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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/08/18

By:
Bob Mason
Updated: Aug 1, 2018, 08:08 UTC

It's a sea of red early on as the market turns bearish, with regulatory risk hitting investor appetite.

Cryptos

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.

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.

BCH/USD 01/08/18 4-Hourly Chart

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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.

LTC/USD 01/08/18 4-Hourly Chart

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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.

XRP/USD 01/08/18 4-Hourly Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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