Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/10/18

Bitcoin Cash Struggles On

Bitcoin Cash fell by 1.97% on Saturday, reversing Friday’s 1.44% gain, to end the day at $511.3, the day’s loss leaving Bitcoin Cash down 3.8% for the current week.

It was a bearish start to the weekend, Bitcoin Cash sliding through the first major resistance level at $512.27 to a late morning low $507, with Bitcoin Cash unable to hold on to a recovery through $510, a late in the day sell-off seeing Bitcoin Cash fall back through the first major support level to an intraday low $503.1 before finding support.

At the time of writing, Bitcoin Cash was up 0.53% to $514.0, with Bitcoin Cash rallying from a start of a day morning low $509.3 to an early morning high $520.3 before easing back, the day’s major support and resistance levels left untested.

For the day ahead, a hold above $512 would continue to provide support a move back through to $520 levels later in the day to bring the first major resistance level at $522.17 into play, though a return to $520 levels would be needed by early afternoon to raise the prospects of a more meaningful weekend rally.

Failure to hold above $512 through to the early afternoon could see Bitcoin Cash hit reverse to bring the first major support level at $501.77 and sub-$500 levels into play later in the day. A hold above $512 will be key for the bulls.

Litecoin Back in the Red

Litecoin fell by 1.47% on Saturday, more than reversing Friday’s 0.84% gain, to end the day at $57.61 and down by 5.7% for the current week.

A relatively range bound start to the day was the only positive, a late morning sell-off seeing Litecoin slide through the first major support level at $57.32 to an intraday low $56.7 before finding some support through the second half of the day to recover to $57 levels.

At the time of writing, Litecoin was up 0.16% to $57.79 in what’s been another relatively range bound start to the day, Litecoin recovering from a morning low $57.35 to a morning high $57.92 before easing back, the morning moves leaving the major support and resistance levels untested.

For the day ahead, Litecoin would need to hold above $57.66 to support an upward move later in the day, with a move through to $58 levels bringing the first major resistance level at $58.62 into play, Litecoin likely to face plenty of resistance to limit a more material upside.

Failure to hold above $57.66 could see Litecoin slide back through Saturday’s low $56.7 to call on support at the day’s first major support level at $56.65 before any recovery, sub-$56 levels unlikely to be tested barring particularly negative news hitting the wires.

Ripple Makes the Wrong Kind of Splash

Ripple’s XRP tumbled by 6.09% on Saturday, following on from Friday’s 1.5% fall, to end the day at $0.48921, the day’s reversal leaving Ripple’s XRP down 15.9% for the current week.

An intraday high $0.52547 saw Ripple’s XRP break back through the 38.2% FIB Retracement Level of $0.5225 before a broad based market sell-off hit in the late morning, Ripple’s XRP sliding back through the 38.2% FIB and the major support levels to a late in the day intraday low $0.46998.

It was the first visit to sub-$0.50 levels since 24^th September, the only positives from the day being to hold off from a slide through the 23.6% FIB Retracement Level of $0.4164 and a recovery through the third major support level at $0.4763.

At the time of writing, Ripple’s XRP was down 2.23% to $0.47793 as investors continued to head for the door, Ripple’s XRP falling from a start of a day morning high $0.49091 to a morning low $0.47758, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.49091 would signal an afternoon rebound that would support a run at $0.50 levels, while the day’s first major resistance level at $0.5198 will likely be out of reach, barring particularly positive news hitting the wires.

Failure to move back through to $0.49 levels and the morning high could see Ripple’s XRP suffer heavier losses later in the day, a fall through Saturday’s intraday low $0.46998 bringing the first major support level at $0.4643 into play, while sub-$0.46 levels are unlikely barring negative news hitting the wires that would weigh heavily on Ripple’s XRP.

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