Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/08/18

Bitcoin Cash Settles

Bitcoin Cash gained 3.09% on Sunday, partially reversing Saturday’s 8.5% fall, to end the day at $571. Sunday’s moves left Bitcoin Cash flat for the week, Monday through Sunday, with Friday’s 16.8% rally all but a distant memory.

An early morning pullback saw Bitcoin Cash fall to an intraday low $539.7, steering clear of the first major support level at $521.47, before support kicked in through the afternoon, with Bitcoin Cash moving through to an intraday high $583 before easing back, the day’s high falling short of the first major resistance level at $597.57.

At the time of writing, Bitcoin Cash was down 0.5% to $568.1, with Bitcoin Cash pulling back from a start of a day morning high $576.8 to a low $567.3, the moves through the early hours leaving the major support and resistance levels untested.

For the day ahead, a move back through to $570 levels would support a run at $580 levels to bring the first major resistance level at $589.43 into play, though for Bitcoin Cash to break through to $580 levels, a hold on to $560 levels is going to be needed through the morning.

Failure to break back through to $570 levels could see Bitcoin Cash take a hit later in the day, with a slide through to sub-$560 levels bringing the day’s first major support level at $546.13 into play, before any recovery. We would expect Bitcoin Cash to hold above the major support level barring materially negative news hitting the wires.

Get Into Bitcoin Cash Trading Today

Litecoin Trails the Majors

Litecoin gained 0.8% on Sunday, following Saturday’s 7.25% sell-off, to end the week down 2.66% at $57.85.

A relatively range bound start to the day saw Litecoin ease back to an intraday low $56.4, holding above the first major support level at $54.47. Support from the broader market saw Litecoin move through to an early afternoon intraday high $58.98, before easing back to $57 levels, the day’s high coming up short of the first major resistance level at $61.41.

At the time of writing, Litecoin was up 0.43% to $58.1, with upward momentum from late in the day on Sunday continuing into the early hours.

Litecoin moved from a start of a day morning low $57.82 to a morning high $58.55, before easing back, the moves through the morning leaving the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high would support another run at the day’s first major resistance level at $59.09 to bring $60 levels back into play, though Litecoin will continue to find plenty of resistance at $60 on the day.

Failure to move back through the morning high $58.55 to $59 levels could see Litecoin hit reverse later in the day, with a pullback through the morning low $57.82 bringing $56 levels and the day’s first major support level at $56.51 into play before any recovery.

Buy & Sell Cryptocurrency Instantly

Ripple Leads the Way

Ripple’s XRP gained 4.53% on Sunday, following Saturday’s 11.2% slide, to end the week up 15.6% at $0.3426.

Moving from a start of a day intraday low $0.31781, Ripple’s XRP broke back through to $0.35 levels with an intraday high $0.354 before easing back, a late afternoon reversal to $0.33 levels finding plenty of support to pull Ripple’s XRP back through to $0.34 levels by the day’s end.

In spite of the solid week of gains, Ripple’s XRP continued to fall well short of the 23.6% FIB Retracement Level of $0.4164 to leave the extended bearish trend intact, with Sunday’s high falling short of the first major resistance level at $0.3625.

At the time of writing, Ripple’s XRP was up 0.9% to $0.34616, with upward momentum from late Sunday spilling over to the early hours, Ripple’s XRP moving from a start of a day morning low $0.34084 to a morning high $0.35118 before easing back.

For the day ahead, a move back through to $0.35 levels would support another run at the first major resistance level at $0.3585, with a break out to $0.36 levels needing sentiment across the broader market to materially improve through the day.

Failure to move back through to $0.35 levels could see Ripple’s XRP ease back through the morning low $0.34084 to $0.33 levels, with any fall through $0.3381 likely to bring sub-$0.33 levels and the day’s first major support level at $0.3223 into play before recovery.

Buy & Sell Cryptocurrency Instantly