Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/08/18

Bitcoin Cash Hits sub-$600

Bitcoin Cash slumped by 10.27% on Wednesday, following Tuesday’s 4.92% slide, to end the day at $589.2, its first visit to sub-$600 levels since last November.

Tuesday’ late in the day sell-off continued into the early hours of Wednesday, with Bitcoin Cash sliding through the day’s first major support level at $630.07 and second major support level at $603.13 to a late in the day intraday low and new swing lo $565, before a partial recovery in the final hours of the day.

At the time of writing, Bitcoin Cash was down 1.26% to $581.4, with a start of a day move to a morning high $593.9, off the back of Wednesday’s late upward move, falling short of $600 levels and the day’s first major resistance level at $642.47.

A pullback to a morning low $580.8 saw Bitcoin Cash steer clear of the first major support level at $550.47 in the early hours.

For the day ahead, a move through to $600 levels would support a run at the first major support level at $642.47, though we can expect plenty of resistance at $600, with any relief rally likely to test investor resolve later in the day, a hold at $600 by the day end a positive outcome for the crypto bulls.

Failure to break back through to $600 levels could see Bitcoin Cash pullback to Wednesday’s low to bring the day’s first major support level at $550 .47 into play, though for any more material sell-off, the news wires will need to be particularly unfriendly on the day.

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Litecoin Holds on to $60 Levels

Litecoin slid by 7.57% on Wednesday, following on from Tuesday’s 8.52% tumble, to end the day at $62.26.

Tracking the broader market, Tuesday’s sell-off continued into Wednesday, with Litecoin sliding through the day’s first major support level at $64.13 to an intraday low and new swing lo $61.01 before a late in the day recovery to $62 levels, the moves through the day leaving the extended bearish trend firmly intact.

At the time of writing, Litecoin was up 0.71% to $62.71, with an early move through to a morning high $63.34 falling well short of the day’s first major resistance level at $66.12.

Easing back from the early morning high to a morning low $62.16 left the day’s first major support level at $59.7 untested in the early hours, as momentum from late Wednesday began to ease.

For the day ahead, a move back through the morning high would support a run at $64 levels to bring the day’s first major resistance level at $66.12 into play, while we will expect Litecoin to fall short of the second major resistance level at $69.99, with a continued hold at $60 levels a positive in the current environment.

Failure to move back through and hold above $63.34 could see Litecoin take another hit, with any reversal bringing sub-$60 levels and the day’s first major support level at $59.7 into play before any recovery, the downside needing protection with tighter stop losses during the heightened volatility.

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Ripple Holds on to $0.30 Levels

Ripple’s XRP tumbled by 12.73% on Wednesday, following on from Tuesday’s 8.52% slide, to end the day at $0.33064.

Tuesday’s broad based market sell-off continued into Wednesday, with Ripple’s XRP sliding through the day’s first major support level at 0.3615 and second major support level at $0.345 to a late in the day intraday low and new swing lo $0.31926, before recovering to $0.33 levels by the day’s end.

The moves through the day reaffirmed the extended bearish trend formed at late April’s swing hi $0.97181, with Ripple’s XRP hitting its lowest level since before the December rally for a 2^nd consecutive day.

At the time of writing, Ripple’s XRP was up 2.37% to $0.3407, with Ripple’s XRP finding more support than most following 3 consecutive days of heavier selling.

Off a start of a day morning low $0.33035, Ripple’s XRP moved through to an early morning $0.34596 high before easing back, moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a move back through to $0.343 would support a run at $0.35 levels to bring the day’s first major resistance level at $0.3667 into play, though for Ripple’s XRP to break through to $0.35 levels, holding on to $0.34 levels through the morning will be key.

Failure to move back through to $0.343 could see Ripple’s XRP pullback through the morning low $0.33035 to bring Wednesday’s $0.31926 low into play, with market sentiment to dictate whether the first major support level at $0.3069 and sub-$0.30 levels will be in play later in the day.

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