Bitcoin Cash, Litecoin And Ripple Daily Analysis – 060418
Bitcoin Cash had a choppy day on Thursday to end the day down 0.94% to $640.7.
Following an early intraday high $656.7, the cryptomarkets went into reverse through to the middle part of the day, with Bitcoin Cash falling to an intraday low $614.8 before recovering to $640 levels by the close, with key support and resistance levels untested through the day.
The good news was the 2nd half of the day recovery, easing concerns of another sell-off, following Wednesday’s 8.63% reversal to Tuesday’s rally.
With Thursday ending the day flat, the longer-term bearish trend formed back at 21st March swing hi $1,084 remains intact, with Bitcoin Cash needing to move through to $800 levels to reverse the bearish trend.
At the time of writing, Bitcoin Cash was down 0.82% to $635, with the longer-term bearish trend continuing through the morning, an early $646.1 high falling short of the day’s first major resistance level of $660, while the morning’s low $628.2 came within reach of the day’s first major support level of $618, bringing into play sub-$600 support levels should sentiment deteriorate in the middle of the day.
For the day ahead, a pullback through this morning’s low will likely see the first major support level tested, though we would expect Bitcoin Cash to find support at the low $600 levels ahead of the weekend, barring negative news hitting the wires.
A move through the day’s $646.1 high would support a run at the first major resistance level, though any moves through to $700 levels and a run at the 23.6% FIB Retracement Level of $725.5 will likely be on hold going into the weekend.
The bearish trend has persisted, in spite of a mid-week attempt to break out of the current rut.