Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/07/18The majors have started the day moving in and out of positive territory, following Saturday’s gains, with any range bound moves likely to weigh.
Bitcoin Cash Finds Support
Bitcoin Cash gained 2.7% on Saturday, partially reversing Friday’s 7.08% slide, to end the day at $786.3.
Friday’s reversal continued into the early hours of the morning, Bitcoin Cash falling through the first major support level at $742.43 to a start of the day $740 low before going into recovery mode, a weekend move seeing Bitcoin Cash move through to an intraday high $799 prior easing back to $780 levels by the day’s end.
The extended bearish trend remained intact, with Bitcoin Cash failing to break back through to $800 levels for the first time since last Sunday and leaving the day’s first major support level at $810.2 untested.
At the time of writing, Bitcoin Cash was down 0.23% to $785 in what’s been a choppy start to the day, a start of a day pullback seeing Bitcoin Cash hit a morning low $775.1 before bouncing back to a morning high $806 that saw Bitcoin Cash face strong resistance at $800 levels leading to a pullback to sub-$800 levels.
For the ahead, a move back through to $795 would support another run at $800 levels and the first major resistance level at $810.2, with a hold at $800 levels needed to support a positive start to the week, though based on current sentiment, resistance at $800 will likely continue to pin Bitcoin Cash back through the day.
Failure to move through to $790 levels could see Bitcoin Cash pullback through the morning low $774 to bring the first major support level at $751.2 into play before any recovery, with Bitcoin Cash likely to hold above $751 levels by the day’s end.
Litecoin in Recovery
Litecoin gained 2.17% on Saturday, partially reversing Friday’s 5.12% loss, to end the day at $83.5.
A start of the day intraday low $79.77 came within reach of the day’s first major support level at $79.62 before a broad based market rally kicked in, with Litecoin moving through to an early afternoon intraday high $84.69 prior easing back to $83 levels, the day’s high leaving the first major resistance level at $85.54 untested on the day.
While the extended bearish trend remains intact, with Litecoin having failed to break through the 23.6% FIB Retracement Level of $98, holding on to $80 levels through the late in the week sell-off was key.
At the time of writing, Litecoin was down 0.72% to $82.9, with Litecoin moving through to an early morning $83.98 high before pulling back to a morning low $82.81, a choppy start to the day leading to a negative bias.
For the day ahead, a move back through to $83.5 would support a run at the first major resistance level at $85.54, with Litecoin needing to shake off the negative sentiment in the early hours and break through Saturday’s $84.69 high, which could prove to be a step too far on the day, a hold at $84 levels a positive outcome for the bulls.
Failure to move through to $83 levels later in the day could see Litecoin pullback through the morning low $82.81 to test the first major support level at $80.62 before any recovery, with Litecoin expected to hold on to $80 levels through the day.
Ripple Follows the Pack
Ripple’s XRP gained 2.36% on Saturday, partially reversing 3 consecutive days of declines, to end the day at $0.45383 and to move back into positive territory for the current week.
An early recovery from a start of a day intraday low $0.43363 to a morning high $0.45665 saw Ripple’s XRP buck the broader market trend, the majors struggling through the early hours, to leave Ripple’s XRP relatively range bound before striking an early afternoon intraday high $0.46005.
The moves through the day left major support and resistance levels untested to leave the extended bearish trend intact, Ripple’s XRP now having failed to hit $0.50 levels since Wednesday’s $0.52986 high.
At the time of writing, Ripple’s XRP was 0.55% to $0.45133, recovering from a morning $0.4459 low back to $0.45 levels, moves through the early hours leaving major support and resistance levels untested.
For the day ahead, a move back through a morning high $0.45681 would support a run at $0.46 levels to test the first major resistance level at $0.4647, while we can expect Ripple’s XRP to continue to face plenty of resistance at $0.46.
Failure to break through to $0.46 levels could see Ripple’s XRP pullback through the morning low 0.4459 to $0.43 levels to test the first major support level at $0.4383, with sentiment across the broader market to dictate whether Ripple’s XRP can recover to $0.44 levels by the day’s end.