View Single Post
  #4  
Old 03-04-2018, 11:47
xtreamforex's Avatar
xtreamforex xtreamforex is offline
Level IV Lasers Member
 
Join Date: Oct 2015
Location: Cyprus
Posts: 233
Default BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS – 03/04/18

Bitcoin Cash managed to close out Monday in positive territory, gaining 3.37% to end the day at $662.9, partially reversing Sunday’s 5.98% slide, while bringing to an end 7 consecutive days of losses.

The day was relatively less choppy than in recent weeks, with Bitcoin Cash seeing few sell-offs during the day and more importantly avoided an end of day pullback.

While there will have been some relief from Monday’s gains, Bitcoin Cash failed to touch $700 levels for the first time since the December rally, with an intraday high $686.2 falling short of the day’s first major resistance level of $688.2 and 23.6% FIB Retracement Level of $730.27.

Monday’s gains were certainly not impressive enough to suggest a reversal to the extended bearish trend formed back on 21st March, while an intraday low $636.4 managed to avoid testing the first major support level of $608.4.

Following Monday’s gains, Bitcoin Cash was up 3.58% to $683.9, with investors brushing off an early morning $657 low, as sentiment across the cryptomarket continued to improve off the back of Monday’s gains.

A morning $695 high tested the day’s first major resistance level of $687.27 early, with resistance at the psychological $700 level pinning back any move through to the day’s 23.6% FIB Retracement Level of $730.27.

For the day ahead, a move back through to the morning high $695 would be needed to support a run at the 23.6% FIB Retracement Level, with such a move likely to begin signalling a short-term bullish trend formation that would draw in side lined investors looking to ride out the bearish trend formed on 21st March.

Failure to break through to $700 levels could test investor appetite later in the day and lead to a pullback to this morning’s lows, though we would expect support levels to remain untested today, the key milestone for Bitcoin Cash being to move through to and hold on to $700 levels by the end of the day.

Click Here To Read LITECOIN AND RIPPLE TECHNICAL ANALYSIS
Reply With Quote