Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/08/18A relatively positive start to the day, but following last Monday’s slide, investors will likely be cautious early on.
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.
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.
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.