Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/07/18
Bitcoin Cash Back in the Red
Bitcoin Cash fell by 3.33% on Wednesday, partially reversing Tuesday’s 6.41% gain, to end the day at $824.4, the losses bringing to an end 5-consecutive days of gains.
Bitcoin Cash moved through to an intraday high $889.9 in the early hours of the day to test the day’s first major resistance level at $890.8 before pulling back to $870 levels and a relatively range bound late morning and early afternoon that left the day’s first major support level at $798.7 untested.
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A late reversal saw Bitcoin Cash slide to an intraday low $803.3, steering clear of the first major support level, while also pinning back any hopes of a break through to $900 levels to test the 23.6% FIB Retracement Level of $930.
At the time of writing, Bitcoin Cash was down 1.51% to $811.6, with the late sell-off on Wednesday continuing into the early hours of this morning.
An early $805.5 morning low saw Bitcoin steer clear of the first major support level at $788.5 before moving back to $810 levels, with a start of the day $825.5 morning high falling short of the first major resistance level at $875.1.
For the day ahead, a move through $839.2 would support a run at the first major resistance level at $875.1 to bring $900 levels back into play, Bitcoin Cash having yet to break through to the key level needed to support a bearish trend reversal.
Failing to move through to $830 levels could see Bitcoin Cash take another hit later in the day, with a fall through to sub-$800 levels bringing the first major support level at $788.5 into play before any recovery to $800 levels.
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Litecoin Back in the $80s
Litecoin fell by 3.16% on Wednesday, partially reversing Tuesday’s 6.47% rally, to end the day at $86.18.
A spill over from Tuesday’s rally saw Litecoin break through the first major resistance level at $92.14 with an intraday high $94.39 before pulling back to $92 levels and a test of sub-$90 support levels in the late morning before settling.
Litecoin failed to move back through to $94 levels, leading to a slide through to an intraday low $85.11 late in the day, before recovering to $86 levels, the pullback to sub-$90 leaving the extended bearish trend intact.
At the time of writing, Litecoin was down 0.23% to $86.07, with Litecoin recovering from a start of the day low of $85.01 to hit an early $86.94 high, the morning’s moves leaving major support and resistance levels untested early on.
For the day ahead, a move through $88.56 would support a run back through to $90 levels to bring the first major resistance level at $92.01 into play, while Litecoin will likely continue to fall short of the 23.6% FIB Retracement Level of $98.
Failure to move through to $88 levels could see Litecoin pullback through the morning low to bring the first major support level at $82.73, though we will expect Litecoin to continue to hold on to $80 levels through the day.
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Ripple Back in Reverse
Ripple’s XRP fell by 4.12% on Wednesday, partially reversing Tuesday’s 5.09% gain, to end the day at $0.48782.
An early morning intraday high $0.52986 saw Ripple’s XRP test the first major resistance level at $0.5298 before pulling back to $0.51 levels, with Ripple’s XRP holding on to $0.50 levels through the morning and early afternoon, steering clear of the first major support level at $0.4758.
A late in the day reversal saw Ripple’s XRP pullback through to sub-$0.50 levels to test the day’s first major support level at $0.4758 with an intraday low $0.47437 before recovering to $0.48 levels late in the day.
The moves through the day left Ripple’s XRP well short of the 23.6% FIB Retracement Level of $0.5528, with the pullback to sub-$0.50 levels continuing to affirm the extended bearish trend formed at late April’s swing hi $0.97181.
At the time of writing, Ripple’s XRP was down 2.31% to $0.47721, with Ripple’s XRP hitting a morning low $0.47395 off the back of an early $0.48973 high, the moves leaving major support and resistance levels untested early on.
For the day ahead, a move through to $0.4974 would support a run at $0.50 levels to bring the first major resistance level at $0.5203 into play, though we will expect Ripple’s XRP to face plenty of resistance at $0.50.
Failure to move through to $0.49 levels could see Ripple’s XRP test the first major support level at $0.4648, with sentiment across the broader market to dictate whether Ripple’s XRP can recover back though to $0.48 levels by the day’s end.