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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/07/18

It’s been a choppy start to the day as investors remain wary following 3 consecutive days’ of losses across the cryptomarket. The crypto bulls will be looking to steady the ship, though more losses may well be on the cards.
Bob Mason

Bitcoin Cash Steadies

Bitcoin Cash fell by 5.77% on Tuesday, following on from Sunday and Monday’s losses, to end the day at $687.4.

A start of the day intraday high $736.6 came up short of the day’s first major resistance level at $752.03 and continued to fall well short of the 23.6% FIB Retracement Level of $930, as Monday’s 2nd half of the day sell-off continued into the early hours of Tuesday.

Bitcoin Cash fell through the day’s first major support level at $715.83 and second major support level at $702.67 to a morning low $687 before a late in the day pullback saw Bitcoin Cash fall to an intraday low $684.6, the only positive being that the day’s third major support level at $666.47 was left untested on the day.

At the time of writing, Bitcoin Cash was up 0.19% to $687 in what’s been a relatively range bound start to the day, a morning low $685 and high $699.6 leaving the day’s major support and resistance levels untested.

For the day ahead, a move through $702 would support a run at the first major resistance level at $721.13, with market sentiment to then dictate whether Bitcoin Cash can break back through to $750 levels to test selling resistance at the second major resistance level at $754.87.

Failure to break back through to $700 levels could see Bitcoin Cash pullback through the morning’s low $685 to test the first major support level at $669.13, with the day’s second major support level at $650.87 very much in play should sentiment fail to improve through the afternoon.

Litecoin Finds Early Support

Litecoin fell by 5.59% on Tuesday, following Sunday 2.93% and Monday’s 2.27% falls, to end the day at $75.99.

A start of the day $80.5 left Litecoin short of the day’s first major resistance level at $82.27, as Monday’s sell-off continued through the early hours of the day, Litecoin falling to a mid-morning intraday low $74.51 before finding much needed support.

The slide through the morning saw Litecoin fall through the day’s major support levels before moving back the third major support level at $75.04 late in the day.

At the time of writing, Litecoin was up 0.16% to $76.07, with an early move through to a morning high $77.75 seeing Litecoin fall short of the day’s first major resistance level at $82.27 before pulling back to a morning low $75 levels, a morning low $75.48 having come within the first hour.

For the day ahead, a back move through $77 would support a run at the day’s first major resistance level at $79.49 and $80 levels, though with sentiment having deteriorated since late Sunday, Litecoin is likely to face plenty of resistance at $80 on any attempted break outs from current levels.

Failure to move back through to $77 levels could see Litecoin take a hit later in the day to bring the first major support level at $73.5 into play, with any continued negative sentiment across the market likely to see Litecoin begin to eye up sub-$70 support levels before any recovery.

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Ripple in a Bear Trap

Ripple’s XRP slid by 6.36% on Tuesday, following Monday’s 1.46% fall, to end the day at $0.44155.

Following the broader market, Ripple’s XRP fell through the day’s first major support level at $0.4645 and second major support level at $0.4582 to a morning low $0.44021, calling on support at the third major support level at $0.4414 before recovering to $0.45 levels.

A late in the day pullback saw Ripple’s XRP slide through the third major support level at $0.4414 to an intraday low $0.43696 before recovering to $0.44 levels by the day’s end, the moves through the day reaffirming the bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was down 0.63% to $0.44161, with an early move to a morning high $0.45144 falling short of the day’s first major resistance level at $0.4655, leading to a pullback to a morning low $0.43998 that left the first major support level at $0.4273 untested.

For the day ahead, a move back through to $0.4512 would support a run at the first major resistance level at $0.4655, with sentiment across the broader market to dictate whether Ripple’s XRP can take a run at $0.48 levels and the second major resistance level at $0.4895, while $0.50 levels will likely be left untouched for a 6th consecutive day.

Failure to move through to $0.46 levels could see Ripple’s XRP slide back through the morning’s $0.43998 low to bring sub-$0.43 support levels into play before any recovery, the path of least resistance certainly downwards for now.

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