Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/08/18

A relatively positive start to the day, but following last Monday’s slide, investors will likely be cautious early on.
Bob Mason
Cryptocurrencies in May – Month in Review

Bitcoin Cash On the Up, For Now

Bitcoin Cash gained 1.21% on Sunday, reversing Saturday’s 1.07% fall, to end the day at $571, the moves through the week leaving Bitcoin Cash down 19.5% Monday through Sunday and a 3rd consecutive sub-$600 level end of day.

A relatively choppy start to the day saw Bitcoin Cash fall to a start of a day intraday low $553.9, before recovering to $570 levels, with a range bound second half of the day providing little support to a weekend rally, Bitcoin Cash spiking through the first major resistance level at $581.3, with an intraday high 591.4, before pulling back to $570 levels.

At the time of writing, Bitcoin Cash was up 0.32% to $572.8, with Bitcoin Cash moving through to an early morning high $575.5 before easing back to a morning $570.4 low, the early moves leaving the major support and resistance levels untested.

For the day ahead, holding at $572 level will be key to support a run at $580 levels to bring the day’s first major resistance level at $590.3 into play, while Bitcoin Cash will likely continue to fall short of $600 levels, with resistance on the approach to the second major resistance level at $609.6 likely to be too great even in a broad based rally.

Failure to hold to $572 levels could see Bitcoin Cash given minor upside from the start of the day to hit reverse and cough up Sunday’s gains and pullback to $550 levels to bring the first major support level at $552.8 into play, while sub-$550 levels will likely to avoided barring materially negative news hitting the wires.

Get Into Bitcoin Cash Trading Today

Litecoin Struggles at $60

Litecoin gained 2.29% on Sunday, reversing Saturday’s 1.73% fall, to end the week down 20.4% at $59.43, marking the 3rd consecutive sub-$60 close.

A recovery from a start of a day dip to $57.35 saw Bitcoin break through the first major resistance level at $60.58 to hit an early intraday high $61.8 before easing back to $59 levels and a range bound afternoon, resistance at $60 levels too strong to allow a break out to test the second major resistance level at $63.98.

At the time of writing, Litecoin was down 0.4% to $59.2, as Litecoin continues to struggle to break back through and hold on to $60 levels.

A start of a day $59.56 high came up short of $60 and well short of the first major resistance level at $61.7, leading to a pullback to a morning low $58.73 before recovering to $59 levels, the day’s first major support level at $57.25 left untested.

For the day ahead, a move back through to the morning high $59.56 would support another run at the first major support level at $61.7, though Litecoin will need to break out from $60 to avoid a sell-off, Litecoin needing support from the broader market early on.

Failure to take a run at $60 could see Litecoin hit reverse, with the day’s first major support level at $57.25 in play and a more material decline to the day’s second major support level at $55.08 on the cards should the markets turn negative again later in the day.

Buy & Sell Cryptocurrency Instantly

Ripple new Key Level – $0.30

Ripple’s XRP bucked the trend on Sunday, falling by 0.29% off the back of Saturday’s 6.49% slide, to end the week down 31.9% at $0.29632.

A rebound from a start of a day intraday low $0.29205 to an early morning intraday high $0.3113 was the only bullish move of the day, major support and resistance levels left untested, with a late morning and afternoon reversal seeing Ripple’s XRP pullback to sub-$0.30 levels by the day’s end.

The only good news on the day was a hold above Saturday’s latest swing lo $0.28737.

At the time of writing, Ripple’s XRP was up 0.69% to $0.29892, with Ripple’s XRP struggling to hold on to $0.30 levels.

An early pullback to a morning low $0.29522 saw Ripple’s XRP steer clear of the first major support level at $0.2885, with Ripple’s XRP recovering to a morning high $0.30145 before easing back, resistance at $0.30 weighing early on.

For the day ahead, a move back through to $0.30 would support a run at the first major resistance level at $0.3077, with upward momentum in the broader market supporting a run back through to $0.31 levels, though holding on will continue to be a challenge.

Failure to move back through to $0.30 levels could see Ripple’s XRP slide back through the morning low $0.29522 to bring the day’s first major support level at $0.2885 and second major support level at $0.2806 into play before any recovery late in the day.

Buy & Sell Cryptocurrency Instantly

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US