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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/07/18

By:
Bob Mason
Published: Jul 13, 2018, 06:00 UTC

It's been a positive start to the day, though whether the majors can hold on remains to be seen, with the extended bearish trend continuing to pin back the majors. The news wires have influenced and could do so again, requiring some caution.

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Bitcoin Cash Saved by the Bell

Bitcoin Cash fell by 2.32% on Thursday, reversing most of Wednesday’s 2.9% gain, to end the day at $689.6.

A pullback through the morning saw Bitcoin Cash ease from a start of the day intraday high $706 to late morning low $672.2 that left Bitcoin Cash range bound through most of the afternoon, the morning’s low seeing Bitcoin Cash fall through the day’s first major support level at $688.32, while resistance levels were left untested.

An intraday low $661.7 came in the final hour, with Bitcoin Cash falling through the day’s second major support level at $670.87 before breaking back through the support levels to a day end $689.6.

At the time of writing, Bitcoin Cash was up 1.76% to $698.6, with Thursday’s late in the day recovery continuing into the early hours, Bitcoin Cash moving through to $700 levels and a morning high $707 before easing back, the morning’s moves leaving major support and resistance levels untested.

For the day ahead, a move back through to $700 levels would support a run at the day’s first major resistance level at $709.83, before any pullback, with Bitcoin Cash needing to hold on to $700 levels to support a weekend rally.

Failure to move back through to $700 levels could see Bitcoin Cash wipe out early gains to bring the day’s first major support level at $665.53 into play, with heavier losses likely to be avoided barring negative news hitting the wires.

BCH/USD 13/07/18 4-Hourly Chart

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Litecoin Holds On

Litecoin fell by 1.84% on Thursday, partially reversing Wednesday’s 3.13% gain, to end the day at $76.9 to leave Litecoin at sub-$80 levels for a 3rd consecutive day.

A morning reversal saw Litecoin fall from a start of the day intraday high $78.35 to an intraday low $74.5, the day’s first major support level at $75.59 providing little support as sentiment across the broader market weighed.

Litecoin managed to recover to $76 levels through the afternoon before a late in the day sell-off saw Litecoin slide back through the first major support level at $75.59 to $74 levels before recovering to the day’s ending $76.9.

At the time of writing, Litecoin was up 0.61% to $77.44, with a Thursday’s late recovery seeing Litecoin hit a start of the day $78.1 high before easing back to $77 levels, the morning high falling short of the first major resistance level at $78.67.

For the day ahead, a move back through to $78 levels would support a run at the day’s first major resistance level to bring $80 levels back into play, though the news wires will need to remain friendly for Litecoin to break down key resistance levels through the day.

Failure to move back through to $78 levels could see Litecoin pullback through the start of the day’s $76.62 low to bring the first major support level at $74.82 into play, Litecoin likely to avoid sub-$74 levels on the day.

LTC/USD 13/07/18 4-Hourly Chart

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Ripple Looking for a Recovery

Ripple’s XRP fell by 2.81% on Thursday, reversing Wednesday’s 1.83% gain, to end the day at $0.4373.

Following the broader market trend, Ripple’s XRP pulled back from an intraday high $0.45122 to $0.42 levels through the early morning, the morning’s reversal seeing Ripple’s XRP fall through the first major support level at $0.4425 and second major support level at $0.4355 before a late in the day pullback saw Ripple’s XRP test support at the third major support level at $0.4240 with an intraday low $0.42371.

Ripple’s XRP managed to break back through the day’s third and second major support levels by the day’s end, with the day’s major resistance level at $0.454 left untested, supporting the extended bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was up 1.11% to $0.44258, tracking the broader market to a morning high $0.44507, supported by the final hour bounce on Thursday.

For the day ahead, a move through to $0.448 would support a run at $0.50 levels and the day’s first major resistance level at $0.4511, though Ripple’s XRP will need to hold on to early gains through mid-morning to avoid a sell-off later in the day, holding on to $0.45 levels a key target for the bulls.

Failure to move through to $0.448 could see Ripple’s XRP go into reverse later in the day, with the day’s first major support level at $0.4236 likely to be tested in any sell-off before a recovery kicks in, the extended bearish trend continuing to keep Ripple’s XRP at bay.

XRP/USD 13/07/18 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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