Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/11/18

Project differentiation sees Ripple’s XRP take over the reins from Bitcoin Cash, while the broader market struggles for direction early on.

Bitcoin Cash Sees Red

Bitcoin Cash fell by 1.4% on Monday, barely making a dent into Sunday’s 18.76% rally, to end the day at $564.

A bearish start to the day saw Bitcoin Cash fall to an early morning intraday low $542 before finding support, Bitcoin Cash managing to steer clear of the day’s first major support level at $503.4 as investors looked to lock in some of last week’s gains.

Recovering through to the early afternoon, Bitcoin Cash struck an intraday high $584.2 before easing back to a range bound 2nd half of the day, the first major resistance level at $616.8 left untested through the day.

At the time of writing, Bitcoin Cash was down 0.3% to $562.3, with a range bound start to the day seeing Bitcoin Cash recover from a start of a day morning low $555.5 to strike a morning high $569 before easing back, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $569 would break through to $570 levels to test resistance at $580 and the day’s first major resistance level at $584.8 before any pullback, a run at $600 levels unlikely barring a news induced rally later in the day.

Failure to move back through to the morning high could see Bitcoin Cash take another hit later in the day, with a pullback through the morning low $555.5 bringing sub-$550 levels and the day’s first major support level at $542.6 into play before any recovery, sub-$540 support levels unlikely to be tested on the day.

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Litecoin Eases Back

Litecoin fell by 0.8% on Monday, partially reversing Sunday’s 6.46% gain, to end the day at $53.45.

Tracking the broader market, a bearish start to the day saw Litecoin pullback from an early morning intraday high $54.7 to a late morning intraday low $52.59, before steadying to a relatively range bound afternoon, the major support and resistance levels left untested through the day.

At the time of writing, Litecoin was up 0.34% to $53.63, with Litecoin moving from a start of a day morning low $53.43 to a morning high $54.00 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, holding onto $53.60 levels through the morning would support an upward move later in the day, with $54 levels and the day’s first major resistance level at $54.57 in play, while we will expect Litecoin to fall short of $55 levels, barring a news driven rebound in Bitcoin Cash that could fuel another cryptomarket rally.

Failure to hold onto $53.6 levels through the morning could see Litecoin hit reverse later in the day, a pullback through the morning low $53.43 bringing $52 levels and the day’s first major support level at $52.45 into play before any recovery, sub-$52 levels unlikely to be tested on the day.

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Ripple Bucks the Trend

Ripple’s XRP rallied by 6.66% on Monday, following on from a 2.79% gain on Sunday, to end the day at $0.5014, Ripple’s XRP first hold onto $0.50 levels since 5th October.

Bucking the broader market trend from the start of the day, Ripple’s XRP avoided a pullback with a range bound morning coming ahead of an early afternoon rally that saw Ripple’s XRP break through the first major resistance level at $0.4827 and second major resistance level at $0.4952 to $0.4978 before easing back to $0.48 levels.

A late in the day rally saw Ripple’s XRP break back through the second major resistance level at $0.4952 to strike an intraday high $0.50576, the late rally coming off the back of some particularly bullish sentiment and institutional direct sales figures, coupled with an anticipated adoption of Ripple’s xRapid that influences the value of XRP.

At the time of writing, Ripple’s XRP was up 1.1% to $0.50690, a continuation of Monday’s late rally into this morning seeing Ripple’s XRP break through the first major resistance level at $0.5167 with an early morning high $0.519 before easing back.

For the day ahead, a hold onto $0.50 levels through the morning would support another move later in the day, with a break through the morning high $0.5190 bringing $0.52 levels into play, while we would expect Ripple’s XRP to fall short of the day’s second major resistance level at $0.5321.

Failure to hold onto $0.50 levels through the morning could see some profit taking from Monday’s gains weigh, though we would expect Ripple’s XRP to steer clear of the day’s first major support level at $0.4751 barring particularly negative news hitting the wires.

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