Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/09/18

Bitcoin Cash Finds Support

Bitcoin Cash fell by 1.52% on Thursday, following on from a 15.93% slide on Wednesday, to end the day at $518.7.

Wednesday’s sell-off continued into Thursday, with Bitcoin Cash falling to a mid-morning intraday low $485 before recovering, Bitcoin Cash calling on support at the first major support level at $488.93, while a start of a day morning high $529.6 fell well short of the first major resistance level at $598.83.

At the time of writing, Bitcoin Cash was up 0.31% to $521.8, with Bitcoin Cash recovering from a start of a day morning low $514.9 to a morning high $528.7 before steadying, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, holding on to $520 levels would support a run at $530 levels later in the day to bring the day’s first major resistance level at $537.2 into play, with sentiment across the broader market needing to improve for Bitcoin to make inroads into the mid-week losses.

Failure to hold on to $520 levels through the morning could see Bitcoin Cash pullback through the morning low $514.9, with any slide through $510 bringing sub-$500 levels and the day’s first major support level at $492.6, sentiment across the broader market to dictate whether Thursday’s $485 low is in play in the event of a sell-off.

Litecoin Stuck in the $50s

Litecoin slipped by 0.4% on Thursday, following Wednesday’s 14.83% tumble, to end the day at $57.45.

A particularly choppy start to the day saw Litecoin slide to an intraday low $53.79 and recover to an intraday high $57.75 within the first hour before settling, support at the first major support level at $53.96 kicking in to avoid a more material pullback early on.

Range bound and in the red through the day, a late in the day recovery limited the losses for the day, while the extended bearish trend remained intact, with Litecoin continuing to fall well short of the 23.6% FIB Retracement Level of $81.

At the time of writing, Litecoin was up 0.89% to $57.99, with Litecoin easing to a start of a day morning low $56.91 before recovering to a morning high $58.93, the early moves through the day leaving the first major support level at $54.91 untested, while testing the day’s first major resistance at $58.87.

For the day ahead, holding on to $57 levels through the morning would support another run at the first major resistance level at $58.87, to bring $60 levels and the day’s second major resistance level at $60.29 into play, though for Litecoin to recover from the mid-week losses, a broad based market rally is going to be needed to break down resistance on the way through $59 levels.

Failure to hold on to $57 levels through the morning could see Litecoin pullback through $56.33 to bring $55 levels and the day’s first major support level at $54.91 into play in the event of another sell-off, while we would expect Litecoin to steer clear of sub-$54 levels barring another wave of negative news hitting the wires.

Ripple Bounces Back

Ripple’s XRP gained 7.55% on Thursday, partially offsetting Wednesday’s 15.49% slide, to end the day at $0.29987.

Wednesday’s sell-off continued into Thursday, with Ripple’s XRP falling to a start of a day intraday low $0.26698 before bouncing back to $0.28 levels within the first hour, the moves through the early part of the day leaving the major support and resistance levels untested.

After a choppy start to the day, a relatively range bound morning led to a second half of a day rally, with Ripple’s XRP moving back through to $0.30 levels with an intraday high $0.30507, before easing back to sub-$0.30 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.73% to $0.29947, with a recovery from a start of a day morning low $0.29654 to a morning high $0.30419 short lived, resistance at $0.30 doing the damage early on.

For the day ahead, holding on to $0.29 levels would support a move back through to $0.30 levels, though for Ripple’s XRP to make a run at $0.31 levels and the day’s first major resistance level at $0.3143, sentiment across the broader market will need to materially improve.

Failure to hold on to $0.29 levels through the morning could see Ripple’s XRP slide through $0.28 levels to bring the day’s first major support level ate $0.2762 into play, any broad based market sell-off likely to see Ripple’s XRP test sub-$0.27 support levels before any recovery.

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