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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/06/18

Bitcoin Cash Crash

Bitcoin Cash fell by 2.96% on Saturday, following on from Friday’s 2.75% fall, to end the day at $1,081.3.

An early move through to an intraday high $1,150 saw Bitcoin Cash test the day’s first major resistance level at $1,148 and selling pressure at the 23.6% FIB Retracement Level of $1,133 before a reversal that extended through the day.

While the declines came throughout the day, with Bitcoin Cash having pulled back through the 23.6% FIB Retracement Level of $1,133 by mid-morning, an end of day fall saw Bitcoin Cash pullback through the 38.2% FIB Retracement Level of $1,082 and the day’s first major support level at $1,082.3 to end the day on a bearish trend.

With Bitcoin Cash having failed to breakout from the 23.6% FIB Retracement Level and the day long decline, the bearish trend formed at 6th May’s swing hi $1,849.9 resumed going into Sunday.

At the time of writing, Bitcoin Cash was down 4.41% to $1,037.3, with Bitcoin Cash sliding from an opening $1,086.8 to an early morning low $1,029, the slide seeing a pullback through the day’s first major support level at $1,058.27 to call on support at the second major support level at $1,035.23.

The slide was attributed to news of U.S regulators issuing subpoenas to Coinbase, Kraken and Bitstamp for information relating to its investigations into price manipulation. Adding to the market woes in the early hours was news of South Korean exchange Coinrail being hacked, though there’s little other information at the time of writing.

For the day ahead, it’s looking a bit grim. A move though $1,104 would be needed to support a bounce back through the 2nd half of the day, with Bitcoin Cash needing to break through the day’s first major resistance level at $1,127.17 to look to resume the near-term bearish trend that reversed through the 2nd half of the week.

Failure to break back through to $1,100 levels could see Bitcoin Cash take another hit through the day, with the day’s 3rd major support level at $966.33 in play should broader market sentiment not improve, an unlikely outcome for the day, with the news wires likely to be on the quieter side, though it wouldn’t be completely out of the question, $1,104 the key level to look out for.

BCH/USD 10/06/18 4-Hourly ChartBCH/USD 10/06/18 4-Hourly Chart

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BCH/USD 10/06/18 4-Hourly Chart

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Litecoin Sees Bearish Trend Resume

Litecoin fell by 2.38% on Saturday, following on from Friday’s 1.3% gain, to end the day at $117.18.

The day’s $120.95 high came within the first hour, with the early move seeing Litecoin fall short of the day’s first major resistance level at $121.8 and the 38.2% FIB Retracement Level at $121 before a broad based market sell-off so Litecoin slide through the remainder of the day.

A late in the day tumble saw Litecoin fall through the day’s first major support level at $118.44 and more importantly call on support at around the 62% FIB Retracement Level at $117 at the day’s end, with major support levels having buckled in the final hour seeing Litecoin resume its extended bearish trend formed at 5th May’s swing hi $182.35.

At the time of writing, Litecoin was down 2.55% to $114.44, with a broad based crash at the start of the day seeing Litecoin tumble from an opening $117.43 to an intraday low $113.01, before recovering to $114 levels.

The slide saw Litecoin fall through the day’s first major support level at $115.9 and the day’s second major support level at $114.63, before support kicked in.

For the day ahead, a move back through the second major support level at $114.63 and the first major support level at $115.9 would be needed to begin a reversal of the start of the day tumble, with the first target for the bulls being $118.43.

Failure to break out from the second major support level to bring $116 levels into play could see Litecoin take another hit later in the day, with the day’s 3rd major support level at $110.83 in play, Litecoin at risk of striking a new swing lo for the first time since 29th May’s $110.0.

While Litecoin has steadied, more losses could be on the way, particularly if there is no upward momentum through the morning, negative news and range bound moves tending to be negative for the cryptos.

LTC/USD 10/06/18 4-Hourly ChartLTC/USD 10/06/18 4-Hourly Chart

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LTC/USD 10/06/18 4-Hourly Chart

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Ripple Tumbles

Ripple’s XRP slid by 2.81% on Saturday, following 3-days of minor gains and losses, to end the day at $0.65651.

Through the day, there were few trend bucking moves for Ripple’s XRP to avoid the broader market sell-off, with an early morning high $0.68212 the only bullish move of the day, Ripple’s XRP falling short of the first major support level at $0.6852 before going into reverse.

An attempted recovery in the final hour to $0.67295 did very little to sentiment towards Ripple’s XRP, which slid through the day’s first major support level at $0.6617 to an intraday low $0.64949, calling on support at the second major support level at $0.6477, support levels buckling in the late sell-off driven by negative news hitting the wires.

The moves through the day saw Ripple’s XRP resume its extended bearish trend formed at 24th April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was down 3.76% to $0.63535, with a start of the day slide seeing Ripple’s XRP fall from an opening $0.65867 to $0.63559, the sell-off seeing Ripple’s XRP pullback through the day’s first major support level at $0.6433 to call on support at day’s second major support level at $0.6301 before steadying.

Since the first hour tumble, attempts of a recovery have been thwarted, with Ripple’s XRP pulling back to a morning low $0.63189 to further test support at the second major support level at $0.6301, with Ripple’s XRP at the risk of seeing heavier losses should sentiment not improve in the coming hours.

For the day ahead, a move back through the day’s first major support level at $0.6433 would support a run at $0.66 levels to bring the day’s first major resistance level at $0.6749 into play, though with the resumption of the extended bearish trend, Ripple’s XRP will likely face plenty of resistance at the 23.6% FIB Retracement Level of $0.6442.

Failure to break back through the first major support level to $0.66 levels could see further pressure on Ripple’s XRP through the day, with sub-$0.60 level support likely to be tested should Ripple’s XRP not make a move through the morning.

There was no weekend rally to speak of and with the bears back in the driving seat, downside protection is needed for those in it for the short haul.

XRP/USD 10/06/18 4-Hourly ChartXRP/USD 10/06/18 4-Hourly Chart

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XRP/USD 10/06/18 4-Hourly Chart

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This article was originally posted on FX Empire

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