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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/07/18

By:
Bob Mason
Published: Jul 19, 2018, 04:44 UTC

It's back in the red for the majors who are now relying on support levels to avoid a reversal of gains through the early part of the week. Holding on through the day will be key to avoiding a full reversal ahead of the weekend.

consensus

Bitcoin Cash Back in the Red

Bitcoin Cash fell by 3.33% on Wednesday, partially reversing Tuesday’s 6.41% gain, to end the day at $824.4, the losses bringing to an end 5-consecutive days of gains.

Bitcoin Cash moved through to an intraday high $889.9 in the early hours of the day to test the day’s first major resistance level at $890.8 before pulling back to $870 levels and a relatively range bound late morning and early afternoon that left the day’s first major support level at $798.7 untested.

A late reversal saw Bitcoin Cash slide to an intraday low $803.3, steering clear of the first major support level, while also pinning back any hopes of a break through to $900 levels to test the 23.6% FIB Retracement Level of $930.

At the time of writing, Bitcoin Cash was down 1.51% to $811.6, with the late sell-off on Wednesday continuing into the early hours of this morning.

An early $805.5 morning low saw Bitcoin steer clear of the first major support level at $788.5 before moving back to $810 levels, with a start of the day $825.5 morning high falling short of the first major resistance level at $875.1.

For the day ahead, a move through $839.2 would support a run at the first major resistance level at $875.1 to bring $900 levels back into play, Bitcoin Cash having yet to break through to the key level needed to support a bearish trend reversal.

Failing to move through to $830 levels could see Bitcoin Cash take another hit later in the day, with a fall through to sub-$800 levels bringing the first major support level at $788.5 into play before any recovery to $800 levels.

BCH/USD 19/07/18 4-Hourly Chart

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Litecoin Back in the $80s

Litecoin fell by 3.16% on Wednesday, partially reversing Tuesday’s 6.47% rally, to end the day at $86.18.

A spill over from Tuesday’s rally saw Litecoin break through the first major resistance level at $92.14 with an intraday high $94.39 before pulling back to $92 levels and a test of sub-$90 support levels in the late morning before settling.

Litecoin failed to move back through to $94 levels, leading to a slide through to an intraday low $85.11 late in the day, before recovering to $86 levels, the pullback to sub-$90 leaving the extended bearish trend intact.

At the time of writing, Litecoin was down 0.23% to $86.07, with Litecoin recovering from a start of the day low of $85.01 to hit an early $86.94 high, the morning’s moves leaving major support and resistance levels untested early on.

For the day ahead, a move through $88.56 would support a run back through to $90 levels to bring the first major resistance level at $92.01 into play, while Litecoin will likely continue to fall short of the 23.6% FIB Retracement Level of $98.

Failure to move through to $88 levels could see Litecoin pullback through the morning low to bring the first major support level at $82.73, though we will expect Litecoin to continue to hold on to $80 levels through the day.

LTC/USD 19/07/18 4-Hourly Chart

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Ripple Back in Reverse

Ripple’s XRP fell by 4.12% on Wednesday, partially reversing Tuesday’s 5.09% gain, to end the day at $0.48782.

An early morning intraday high $0.52986 saw Ripple’s XRP test the first major resistance level at $0.5298 before pulling back to $0.51 levels, with Ripple’s XRP holding on to $0.50 levels through the morning and early afternoon, steering clear of the first major support level at $0.4758.

A late in the day reversal saw Ripple’s XRP pullback through to sub-$0.50 levels to test the day’s first major support level at $0.4758 with an intraday low $0.47437 before recovering to $0.48 levels late in the day.

The moves through the day left Ripple’s XRP well short of the 23.6% FIB Retracement Level of $0.5528, with the pullback to sub-$0.50 levels continuing to affirm the extended bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was down 2.31% to $0.47721, with Ripple’s XRP hitting a morning low $0.47395 off the back of an early $0.48973 high, the moves leaving major support and resistance levels untested early on.

For the day ahead, a move through to $0.4974 would support a run at $0.50 levels to bring the first major resistance level at $0.5203 into play, though we will expect Ripple’s XRP to face plenty of resistance at $0.50.

Failure to move through to $0.49 levels could see Ripple’s XRP test the first major support level at $0.4648, with sentiment across the broader market to dictate whether Ripple’s XRP can recover back though to $0.48 levels by the day’s end.

XRP/USD 19/07/18 4-Hourly Chart

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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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