Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/08/18

It’s another dire start across the cryptos with the exception of Ripple’s XRP that has managed to eke out minor gains early.
Bob Mason
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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.

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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.

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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.

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