Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/07/18

Bitcoin Cash Steady

Bitcoin Cash gained 0.77% on Friday, partially reversing Thursday’s 2.32% fall, to end the week down 7.62% at $692.

Following a range bound morning that left the day’s major support and resistance levels untested, Bitcoin Cash broke through the day’s first major resistance level at $709.83 to an intraday high $714.1 before pulling back to sub-$700 levels in the final hours of the day.

In spite of Thursday’s gain, the trend through much of the day was bearish, with the upside having come from a start of the day move from the day’s intraday low $685 to a morning high $707, leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was down 0.3% to $690.7 in what’s been a range bound start to the day.

An early morning $699 high saw Bitcoin Cash fall short of the day’s first major resistance level at $709.07, with a mid-morning $686.9 low holding above the first major support level at $679.97 before recovering to $680 levels.

For the day ahead, a move back through to $697 would support a move through $700 to bring the day’s first major resistance level at $709.07 into play, though we can expect plenty of resistance at $700 through the early part of the day.

Failure to move through to $700 levels could see Bitcoin Cash take a hit later in the day, with the day’s first major support level at $679.97 in play should sentiment fail to improve, with Bitcoin Cash likely to then fall short of $700 levels by the day’s end for a 3^rd consecutive day.

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Litecoin Sees More Red

Litecoin slipped by 0.42% on Friday, following Thursday’s 1.84% decline, to end the week down 6.79% at $76.63.

It was a particularly choppy day for Litecoin, an early afternoon intraday high $78.49 coming within reach of the first major resistance level at $78.67 before sliding through to a late afternoon intraday low $75.24 that held above the first major support level at $74.82, a late recovery to $76 levels easing some of the pain.

At the time of writing, Litecoin was down 0.77% to $76.09, an early move to a morning high $77.4 seeing Litecoin fall short of the first major resistance level at $78.33 before reversing to a morning low $76.01.

For the day ahead, a move back through $76.8 would support a run at the day’s first major resistance level at $78.33, though for Litecoin to break back through to $80 levels for the first time since Wednesday, sentiment will need to improve significantly, the day’s second major resistance level  at $80 likely to be too big a step on the day.

Failure to move back through $76.8 could see Litecoin pullback through the morning low $76.01 to test the day’s first major support level at $75.08 before any recovery, the crypto bulls in search of  another weekend rally to offset some of the losses from the week.

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Ripple Holds Steady

Ripple’s XRP fell by 0.11% on Friday, following Thursday’s 2.81% slide, to end the week down 8.5% at $0.43724.

Upward momentum through the morning saw Ripple’s XRP move through to a mid-day intraday high $0.44573 before an afternoon reversal, the day’s high falling short of the first major resistance level at $0.4511.

Ripple’s XRP slid through the afternoon to an intraday low $0.42998 that steered clear of the first major support level at $0.4236 before recovering to $0.43 levels, with the moves through the day continuing to support the extended bearish trend formed back in late April.

At the time of writing, Ripple’s XRP was down 0.02% to $0.43719 in what’s been a relatively range bound start to the day, a morning high $0.44144 and low $0.43446 steering clear of the days major resistance and support levels.

For the day ahead, Ripple’s XRP would need to break back through to $0.44 levels to support a run at the first major resistance level at $0.4453 and second major resistance level at $0.4534 before any reversal, $0.50 levels likely to remain elusive through the early part of the weekend.

Failure to move back through $0.44 levels to take a run at $0.45 levels could see Ripple’s XRP pullback to test sub-$0.43 support levels, with the first major support level at $0.4296 unlikely to be enough to avoid more significant losses before any recovery.

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