Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/08/18It’s another dire start across the cryptos with the exception of Ripple’s XRP that has managed to eke out minor gains early.
Bitcoin Cash Back Under Pressure
Bitcoin Cash fell by 5.01% on Thursday, following Wednesday’s 0.97% decline, to end the day at $730.4.
It was a bearish day for Bitcoin Cash and the broader market, with a start of the day intraday high $773.8 coming off the back of a late recovery on Wednesday rather than a shift in market sentiment, with the daylong sell-off seeing Bitcoin Cash slide through the first major support level at $742.67 to an intraday low $722 before recovering to $730 levels.
The pullback reaffirmed the extended bearish trend, with the downward trend on intraday lows continuing through the week.
At the time of writing, Bitcoin Cash was 3.07% to $708.6, with Thursday’s slide continuing into the early hours, Bitcoin Cash falling from an opening $731 to a morning low $706.5, pulling back through the day’s first major support level at $710.33.
For the day ahead, a move back through the start of the day $731 to $740 levels would support a run at the first major resistance level at $762.13, while we continue to expect Bitcoin Cash to fall short of $800 levels on the day, in the event of a rebound.
Failure to break back through the morning high could see Bitcoin Cash continued the downward moves, with sub-$700 levels and the day’s second major support level at $690.27 in play, though we will expect Bitcoin Cash to recover to $700 levels in the event of a slide through to sub-$700 levels.
Litecoin Fails to Impress
Litecoin fell by 1.82% on Thursday, following on from Wednesday’s 1.57% decline, to end the day at $76.23, the day’s fall being the 6th consecutive day in the red for Litecoin.
Tracking the broader market through the first half of the day, Litecoin slid from a start of a day intraday high $78.39 to an early afternoon intraday low $75.51 before steadying through the afternoon, with Litecoin managing to steer clear of the day’s major support and resistance levels.
At the time of writing, Litecoin was down 1.07% to $75.16, with an early pullback across the broader market seeing Litecoin slide from a start of the day $76.24 to a morning low $75.11, calling on support at the day’s first major support level at $75.03.
For the day ahead, a move through to $76.71 would support a run at $77 levels to bring the day’s first major resistance level at $77.91 into play, though sentiment will need to materially improve for Litecoin to be pushing for $77 levels on the day.
Failure to move back through to $76 levels could see Litecoin take a bigger hit through the afternoon, with sub-$75 levels in play, while we would expect Litecoin to steer clear of the second major support level at $73.83 and to end the day holding above sub-$75 levels.
Ripple Back in Reverse
Ripple’s XRP slid by 4.08% on Thursday, reversing Wednesday’s trend bucking 3% gain, to end the day at $0.43002.
Following the broader market, Ripple’s XRP slid from a start of a day intraday high $0.45024 to an early afternoon intraday low $0.42644 before recovering to $0.43 levels, the moves through the day seeing Ripple’s XRP call on support at the first major support level at $0.4267, while major resistance levels were left untested.
At the time of writing, Ripple’s XRP was up 0.04% to $0.43066 in what’s been a particularly choppy start to the day.
An early pullback saw Ripple’s XRP slide to an early morning low $0.42161 before bouncing back to a morning high $0.43697, the day’s moves leaving the day’s major support and resistance levels untested early on, the slight gain bucking the broader market trend.
For the day ahead, a move back through $0.4356 to the morning high $0.43697 would support a run at $0.44 levels to bring the first major resistance level at $0.4447 into play, with sentiment needing to material improve across the broader market for Ripple’s XRP to break back through to $0.45 levels.
Failure to move back through the morning’s high will likely see Ripple’s XRP slide back through the morning low $0.42161 to bring the first major support level at $0.4209 and sub-$0.42 levels into play, the broader market to ultimately dictate whether Ripple’s XRP can hold off a reversal through the middle part of the day.