Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/08/18

Bitcoin Cash On the Bounce, Again…

Bitcoin Cash gained 4.54% on Tuesday, partially reversing Monday’s 10.27% sell-off, to end the day at $536.5.

A continuation of Monday’s reversal led Bitcoin Cash to a start of a day intraday low $510.3, before finding support, the day’s low steering clear of the first major support level at $486.67.

The morning recovery saw Bitcoin hit a late morning intraday high $543.2, falling short of the first major resistance level at $557.07, before easing back to a relatively range bound 2^nd half of the day.

At the time of writing, Bitcoin Cash was up 4.38% to $560.2, with Bitcoin Cash rallying from a start of a day morning low $528 to a morning high $575.5, breaking through the first major resistance level at $549.7 and second major resistance level at $562.9, before easing back to $560 levels.

For the day ahead, a move back through to $570 levels would bring $580 levels into play, though we would expect resistance to pin Bitcoin Cash back from a break through to $590 levels, to leave the third major resistance level at $595.8 and $600 levels out of reach for the day.

Failure to break back through to $570 levels could see Bitcoin Cash give up some of the morning gains, with a fall through $530 bringing the first major support level at $516.8 into play, though the news wires will need to have a hand in any sell-off to sub-$520 levels on the day.

Litecoin Joins the Rally

Litecoin gained 5.49% on Tuesday, partially reversing Monday’s 8.12% fall, to end the day at $56.33.

Monday’s late sell-off continued into Tuesday, leading Litecoin to a start of a day intraday low $53.15, holding above the first major support level at $51.38, before a broad based market rally kicked in.

Litecoin moved through to a late in the day intraday high $56.78, to test the day’s first major resistance level at $56.74, before easing back at the day’s end, the moves through the day leaving the extended bearish trend intact.

At the time of writing, Litecoin was up 3.07% to $58.12, with a broad based market rally seeing Litecoin move from a start of a day morning low $55.51 to a morning high $59.21, before easing back.

The early moves saw Litecoin break through the day’s first major resistance level at $56.74 with ease, while coming up short of $60 levels and the day’s second major resistance level at $60.32.

For the day ahead, a break back through to $59 levels would support another run at $60 levels, though we can expect Litecoin to continue to face plenty of resistance at $60, with a hold at $58 levels through the morning needed to support another run.

Failure to hold on to $58 levels could see Litecoin move back to sub-$56 levels, with any slide through $55.42 likely to call on sub-$55 support levels before recovering. The day’s first major support level at $54.06 is unlikely to be tested, barring material negative news hitting the wires.

Ripple Volatility Continues

Ripple’s XRP rallied by 6.04% on Tuesday, reversing most of Monday’s 8.2% slide, to end the day at $0.33381.

A choppy morning saw Ripple’s XRP slide to a start of a day intraday low $0.31304 before recovering through the morning to a late morning intraday high $0.33831, testing the day’s first major resistance level at $0.3386 to ease back to an afternoon low $0.322.

Support at $0.32 levels saw Ripple’s XRP break back through to $0.33 levels by the day’s end, while Ripple’s XRP continued to fall well short of $0.40 levels and the 23.6% FIB Retracement Level of $0.4164, leaving the extended bearish trend intact.

At the time of writing, Ripple’s XRP was up 2.96% at $0.34379, with Ripple’s XRP tracking the broader market from a start of a day morning low $0.32906 to an early morning high $0.35713 before easing back.

The early moves saw Ripple’s XRP break through the first major resistance level at $0.3437 to test the day’s second major resistance level at $0.3536, before pulling back to $0.34 levels.

For the day ahead, a move back through to $0.35 levels would support another run at the second major resistance level at $0.3537, with any move to $0.36 levels likely to face stern resistance in the event of a continued rally through the early afternoon.

Failure to break back through to $0.35 levels could see Ripple’s XRP pullback through the morning low $0.32906 to call on support at the first major support level at $0.3185, though any material reversal will likely need to be news driven through the day, a hold at $0.33 levels key to avoiding a late in the day sell-off.

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