Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/10/18

Bitcoin Cash Avoids sub-$500 Levels Again

Bitcoin Cash gained 2.33% on Sunday, reversing Saturday’s 1.97% slide to end the day at $523.2, the recovery leaving Bitcoin Cash down 1.56% for the week.

A choppy first half of the day saw Bitcoin Cash fall from a morning high $520.3 to an intraday low $505.8 before finding support, Bitcoin Cash managing to hold above the first major support level at $501.77. An afternoon recovery saw Bitcoin Cash break through the first major resistance level at $522.17 to a late in the day intraday high $530 before pulling back to $520 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.39% to $522.9, with a bullish start to the day seeing Bitcoin Cash rally to a morning high $527.1 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a back through the morning high $527.1 would support a break through to $530 levels, to bring the day’s first major resistance level at $533.53 into play, while we can expect Bitcoin Cash to face plenty of resistance in any attempts to break through to $540 levels to limit the upside through the day.

Failure to move back through the morning high could see Bitcoin Cash hit reverse later in the day, with a fall through to sub-$520 levels a signal of a possible slide later in the day, with the first major support level at $509.33 very much in play in the event of a reversal.

Litecoin Holds Steady

Litecoin gained 0.35% on Sunday, partially reversing Saturday’s 1.47% fall, to end the day at $57.91, the minor gain leaving Litecoin down 5.21% for the week.

Tracking the broader market, Litecoin slipped to a late morning intraday low $56.85 to come within range of the first major support level at $56.65 before recovering to a morning high $58.14 only to pullback to $57 levels through the afternoon. A late intraday high $58.22 came up short of the first major resistance level at $58.62, with resistance at $58 leaving Litecoin at $57 levels by the day’s end.

At the time of writing, Litecoin was down 0.14% to $57.82, with Litecoin sliding back from an early morning high $58.13 to a morning low $57.54 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, holding above $57.66 through the morning would support a run back through to $58 levels to bring the first major resistance level at $58.47 into play, though for any upward moves, sentiment across the broader market will need to play a hand through the day, holding above $57.66 key through the morning.

Failure to hold above $57.66 could see Litecoin take a bigger hit later in the day, with a fall through the morning low $57.54 bringing the day’s first major support level at $57.1 and sub-$57 levels into play before any recovery, the day’s second major support level at $56.29 unlikely to be tested barring materially negative news hitting the wires.

Ripple Loses More Ground

Ripple’s XRP fell by 0.89% on Sunday, following on from Saturday’s 6.09% fall, to end the day at $0.48444, the day’s loss extending the losses for the week to $16.72%.

A bearish start to the day saw Ripple’s XRP fall from a start of a day intraday high $0.49091 to a late morning intraday low $0.46772 before steadying. In a range bound afternoon, Ripple’s XRP failed to hold on to $0.48 levels, pulling back to $0.46 levels before a late in the day rally back to $0.49 levels. The moves through the day left the major support levels untested and the extended bearish trend intact, with Ripple’s XRP sitting well short of the 38.2% FIB Retracement Level of $0.5225.

At the time of writing, Ripple’s XRP was up 1.28% to $0.48893, with Ripple’s XRP breaking through the first major resistance level at $0.4943 to an early morning high $0.49453 before easing back.

For the day ahead, a move back through to $0.49 levels would support another run at the first major resistance level at $0.4943 to bring $0.50 levels and the day’s second major resistance level at $0.5042 into play, with Ripple’s XRP likely to face plenty of resistance any run through to $0.50 to pin Ripple’s XRP back at sub-$0.50 levels by the day’s end.

Failure to move back through to $0.49 levels by the early afternoon could see Ripple’s XRP hit reverse later in the day, with a fall through a start of a day morning low $0.48274 bringing $0.47 levels and the day’s first major support level at $0.4711 into play before any recovery.

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