Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/08/18Saturday’s sell-off continued into the early hours of this morning, with Litecoin bucking the trend early. The sell-off could gather momentum…
Bitcoin Cash Sells Off
Bitcoin Cash slid by 8.5% on Saturday, partially reversing Friday’s 16.77% gain, to end the day at $553.9.
A start of a day intraday high $610, which fell short of the first major resistance level at $633.2, was the only bullish move of the day, with Bitcoin Cash sliding through the first major support level at $543.3 to a late afternoon intraday low $533.9, before recovering to $550 levels.
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At the time of writing, Bitcoin Cash was down 1.63% to $544.8, with momentum from Saturday’s sell-off continuing into the early hours, Bitcoin Cash falling from a start of a day $544.2 high to a morning low $539.7 before recovering to $540 levels.
For the day ahead a move through to $565 would support a run at the first major resistance level at $597.57 to bring $600 levels back into play, with Bitcoin Cash needing to hold on to $540 levels through the morning to support an afternoon recovery.
Failure to move through to $560 levels could see Bitcoin Cash take a bigger hit later in the day, with any fall through to sub-$540 levels likely to bring the first major support level at $521.47 into play.
The larger than expected sell-off on Saturday was further evidence of investor sensitivity to volatility, with the downward moves through the early morning on Saturday picking up speed, investors fearful of being caught up in a more material sell-off, leaving Bitcoin Cash in the hands of the crypto bears.
Litecoin Back in the $50s
Litecoin fell by 7.25% on Saturday, reversing most of Friday’s 11.25% gain, to end the day at $57.34.
Tracking the broader market trend, Litecoin slid from an early morning intraday high $62.6 to a late afternoon intraday low $55.66, the moves through the day seeing Litecoin fall through the first major support level at $57.29, before recovering to $57 levels.
The only good news from the day was Litecoin’s move back through the day’s first major support level by the day’s end, the sell-off reaffirming the extended bearish trend and continuing the trend of sharp pullbacks off the back of strong rallies.
At the time of writing, Litecoin was up 0.37% to $57.6, the early moves seeing Litecoin bounce back from a start of a day morning low $56.51, with the day’s major support and resistance levels left untested, Litecoin’s early gains bucking the broader market trend.
For the day ahead, a move through to $58.5 would support a run at $60 levels to bring the first major resistance level at $61.41 into play, though we can expect Litecoin to face plenty of resistance on the approach to $60 should broader market sentiment fail to improve through the day.
Failure to move through to $58 levels could see Litecoin pullback through the morning low $56.51 to bring the day’s first major support level at $54.47 into play, with any reversal dependent on whether the broader market can recover from further losses in the early hours of this morning.
While holding on to $57 levels through the morning will be key, Litecoin will unlikely be able to buck the trend through the entire day.
Ripple Holds on to $0.30
Ripple’s XRP slid by 11.2% on Saturday, partially reversing Friday’s 25.23% rally, to end the day at $0.32734.
Pulling back from a start of a day intraday high $0.37267, Ripple’s XRP fell to a late afternoon intraday low $0.3125, calling on support at the first major support level at $0.3129 before recovering to $0.32 levels, Ripple’s XRP managing to avoid a continued sell-off through to the day’s end.
At the time of writing, Ripple’s XRP was down 1.37% to $0.32131, with Ripple’s XRP pulling back from a start of a day $0.32794 high to a morning low $0.31781, before recovering to $0.32 levels.
For the day ahead, a move through to $0.33 levels and $0.3375 would support a run at $0.35 levels to bring the first major resistance level at $0.3625 into play, though for Ripple’s XRP to be eyeing $0.36 levels, sentiment across the broader market will need to materially improve and a move through to $0.33 levels would need to happen through the morning.
Failure to move through to $0.33 levels could see Ripple’s XRP take a bigger hit later in the day, with any pullback through the morning’s $0.31781 low bringing sub-$0.31 levels and the day’s first major support level at $0.3023 into play, though we would expect Ripple’s XRP to avoid sub-$0.31 levels following Saturday’s reversal.