4.03% to end the day at $1,282.2. It was the 3rd consecutive day of losses, with Bitcoin Cash having fallen 5.45% on Tuesday.

The hard fork came and went and the timing couldn’t have been much worse for the Bitcoin Cash ABC team, as market sentiment towards the cryptomarket took a turn for the worse going into this week.

Bitcoin Cash tumbled to an intraday low and new swing lo $1,211.3 in the early hours of Wednesday, falling through the day’s first major support level at 1,276.3 to test the day’s second major support level at $1,216.9.

Much needed support saw Bitcoin Cash hit an intraday high $1,356.2, falling short of the 23.6% FIB Retracement Level and the day’s first major resistance level at $1,425.4, before pulling back to sub-$1,300 levels by the day’s end, the first $1,200 level finish since 26th April.

At the time of writing, Bitcoin Cash was up 2.31% to $1,309.3, the moves in the early hours coming off the back of a relatively range bound Wednesday afternoon.

An early morning $1,349.9 high saw Bitcoin Cash fall short of the day’s first major resistance level at $1,355.17 and the 23.6% FIB Retracement Level of $1,362, with investors still treading carefully, Wednesday’s new swing lo $1,211.3 continuing to support the near-term bearish trend formed at 5th May’s swing hi $1,849.9.

For the day ahead, the news wires will need to be kind for Bitcoin Cash to hold on to the morning gains, a move through the morning’s high $1,349.9 supporting a run at the day’s first major resistance level, though for any hopes of a move back through to $1,400 levels, market sentiment will need to improve to ease selling pressure at the 23.6% FIB Retracement Level.

Failure to move back through to the morning’s high and test $1,400 could see Bitcoin Cash go into reverse later in the day to test the day’s first major support level at $1,210.27 that would bring sub-$1,200 levels into play for the first time since 23rd April, the day’s major support levels untested early this morning.

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Litecoin steadies

Litecoin slipped by just 0.31% on Wednesday, following Tuesday’s 5.31% fall, to end the day at $139.35, a 2nd consecutive day at sub-$140 levels and only the 3rd since 18th April that was in the midst of Litecoin’s bull trend than ran through to 5th May’s swing hi $182.35.

An early morning dip saw Litecoin fall to an intraday low $135, testing the day’s first major support level at $135.17 before a late morning recovery saw Litecoin hold off more material sell-offs to hit a day high $140.99 in the final hour, falling well short of the 23.6% FIB Retracement Level of $144 and the first major resistance level at $146.79.

At the time of writing, Litecoin was up 0.28% to $139.75, a start of the day $141.76 high testing the day’s first major resistance level at $141.89 before pulling back, with selling pressure at the 23.6% FIB Retracement Level of $144 left untested early on.

For the day ahead, a move back through the morning high to $142 levels would support a run at the 23.6% FIB Retracement Level of $144, with any break through the day’s second major resistance level at $144.44 bringing $150 levels into play for the first time since Tuesday.

Failure to break through to $142 levels could see Litecoin reverse later in the day, Litecoin’s losses on Wednesday minor relative to some of its peers that could signal a bigger slide in any sell-off.

Negative moves would see Litecoin test the day’s first major support level at $135.9 and, with Litecoin managing to avoid a new swing lo on Wednesday, the day’s second major support level at $132.46 could come into play should any negative sentiment persist through to the latter part of the day.

LTC/USD 17/05/18 Hourly Chart

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Ripple Bucks Trend

Ripple’s XRP gained 2.09% on Wednesday, partially reversing Tuesday’s 4.86% slide, to end the day at $0.70591, bucking the trend across the broader market.

An intraday low $0.65327 in the early hours saw Ripple’s XRP test the day’s first major support level at $0.6649 that supported a recovery to a late in the day high $0.70837, the intraday high falling well short of the 23.6% FIB Retracement Level of $0.7112 and the day’s first major resistance level at $0.7352.

The good news for the bulls will have been Ripple’s XRP managing to avoid a new swing lo and the trend bucking move late in the day, though with key resistance levels untested, the bearish trend formed at late April’s swing hi $0.96837 remains intact.

At the time of writing, Ripple’s XRP was down 0.61% to $0.70094, in what’s been a relatively choppy start to the day.

An early morning $0.71895 high saw Ripple’s XRP looking to break free from the 23.6% FIB Retracement Level of $0.7112, which ultimately led to a pullback, selling pressure pinning back the cryptos from any attempts to break through key resistance levels.

A morning low $0.69374 held well above the day’s first major support level at $0.67, with Ripple’s XRP sitting at $0.70 levels key for the day ahead.

Moving back through the morning high and a break out from the 23.6% FIB Retracement Level of $0.7112 would support a run at the day’s first major resistance level at $0.7251 though, following Wednesday’s trend bucking move, we would expect Ripple’s XRP to need the support of the broader market to see key resistance levels broken through the day.

Failure to break through to $0.72 levels in the middle part of the day could see Ripple’s XRP pullback through to sub-$0.70 levels to test the day’s first major support level, sizeable moves through the middle part of the day a reasonable expectation as investors jostle for position in the wake of the latest regulatory news out of South Korea and the post hard fork Bitcoin Cash slide.

XRP/USD 17/05/18 4-Hourly Chart

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