Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/08/18

Bitcoin Cash Takes a Breather

Bitcoin Cash gained 2.07% on Sunday, partially reversing Saturday’s 3.86% slide, to end the week down 14.62% at $709.5.

A choppy start to the day saw Bitcoin Cash fall to a late morning intraday low $686 before recovering through to $700 levels and a late in the day intraday high $718.4, the moves through the day seeing Bitcoin Cash steer clear of the first major support level at $677.4 and first major resistance level at $727.4, leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was 0.09% to $710.1, with Bitcoin Cash moving through to an early morning high $716.7 before easing back, the morning high falling short of the first major resistance level at $723.27.

For the day ahead, a move back through the morning high to $720 levels would support a run at the first major resistance level at $723.27 to bring $730 levels into play, though Bitcoin Cash will need to hold on to $700 levels through the morning to support an upward move.

Failure to move through to $720 levels and ease back to sub-$700 levels would likely see Bitcoin Cash fall to test the day’s first major support level at $690.87 before any recovery, ending the day at $700 levels key to support a recovery of last week’s losses.

Get Into Bitcoin Cash Trading Today

Litecoin Steadies

Litecoin rose by 2.22% on Sunday, partially reversing Saturday’s 5.89% fall, to end the week down 11.13% to $74.65.

A start of a day pullback to an intraday low $72.41 was the only bearish move of the day, with Litecoin managing to steer clear of the first major support level at $70.9. A day long recovery saw Litecoin move back through to $74 levels with an intraday high $74.71, though Litecoin failed to take a run at the first major resistance level at $76.58, the downward trend on intraday highs continuing through to the end of the week.

At the time of writing, Litecoin was up 1.55% to $75.81, with Litecoin’s Sunday upward momentum continuing through the early hours of the morning, Litecoin breaking through the day’s first major support level at $75.44 and second major support level at $76.22 to a morning high $76.84 before easing back to $75 levels.

For the day ahead, a move back through to $76.22 would support a run at $77 levels to bring the day’s third major resistance level ate $78.52 into play, though the broader market will need to see strong gains across the majors for Litecoin to break through to $78 levels on the day.

Failure to move back through to $76 levels could see Litecoin give up early gains, with a fall to sub-$74 levels bringing the day’s first major support level at $73.14 into play, with Litecoin unlikely to hit sub-$73 levels barring materially negative news hitting the wires.

Buy & Sell Cryptocurrency Instantly

Ripple Falls Behind

Ripple’s XRP gained just 1.07% on Sunday, partially reversing Saturday’s 2.8% fall, to end the week down 4.27% to $0.43415.

A relatively range bound morning saw Ripple’s XRP steer clear of the day’s major support and resistance levels, with an early afternoon intraday low $0.42341 seeing Ripple’s XRP hold on to $0.42 levels before bouncing back to a late in the day intraday high $0.43791, falling short of $0.44 levels and the day’s first major resistance level at $0.4420.

At the time of writing, Ripple’s XRP was up 0.06% to $0.43559, a range bound start to the day seeing Ripple’s XRP hit a morning low $0.43222 and a morning high $0.43887, the moves leaving the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high $0.43887 would bring $0.44 levels and the day’s first major resistance level at $0.4402 and second major resistance level at $0.4463 into play, though for Ripple’s XRP to break out from the first major resistance level, the broader market will need to be on the move through the morning.

Failure to break through to $0.44 levels could see Ripple’s XRP take a hit, with a pullback through $0.4318 bringing sub-$0.43 levels and the first major support level at $0.4257 into play, while we will expect Ripple’s XRP to continue avoiding sub-$0.42 levels.

Buy & Sell Cryptocurrency Instantly