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

The cryptomarket is turning bullish following an extended bearish trend that had left investors on the defensive. Following a second day of solid gains on Tuesday, momentum has continued this morning with resistance levels being tested.
Bob Mason

Bitcoin Cash in Search of $900

Bitcoin Cash gained 6.41% on Tuesday, following on from Monday’s 10.19% rally, to end the day at $852.8, 5-consecutive days of gains seeing Bitcoin Cash end the day at $800 levels for the first time since 22nd June.

Following a choppy start to the day, a mid-afternoon rally saw Bitcoin Cash break through the day’s first major resistance level at $834.47 to test the day’s second major resistance level at $871.23 with an intraday high $874.7 before pulling back to $850 levels.

While the recovery has been impressive at the start of the week, Bitcoin Cash has been here before and, continuing to fall short of the 23.6% FIB Retracement Level of $930 leaves the extended bearish trend intact, though a break through to $900 levels would signal the formation of a bearish trend reversal.

At the time of writing, Bitcoin Cash was up 1.81% to $868.2, with momentum from Tuesday driving Bitcoin Cash to a morning high $889.9, testing the first major resistance level at $890.8 before pulling back to $860 levels.

For the day ahead, a move back through to $880 levels would support another run at the first major resistance level at $890.8 to bring $900 levels into play for the first time since 21st June, a break through and hold at $900 affirming formation of a bearish trend reversal.

Failure to move back through to $880 levels could see Bitcoin Cash give up some of the morning’s gains, while we would expect any pullback to steer clear of the first major support level at $798.7.

Litecoin Hits $90

Litecoin gained 6.47% on Tuesday, following on from Monday’s 6.16% rise, to end the day at $88.92, with 3 consecutive days of gains consolidating Litecoin’s recovery to $80 levels.

Tracking the broader market, Litecoin pulled back to a late morning intraday low $81.55 before find support from a broad based market rally that took Litecoin through the day’s first major resistance level at $85.63 and second major resistance level at 87.92 to an intraday high $90.07 before a late pullback to sub-$90 levels.

Falling short of the 23.6% FIB Retracement Level of $98 left the extended bearish trend intact, though a move back through and hold at $90 by the day’s end today would affirm the formation of a bearish trend reversal.

At the time of writing, Litecoin was up 2.38% to $91.1, with Tuesday’s rally driving Litecoin through the first major resistance level at $92.14 to a morning high $94.39 before pulling back to $91 levels.

For the day ahead, a move back through $93 would support a run at the first major resistance level at $95.37 to bring the 23.6% FIB Retracement Level of $98 into play, a hold at $90 levels by the day’s end bringing about the formation of a bearish trend reversal from 29th June’s swing lo $72.43.

Failure to move back through to $93 levels could see Litecoin pullback to test sub-$90 support levels, while we would expect Litecoin to steer clear of the first major support level at $83.62 on the day.

Buy & Sell Cryptocurrency Instantly

Ripple Holds on to $0.50

Ripple’s XRP gained 5.09% on Tuesday, following Monday’s 7.09% rally, to end the day at $0.50704, its first day’s end at $0.50 levels since 22nd June’s $0.53265.

A relatively range bound morning saw Ripple’s XRP leave the day’s major support and resistance levels untested, before a mid-afternoon broad based market rally saw Ripple’s XRP break through the first major resistance level at $0.4952 and second major resistance level at 0.5120 to an intraday high $0.52132, before pulling back to $0.50 levels by the day’s end.

Breaking through and holding at $0.50 levels will give the bulls hope of a bearish trend reversal forming, though Ripple’s XRP will need to break through the 23.6% FIB Retracement Level of $0.5528 to affirm a reversal formation.

At the time of writing, Ripple’s XRP was up 1.44% to $0.51432, with Ripple’s XRP moving through to an early morning $0.52986 high to test the day’s first major resistance level at $0.5298, before pulling back to $0.51 levels.

For the day ahead, holding on to $0.50 levels through the morning will be key to support a second run at the first major resistance level, with Ripple’s XRP needing to break through the second major resistance level at $0.5528 to test the 23.6% FIB Retracement Level of $0.5528 for an affirmation of a bearish trend reversal formation.

Failure to make a move back through to $0.52 levels could see a pullback to test sub-$0.50 support levels, with the first major support level at $0.4785 in play in the event of a pullback through the morning’s $0.50578 low.

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
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