Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/07/18

The majors have started the day moving in and out of positive territory, following Saturday’s gains, with any range bound moves likely to weigh.
Bob Mason
Cryptocurrencies in May – Month in Review

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.

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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.

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