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