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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/07/18

While it’s a positive start to the day, it’s going to need to be a spectacular end to the weekend for the majors to see their losses from the week reversed. Uncertainty over what lies ahead from a regulatory standpoint remains the key issue for the market.
Bob Mason

Bitcoin Cash Back at $700 Levels

Bitcoin Cash gained 1.4% on Saturday, following Friday’s 0.77% rise, to end the day at $701.9.

Friday’s late reversal continued through the morning, with Bitcoin Cash falling to an intraday low $685.5 before moving back through to $700 levels, the day’s first major support level at $679.97 left untested on the day.

An afternoon recovery saw Bitcoin Cash break through the first major resistance level at $709.07 with an intraday high $713 before easing back, Bitcoin Cash managing to hold on to $700 levels, though plenty of resistance pinned Bitcoin Cash back from an early weekend rally.

At the time of writing, Bitcoin Cash was up 0.25% to $703.3, with Bitcoin Cash recovering from an early dip to a morning $697.6 low, which held above the day’s first major support level at $687.27, to a morning high $704.8.

For the day ahead a move, through to $705 would support a run at the day’s first major resistance level a $714.77, with the second major resistance level at $727.63 in play should market sentiment improve through the morning.

Failure to take a run at the first major resistance level could see Bitcoin Cash reverse later in the day, with the day’s first major support level at $687.27 very much in play in the event of a sell-off that would leave Bitcoin Cash at sub-$700 levels by the end of the weekend.

Litecoin Stuck in the Ranges

Litecoin fell by 0.5% on Saturday, following on from Friday’s 0.42% decline, to end the day at $76.3, with Litecoin having now seen red in 6 of the last 7 days.

A relatively range bound day saw Litecoin saw Litecoin move through to a morning high $77.44 before easing back to $76 levels and a late morning intraday low $75.68 before recovering to $76 levels, the day’s first major support and resistance level s left untested through the morning.

An afternoon recovery saw Litecoin move through to an intraday high $77.44 that also fell short of the first major resistance level at $78.33 before easing back to $76 levels by the day’s end, with Litecoin managing to steer clear of the first major support level at $75.08 through the day.

At the time of writing, Litecoin was up 0.85% to $76.85 after recovering from an early morning dip to a $75.36 low that called on support at the day’s first major support level at $75.51 before rebounding to a morning high $77.08.

For the day ahead, a move back through to the morning’s $77.08 high would bring the day’s first major resistance level at $77.27 and $78 levels into play, while we would expect the second major resistance level at $78.23 to remain untested.

Failure to break back through the morning high could see Litecoin pullback through the first major support level to bring the second major support level at $73.54 into play before any recovery.

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Ripple Choppy But Flat

Ripple’s XRP slipped by just 0.08% on Saturday, following Friday’s 0.11% fall, to end the day at $0.43726.

A pullback through the morning and early afternoon saw Ripple’s XRP fall to an intraday low $0.43243 that held above the day’s first major support level at $0.4296 before moving through to a late in the day intraday high $0.44473 that came within reach of the day’s first major resistance level at $0.4453 before pulling back to $0.43 levels in the final hours of the day.

While Ripple’s XRP managed to take a run at the day’s first major resistance level, a continued failure to move back through to $0.50 levels left the extended bearish trend intact going into Sunday.

At the time of writing, Ripple’s XRP was up 0.64% to $0.44005, having recovered from a start of the day dip to a morning low $0.43469 that steered clear of the day’s first major support level at $0.4316.

A move back through to $0.44 levels saw Ripple’s XRP fall short of the day’s first major resistance level at $0.4439, with a morning high $0.44142 before easing back.

For the day ahead a move back through the morning high would support a run at the first major resistance level at $0.4439, to bring $0.45 levels into play, though we would expect Ripple’s XRP to face strong resistance at $0.45 through the day.

Failure to move through to $0.45 levels could see Ripple’s XRP pullback though the morning low to test the first major support level at $0.4316 before any recovery, sub-$0.43 support levels likely to be untested on the day, barring materially negative news hitting the wires.

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