Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/05/18


Bitcoin Cash Finds Support ahead of Fork

Bitcoin Cash slid 4.1% on Monday, reversing Sunday’s 1.02% gain, to end the day at $1,413.7, the slide coming ahead of today’s anticipated hard fork.

Things were looking quite dire through the early part of the day on Monday, with Bitcoin Cash sliding through the day’s first major support level at $1,416.13 and the second major support level at $1,359.37 to an intraday low $1,328 before support kicked in through the afternoon.

The day’s slide saw Bitcoin Cash pullback through the 23.6% FIB Retracement Level of $1,402, with today’s hard fork providing little support, investors mindful of the fact that there’s unlikely to be a free coin, while the removal of Bitcoin Cash from one of the Dutch exchanges ahead of the hard fork also weighed.

A recovery back through the afternoon saw Bitcoin Cash break through the 23.6% FIB Retracement Level of $1,402 to test selling pressure at the 38.2% FIB Retracement Level of $1,487, with an intraday high $1,497 before pulling back to the day’s ending $1,413.7, a hold above the 23.6% FIB Retracement Level of $1,402 a positive ahead of today’s fork.

At the time of writing, Bitcoin Cash was down 0.54% to $1,404.4, with moves through the day relatively range bound, a start of the day $1,436 high leaving the day’s first major resistance level of $1,497.8 untested as Bitcoin Cash hovers around the 23.6% FIB Retracement Level of $1,402 in the early hours.

An early morning dip to a $1,388.2 low found support to move back through to $1,400 levels, with Bitcoin Cash managing to steady a $1,400 levels following a slide through to $1,200 levels over the weekend.

For the day ahead, a move back through the morning’s $1,436 high would support a run at the day’s first major resistance level at $1,497.8, with sentiment across the broader market likely to dictate selling pressure at the 38.2% FIB Retracement Level of $1,487, though today’s hard fork will also be a factor that investors will need to contend with.

Failure to move through to $1,430 levels would support a pullback through the 23.6% FIB Retracement Level of $1,402 to $1,300 levels, to bring the day’s first major support level at $1,328.8 into play, though the planned upgrades should be a positive for Bitcoin Cash barring an unexpected lack of support for the hard fork.

Direction following the hard fork remains an unknown, but should hard fork find the necessary support to avoid the creation of a new coin, Bitcoin Cash should find some buying interest, the upgrades supporting Bitcoin Cash’s drive to become one of the leading contenders to replace fiat money.

BCH/USD 15/05/18 Hourly Chart

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Litecoin Bucks the Trend

Litecoin gained 2.06% on Monday, following Sunday’s 1.71% gain, to end the day at $147.4. While Litecoin has certainly seen the formation of a near-term bearish trend from 5th May’s swing hi $182.35, Monday’s gain was the 3rd consecutive day of gains for Litecoin.

Moves through the day followed the broader market, with Litecoin sliding through the day’s first major support level at $138.84 to test support at the second major support level at $133.26, with an intraday low $134.5 before an afternoon recovery.

Litecoin rallied through the 23.6% FIB Retracement Level of $144 to test selling pressure at the 38.2% FIB Retracement Level of $151 with an intraday high $152.94 before easing back to sub-$150 levels by the day’s end.

For the Litecoin bulls, 3-consencutive days of gains and a hold above the 23.6% FIB Retracement Level of $144 provided some hope of a reversal to the near-term bearish trend.

At the time of writing, Litecoin was down 0.69% to $146.3, with a start of the day high $149.72 facing strong resistance at $150 leading to a pullback to a morning low $144.18 before partially recovering.

Litecoin’s recent gains have comes against the grain and in spite of rising concerns over increased regulatory oversight, with Litecoin’s viability as an alternative payment platform providing much needed support.

With the day’s major support and resistance levels untested, a move back through the morning’s high to $150 levels would support a run at the day’s first major resistance level at $155.39, with Litecoin holding above the 23.6% FIB Retracement Level of $144 key in the early part of the day.

Sentiment across the broader market will dictate selling pressure at the 38.2% FIB Retracement Level of $151, any move through to $155 levels testing the near-term bearish trend formed at 5th May’s swing hi $182.35.

LTC/USD 15/05/18 Hourly Chart

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Ripple Looks to Lead the Way

Ripple’s XRP slipped 0.69% on Monday, partially reversing Sunday’s 6.3% rally, to end the day at $0.7273, Ripple’s XRP seeing less buying appetite through the early part of the week.

An early morning slide saw Ripple’s XRP pullback through the 23.6% FIB Retracement Level of $0.7112 to an intraday low $0.68434, before bouncing back through the middle part of the morning and afternoon to an intraday high $0.75332.

The moves through the day left Ripple XRP’s major support and resistance levels untested, with the end of day $0.7273 holding above the 23.6% FIB Retracement Level of $0.7112, an easing in selling pressure coming off the back of an improvement in sentiment across the broader market.

At the time of writing, Ripple’s XRP was up 1.87% to $0.74194 in what’s been a bullish start to the day, Ripple’s XRP recovering from an early $0.71849 low to move through to a morning high $0.74313, breaking clear of the 23.6% FIB Retracement level of $0.7112.

For the day ahead, a move through the day’s first major resistance level at $0.7590 would support a run at the 38.2% FIB Retracement Level of $0.7603, with improved sentiment across the broader market likely to see Ripple’s XRP face muted selling pressure to bring $0.80 levels back into play mid-week.

Failure to move through to $0.75 levels this morning could see Ripple’s XRP pullback through the 23.6% FIB Retracement Level of $0.7112 to test the day’s first major support level at $0.69, investors still treading carefully following the regulatory news from South Korea late last week and at the start of this week.

XRP/USD 15/05/18 4-Hourly Chart

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This article was originally posted on FX Empire

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