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

Bitcoin Cash Slumps to mid-$600s

Bitcoin Cash tumbled by 4.92% on Tuesday, following on from Monday’s 2.61% fall, to end the day at $657.

A mid-morning rally saw Bitcoin Cash move back through to $700 levels, with an intraday high $713 before easing back, with the day’s first major resistance level at $712.5 pinning Bitcoin Cash back from any breakout in the early afternoon.

Bitcoin Cash slid through the late afternoon, a broad based news driven market sell-off pulling Bitcoin Cash through the first major support level at $673.7 and second major support level at $656.4 to an intraday low and new swing lo $645.6 before a partial recovery to $650 levels.

At the time of writing, Bitcoin Cash was down 4.51% as Tuesday’s late sell-off spilled into the early hours of this morning.

Bitcoin fell from a start of a day $657 high, through the first major support level at $630.07, to a new swing lo and morning low $626, the morning slide being seen across the broader market.

For the day ahead, a move back through the first major support level to $670 levels would support a recovery and bring the day’s first major resistance level at $698.47 into play, though with the negative sentiment weighing, we will expect major resistance levels to be left untested.

Failure to move back through $630 to $670 levels by the early afternoon could see Bitcoin Cash taken another hit later in the day, the day’s second major support level at $603.13 in play, with any pullback to sub-$610 levels bringing sub-$600 levels into play.

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Litecoin Hit Hard

Litecoin slumped by 8.52% on Tuesday, following Monday’s more modest 1.22% decline, to end the day at $67.34.

Tracking the broader market, a mid-morning rally saw Litecoin move through to an early afternoon intraday high $75.5 before easing back to $74 levels, the day high falling short of the first major resistance level at $76.22.

The late in the day sell-off saw Litecoin slide through the first major support level at $71.89 and second major support level at $70.03 to an intraday low and new swing lo $66.6 before recovering to $67 levels, the day’s moves reaffirming the extended bearish trend formed in early May.

At the time of writing, Litecoin was down 2.45% to $65.71, with a choppy start to the day seeing Litecoin succumb to the broader market sell-off and slide to a morning low and new swing lo $65.65, having recovered from a start of a day $65.69 low to $67 levels.

For the day ahead, a move back through to $67 levels would support a run at $69.81 to bring $70 levels and the first major resistance level at $73.03 into play, while the current sell-off and early Litecoin resilience could see a pullback through the first major support level at $64.13 to test support at $60, in the event that sentiment fails to improve later in the day.

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Ripple at $0.30 Levels

Ripple’s XRP tumbled by 8.52% on Tuesday, following on from Monday’s 4.88% slide, to end the day at $0.37807, the first visit to sub-$0.40 since prior to the famous December rally that saw Ripple’s XRP strike an all-time high $3.53.

A relatively range bound start to the day saw Ripple’s XRP ease back from a start of a day intraday high $0.41672 to $0.40 levels and hover through the afternoon before succumbing to the broad based market sell-off, the day’s first major resistance level at $0.4343 left untested through the day.

The late afternoon slide saw Ripple’s XRP tumble through the first major support level at $0.3981 and second major support level at $0.3823 to an intraday low and new swing lo $0.37258 before steadying late in the day.

At the time of writing, Ripple’s XRP was down 6.83% to $0.35248, Tuesday’s sell-off continuing into the early hours, with Ripple’s XRP sliding through the first major support level at $0.0.3615 to a morning low and new swing lo $0.34538, calling on support at the second major support level at $0.345.

For the day ahead, a move back through to $0.36 levels would support a run at $0.39, while sentiment across the broader market would need to materially improve for Ripple’s XRP to break back through to $0.40 levels to test the first major support level at $0.4057.

Failure to move back through to $0.36 levels could see Ripple’s XRP fall through the second major support level at $0.345 to bring the third major support level at $0.3008 and sub-$0.30 levels into play, though we would expect support to kick in before a pull-back to $0.29 levels.

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