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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/08/18

By:
Bob Mason
Updated: Aug 11, 2018, 04:33 GMT+00:00

Another bad start to the day for the majors. There was never more need for a weekend rally, with the majors getting hit with heavy losses.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/08/18

Bitcoin Cash Tumbles Again

Bitcoin Cash slid by 6.33% on Friday, more than reversing Thursday’s 3.31% gain, to end the day at $569.9, with 4 losses in 5 leaving Bitcoin Cash down 19.7% for the week.

Thursday’s late pullback continued into Friday, with Bitcoin Cash on a downward trend through the most of the day, while steering clear of major support levels, before a late in the day sell-off saw Bitcoin Cash slide through the first major support level at $583.73 to an intraday low $555, testing the day’s second major support level at $558.87.

A late partial recovery was of little comfort, with the Bitcoin Cash striking a new swing lo, while leaving the day’s major resistance levels untested.

At the time of writing, Bitcoin Cash was down 2.51% to $555.8, with Bitcoin Cash falling from a start of a day morning high $571.1 to a morning low and new swing lo $555 before steadying, the continuation from Friday’s sell-off testing the more resilient crypto investor.

For the day ahead, a move through to $579 would support a run at $600 levels to bring the first major resistance level at $602.93 into play, though for Bitcoin Cash to recover the morning’s losses, holding on to $550 levels will be key.

Failure to recover from the early losses through the morning could see Bitcoin Cash take another tumble later in the day, with a fall through to sub-$550 levels bringing the day’s first major support level at $545.93 into play.

How low Bitcoin Cash goes will be dependent upon the broader market, though we would expect Bitcoin to steer clear of the second major support level at $521.97.

BCH/USD 11/08/18 4-Hourly Chart

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Litecoin Hits the $50s

Litecoin fell by 6.25% on Friday, reversing Thursday’s 1.48% gain with interest, to end the day at $59.14. Four days in the red out of five left Litecoin down 20.8% for the week and at sub-$60 for the first time since last November.

 

Following the broader market, Litecoin moved in reverse through most of the day, whilst managing to steer clear of sub-$60 levels and the day’s first major support level until a late in the day sell-off saw Litecoin slide through the first major support level at $60.59 to an intraday low and new swing lo $58.1.

A start of the day $63.36 high came up short of the first major resistance level at $65.48, with the bearish trend firmly intact.

At the time of writing, Litecoin was down 2.72% to $57.53, Litecoin falling through the first major support level at $57.04 to an early morning low and new swing lo $56.5.

For the day ahead, a move back through a morning high $59.19 would support a run through to $60 levels to bring the first major resistance level at $62.3 into play, though Litecoin will likely face plenty of resistance at $60, with $62 levels likely to be a step too far.

Failure to move back through the morning high could see Litecoin pullback through the first major support level at $57.04 to bring the second major support level at $54.94 into play, the bears now eyeing sub-$50 levels.

LTC/USD 11/08/18 4-Hourly Chart

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Ripple Back Eyeing sub-$0.30

Ripple’s XRP fell by 7.22% on Friday, more than reversing Thursday’s 3.95% gain, to end the day at $0.31922, with heavy losses through the week leaving Ripple’s XRP down $26.6% to the end of Friday.

A relatively range bound morning saw Ripple’s XRP steer clear of the day’s first major support level at $0.3278, with a late afternoon broad based market sell-off doing the damage, Ripple’s XRP sliding through the first major support level at $0.3278 and second major support level at $0.3115 to an intraday low and new swing lo $0.31072.

The moves through the day reaffirmed the extended bearish trend formed back at late April’s swing hi $0.97181, with the crypto bulls facing a stern test in the late summer.

At the time of writing, Ripple’s XRP was down 4.22% to $0.30479, with Ripple’s XRP sliding to an early morning low and new swing lo $0.30059, calling on support at the first major support level at $0.3040.

For the day ahead, a move back through to $0.32 levels would support a run at the first major support level at $0.3413, though we can expect Ripple’s XRP to face plenty of resistance at $0.32 and on any run at $0.33 levels.

Failure to recover from the morning losses to $0.32 levels could see Ripple’s XRP take an even bigger hit later in the day, with sub-$0.30 levels now firmly in play, though we will expect Ripple’s XRP to steer clear of the second major support level at $0.2887.

XRP/USD 11/08/18 4-Hourly Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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