Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/07/18

Bitcoin in the Ranges

Bitcoin Cash slipped by 1.47% on Sunday, following Saturday’s 4.35% gain, to end the week at $737.6, locking in a 1.27% loss for the week.

There were no spectacular moves through the day, with a start of the day intraday high $753.2 coming up short of the day’s first major resistance level at $782.63, while an early afternoon intraday low $715.2 saw Bitcoin Cash pull back through the first major support level at $717.53 before recovering to $730 levels by the days’ end.

At the time of writing, Bitcoin Cash was down 0.61% to $733.1, with the start of the day relatively range bound, a pullback through the morning seeing Bitcoin Cash fall to a morning low $721.2, leaving the day’s first major support level at $717.47 untested, before recovering to a morning high $740 that fell short of the first major resistance level at $755.47.

For the day ahead, a move through the morning high $740 would support another run at the first major resistance level at $755.47, with the recent ranges pointing to a possible run at the second major resistance level at $773.33 later in the day should sentiment turn relatively bullish for the day.

Failure to recover through to the morning high $740 could see Bitcoin Cash take a hit later in the day, which would bring the day’s first major support level at $717.47 into play, any major sell-off likely to see Bitcoin Cash call on support at sub-$700 support levels before a recovery.

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Litecoin Slips

Litecoin fell by 1.68% on Sunday, partially reversing Saturday’s 2.62% gain, to end the week down 1.18% at $79.65.

Following the broader market, a start of the day intraday high $81.39 came up well short of the first major resistance level at $84.03 before an early afternoon pullback saw Litecoin fall through the day’s first major support level at $78.47 to an intraday low $77.72, with Litecoin failing to recover to $80 levels by the day’ end.

At the time of writing, Litecoin was down 0.63% to $79.39, with a start of the day morning high $80.47 falling short of the first major resistance level at $81.45, before pulling back to a morning low $78.32 that managed to steer clear of the first major support level at $77.78.

For the day ahead, a move through the morning high would bring the first major support level at $81.45 into play, though we would expect Litecoin to face stern resistance at $80 that will likely be a key level through the early part of the week, with the crypto bears still firmly in control.

Failure to move back through to $80 levels would likely bring the day’s first major support level at $77.78 into play, with Litecoin likely to avoid any more material losses, barring materially negative news hitting the wires.

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Ripple Tracks the Pack

Ripple’s XRP fell by 1.54% on Sunday, partially reversing Saturday’s 2.95% gain, to end the week down 3.11% at $0.4613.

A start of the day intraday high $0.44884 fell well short of the first major resistance level at $0.4891 before pulling back to $0.46 levels and a relatively range bound morning.

Following the broader market, an early afternoon pullback saw Ripple’s XRP fall to an intraday low 0.44884 before recovering to $0.46 levels late in the day, the day’s low seeing Ripple’s XRP fall through the first major support level at $0.4510.

At the time of writing, Ripple’s XRP was down 1.03% to $0.45858, with a start of the day $0.46519 high coming up short of the first major resistance level at $0.4731 before easing back to a morning low $0.4518.

Holding above the first major support level at $0.4492 was the positive through the morning, while Ripple’s XRP and the broader market continue to lack direction since Sunday’s relatively range bound day.

For the day ahead, a move back through $0.4610 would support a run at $0.47 levels and the first major resistance level at $0.4731, though sentiment across the broader market will need to see a material improvement for Ripple’s XRP to break out from $0.47 levels and kick off a start of the week rally that would bring $0.48 levels into play before the close.

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