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

Bitcoin Cash in the Hands of the Bears

Bitcoin Cash fell by 2.68% on Monday, following on from Sunday’s 3.31% slide, to end the day at $729.

Upward momentum through the first half of the day saw Bitcoin Cash move through to $750 levels, following an early dip to sub-$740 levels, before pulling back through the second half of the day, with Bitcoin Cash falling through the first major support level at $730.1 to an intraday low $725.7 late in the day.

A spike ahead of the day’s low saw Bitcoin Cash briefly strike $760 levels with an intraday high $761.9 that fell short of the day’s first major resistance level at $774.1 and saw Bitcoin Cash fail to hit $800 levels for a 5^th consecutive day.

At the time of writing, Bitcoin Cash was down 0.92% to $722.3, with a spill over from Monday’s late in the day sell-off continuing through the early hours, taking Bitcoin Cash to a morning low $720 before steadying. The early moves left the day’s first major support and resistance levels untested.

For the day ahead, a move through to $740 would support a run at the day’s first major resistance level at $752.03, though for Bitcoin Cash to find support and begin reversing the morning’s losses, sentiment across the broader market will need to shift.

Failure to move through $740 levels to take a run at $750 could see Bitcoin Cash slide through the first major support level at $715.83 to bring the second major support level at $702.67 into play and a possible visit to sub-$700 levels before any recovery should sentiment not shift through the early afternoon.

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Litecoin Down Again

Litecoin fell by 2.27% on Monday, following Sunday’s 2.93% fall, to end the day at $80.34.

A relatively choppy first half of the day saw Litecoin move within an $81 – $82 range that ultimately led to a late in the day reversal, with Litecoin falling through the day’s first major support level at $80.9 to an intraday low $80.02 before partially recovering, Litecoin managing to avoid a pullback to sub-$80 levels on the day.

Following the broader market, a pre-intraday low spike saw Litecoin briefly move through to $83 levels, with an intraday high $83.07 before the sell-off, the day’s high falling short of the first major resistance level at $94.62.

At the time of writing, Litecoin was down 2.3% to $78.64, with Litecoin falling through the day’s first major support level at $79.22 in the early hours, as late Monday’s sell-off continued into the early hours of this morning.

For the day ahead, a move back through the first major support level at $79.22 to $81.14 would support a run at the day’s first major resistance level of $82.27, though the likes of Bitcoin will need to recover for Litecoin to begin reversing early losses.

Failure to move through to $81 levels could see Litecoin take a bigger hit later in the day, with the day’s second major support level at $78.09 likely to come into play before any recovery, Litecoin’s extended bearish trend continuing to pin back any hopes of a near-term rebound.

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Ripple Hits Reverse

Ripple’s XRP slid by 1.46% on Monday, following Sunday’s 1.05% fall, to end the day at $0.47091.

A mixed morning saw Ripple’s XRP move through to a morning high $0.48186 before easing back to $0.47 levels through the afternoon, with Ripple’s XRP falling through the day’s first major support level at $0.4738 with a mid-afternoon $0.47122, before striking an intraday high $0.48538 in the late evening.

The day’s high fell short of the first major resistance level at $0.4861, with an end of day pullback seeing Ripple’s XRP fall through the day’s first major support level at $0.4738 to test support at the second major support level at $0.4689, with an intraday low $0.46859 that left Ripple’s XRP short of $0.50 levels for a 4^th consecutive day.

At the time of writing, Ripple’s XRP was down 1.42% to $0.46564, with Ripple’s XRP sliding through the day’s first major support level at $0.4656 to an intraday low $0.46395 before a partial recovery.

For the day ahead, a move back through $0.475 would support a run at the day’s first major resistance level at $0.4813, though we will expect Ripple’s XRP to continue to fall short of $0.50 levels, leaving the extended bearish trend intact.

Failure to move through $0.475 to take a run at $0.48 levels could see sub-$0.46 support levels tested before any recovery, though we would expect the selling pressure from late Monday to ease through the morning to support some upside later in the day.

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