Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/07/18

The sell-off resumed this morning, with all the majors deep in the red to reverse Wednesday’s brief respite. While some recovery from the morning lows can be expected, things could go from bad to worse before any shift in sentiment.
Bob Mason

Bitcoin Cash Slides Again

Bitcoin Cash gained 2.9% on Wednesday, partially reversing Tuesday’s 5.77% slide, to end the day at $705.6.

Following three consecutive days of losses, it was a relatively range bound day, with an afternoon intraday low $683 holding above the day’s first major support level at $669.13 and a late in the day intraday high $712.5 fall short of the first major resistance level at $721.13, the positive for the day being a late move back through to $700 levels.

At the time of writing, Bitcoin Cash was down 4.12% to $676.9, with the crypto bears back in control following Wednesday’s respite.

A morning high $706 at the start of the day fell short of the first major resistance level at $717.73, with a broad based market sell-off through the morning seeing Bitcoin Cash slide through the day’s first major support level at $688.23 to a morning low $673.7.

For the day ahead, a move back through to $700 would signal a shift in market sentiment, supporting a run at the day’s first major resistance level at $717.73, though we would expect Bitcoin Cash to face plenty of resistance at $700.

Failure to break back through to $700 levels could see Bitcoin Cash pullback to test the day’s second major support level at $670.87 before any recovery, with Bitcoin Cash likely to end the day at sub-$700 levels for just the second time this month.

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Litecoin Takes a Hit

Litecoin rallied 3.13% on Wednesday, partially reversing Tuesday’s 5.59% slide, to end the day at $78.33.

Bucking the trend, a rally through the morning saw Litecoin break through the day’s first major resistance level at $79.49 to hit an intraday high $80.84, before pulling back to $78 levels by the day’s end, Litecoin failing to hold on to $80 levels for a second consecutive day.

At the time of writing, Litecoin was down 4.08% at $75.15, with a start of the day $78.35 high falling short of the day’s first major resistance level at $80.95 and, more importantly, $80 levels, before the broad based market sell-off kicked in.

Litecoin fell through the day’s first major support level at $75.59 to a morning low $74.5 by mid-morning, before recovering to $75 levels, Litecoin managing to hold above the day’s second major support level at $72.86.

For the day ahead, a move back through $78.22 would support a run at $80 levels and the day’s first major resistance level at $80.95, with sentiment across the broader market needing to improve for Litecoin to break through $80 resistance levels later in the day.

Failure to move back through to $78 levels could see Litecoin pullback further to bring the day’s second major resistance level at $72.86 into play before any recovery, with Litecoin likely to end the day at sub-$80 levels.

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Ripple Splashes Out

Ripple’s XRP gained just 1.83% on Wednesday, partially reversing Tuesday’s 6.36% slide, to end the day at $0.44155.

A relatively range bound day saw Ripple’s XRP pullback to an intraday low $0.43998 in the early hours before moving through to a late morning intraday high $0.4515, the day’s moves leaving the major support and resistance levels untested and Ripple’s XRP at sub-$0.50 levels for a 6th consecutive day.

At the time of writing, Ripple’s XRP was down 3.53% to $0.43408, with a move at the start of the day to a morning high $0.45007 the only bullish move of the morning, Ripple’s XRP falling short of the first major resistance level at $0.454 before the broad based market sell-off kicked in.

Ripple’s XRP slide to a morning low $42.98, calling on support at the third major support level at $0.424, after pulling back through the day’s first major support level at $0.4425 and second major support level at $0.4355, to recover to $0.43 levels.

For the day ahead, a move back through to $0.44 levels would support a run at the day’s first major resistance level at $0.454, though with the negative sentiment weighing on Ripple’s XRP, we will expect plenty of resistance at $0.45 that will pin Ripple’s XRP back at $0.44 levels in the event of an afternoon recovery.

Failure to move back through to $0.44 levels could see Ripple’s XRP pullback through to sub-$0.43 levels to test the third major support level at $0.424 before any recovery through the latter part of the day.

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