Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/05/18

It’s been a positive start to the morning, with the recovery from the 1st quarter continuing, though sentiment could be tested early on with the upward trajectory for the week likely to be too good to be true for some of the more cautious.
Bob Mason
Bob Mason
22 hours ago
bch ltc
Bitcoin Cash Hits High
Bitcoin Cash rallied 16.23% on Saturday, following Friday’s 0.24% consolidation, to end the day at $1,763.2.

It was full steam ahead from the get-go, the day’s $1,510 low coming at the start of the day, holding well above the first major support level of $1,462.57 and 23.6% FIB Retracement Level of $1,347.5.

Through the day’s first major resistance level at $1,557.87 within the first few hours, Bitcoin Cash broke through the second resistance level at $1,600.83 and third major resistance level at $1,696.13 with ease to hit a new swing hi $1,765, with a hold above the day’s third major resistance level by the day’s end a strong bullish signal for the week ahead.

At the time of writing, Bitcoin Cash was up 1.81 to $1,797.0, as the march towards $2,000 continues ahead of the hard fork.

A morning high $1,849.9 came within the first few hours, with Bitcoin Cash testing the day’s first major resistance level of $1,848.8 early on in the day before a pullback to current levels, the day’s $1,754.3 low coming at the start of the day.

For the day ahead, the bulls will have $2,000 in mind and the way things are going, there’s no reason for a pullback later in the day, few likely to be locking in profits with more than a week to go before the much talked about hard fork.

A pullback to sub-$1,700 levels could see some money come off the table, bringing the day’s first major support level at $1,593.8 into play, though with a positive start, the path of least resistance is likely to be onwards and upwards today.