Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/08/18
Bitcoin Cash Slammed
Bitcoin Cash slid by 4.51% on Tuesday, following Monday’s 1.95% fall, to end the day at $777.4, its first sub-$800 close since 23rd July.
Bitcoin Cash’s start of a day $814.9 high was the only positive from the day, which fell well short of the first major resistance level at $839.33, with a slide through the first major support level at $786.23 to a middle of the day intraday low $760 doing all the damage.
Your capital is at risk
A range bound afternoon failed to support a break back through to $800 levels, leading to another visit at the day’s low $760 before recovering to $770 levels, the latest reversal reaffirming the extended bearish trend formed back at 6th May’s swing hi $1,849.9.
At the time of writing, Bitcoin Cash was down 4.36% to $742.5, with Bitcoin Cash pulling back from a start of a day $778.6 high that fell well short of the first major resistance level at $808.2 and more importantly $800 levels.
The morning reversal saw Bitcoin Cash slide through the first major support level at $753.3 to a morning low $734.4 before recovering to $740 levels.
For the day ahead, a move through to $784 would support a run at $800 levels to bring the first major resistance level at $808.2 into play, though we can expect plenty of resistance at $800 to pin back Bitcoin Cash from a close back at $800 levels.
Failure to move through to $780 levels could see Bitcoin Cash stumble back through the first major support level at $753.3 to bring the second major support level at $729.2 into play, with the extended bearish trend firmly intact this morning.
Get Into Bitcoin Cash Trading Today
Litecoin Sees More Red
Litecoin fell by 3.89% on Tuesday, following Monday’s 2.03% decline, to end the day at $79.02, the first sub-$80 finish since 15th July’s $78.51.
Tracking the broader market, Litecoin slid from a start of the day intraday high $82.43, which steered clear of the first major resistance level at $84.71, through the first major support level at $79.77 and second major support level at $77.29 to an intraday low $76.01 before recovering through the afternoon to $79 levels.
The moves through the day reaffirmed Litecoin’s extended bearish trend formed back at 5th May’s swing hi $182.35, with Litecoin continuing to pullback from the 23.6% FIB Retracement Level of $98.
At the time of writing, Litecoin was down 2.78% to $76.69, with Litecoin’s late Tuesday recovery reversing in the early hours.
Litecoin fell from a start of a day high $79.07 to a morning low $76.54, holding above the first major support level at $75.88 early on.
For the day ahead, a move back through to $79 levels would support a run at $80 levels to bring the first major resistance level at $82.3 into play, though we will expect Litecoin to struggle to break through to $80 levels barring a material shift in sentiment across the cryptomarket.
Failure to break back through to $79 levels could see Litecoin pullback to test the first major support level at $75.88 before any recovery, the second major support level at $72.73 likely to be left untested on the day.
Buy & Sell Cryptocurrency Instantly
Ripple Seeing Softer Losses
Ripple’s XRP fell by 2.4% on Tuesday, following Monday’s 1.75% decline, to end the day at $0.43544, its first sub-$0.44 close since 14th July.
Tracking the broader market early, Ripple’s XRP pulled back from a start of the day $0.44747 high through the first major support level at $0.4317 to an intraday low $0.42356 in the early afternoon, before recovering to $0.43 levels, with Ripple’s XRP facing strong resistance at $0.44.
The slide through to $0.42 levels reaffirmed the extended bearish trend formed back at late April’s swing hi $0.97181, with Ripple’s XRP needing to break through the 23.6% FIB Retracement Level of $0.552 to form a bearish trend reversal.
At the time of writing, Ripple’s XRP was down 1.07% to $0.43024, with Ripple’s XRP recovering from a slide through to a morning low $0.42516 that held above the first major support level at $0.4235.
For the day ahead, a move back through to $0.4355 would support a run at $0.44 levels to bring the first major resistance level at $0.4474 into play, while we will expect $0.45 levels to be out of reach on the day.
Failure to move back through to $0.44 levels could see Ripple’s XRP slide through the first major support level at $0.4235 to sub-$0.42 levels, while we would expect Ripple’s XRP to avoid the second major support level at $0.4116 on the day.
Buy & Sell Cryptocurrency Instantly