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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/07/18

It’s a mixed start to the day for the majors as more evidence of divergence creeps into the market. Bitcoin Cash at $800 will be a must.
Bob Mason
How do I analyze a Cryptocurrency token

Bitcoin Cash Rally Stalls

Bitcoin Cash slipped by 0.26% on Monday, following Sunday’s 0.42% fall, to end the day at $781.9.

An early move saw Bitcoin Cash break through the day’s first major resistance level at $811.97 with an intraday high $837, before easing back to a relatively range bound late morning and early afternoon that saw Bitcoin Cash hold on to $800 levels.

A late in the day broad based market sell-off saw Bitcoin Cash pullback through to sub-$800 levels to an intraday low $778 before recovering to $780 levels, the pullback leaving the first major support level at $765.07 untested on the day.

At the time of writing, Bitcoin Cash was down 0.46% to $778.3, with Monday’s reversal continuing through to the early hours of the morning.

A morning spike to $801 saw Bitcoin Cash fall well short of the first major resistance level at $819.93, with holding on to $800 levels proving to be a challenge for Bitcoin Cash.

Through the early part of the day, Bitcoin Cash managed to steer clear of the first major support level at $760.93, with a morning low $772, though a move is needed soon for Bitcoin Cash to avoid another sell-off.

For the day ahead, a move back through to $789.97 would support a break back into $800 levels to bring the first major resistance level at $819.93 into play, though sentiment will need to improve for Bitcoin Cash to avoid another pullback to sub-$800 levels by the day’s end.

Failure to move back through to $800 levels will likely see Bitcoin Cash pullback through the morning low to test the first major support level at $760.93 before any recovery. The day ahead looking like another sub-$800 end as things stand.

Litecoin’s Struggles Continue

Litecoin fell by 0.85% on Monday, following Sunday’s 1.53% slide, to end the day at $81.52.

Tracking the broader market, Litecoin rallied in the early hours through the day’s first major resistance level at $83.53 and second major resistance level at $84.84 to an intraday high $85.8 before easing back to sub-$84 levels by mid-morning.

A brief break back through the second major resistance level at $84.84 in the early afternoon failed to gather momentum, with Litecoin pulling back to an intraday low $81.32 to test the day’s first major support level at $81.36 before steadying.

At the time of writing, Litecoin was up 0.72% to $82.11, with Litecoin recovering from an early morning $81 low to strike a morning high $82.98 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high would support a run at the first major resistance level at $84.44, with early signs suggesting a positive day ahead for Litecoin, which could see the beginnings of another run at $90 levels.

Failure to move through the morning high to $84 levels could see Litecoin take a hit later in the day, though we continue to expect Litecoin to find plenty of support at sub-$80 levels early in the week to avoid ending the day at $79 levels or worse.

 

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Ripple Hits Reverse Early

Ripple’s XRP slipped by 0.27% on Monday, following Sunday’s 1.39% fall, to end the day at $0.44661.

A bullish start to the day saw Ripple’s XRP break through the first major resistance level at $0.4599 to hit an intraday high $0.46662, before hitting reverse by mid-morning.

Ripple’s XRP slid through the day’s first major support level at $0.4401 to an intraday low $0.43703 before recovering to $0.44 levels in the final hours of the day, Ripple’s XRP managing to avoid the second major support level at $0.4327, while the extended bearish trend remained intact.

At the time of writing, Ripple’s XRP was down 1.7% to $0.43908, with Monday’s sell-off continuing into the early hours, a morning low $0.43618 holding just above the first major support level at $0.4336 before partially recovering.

For the day ahead, a break back through to $0.44 levels would support a run at $0.45 levels in the middle part of the day, though sentiment across the broader market will need to improve significantly for Ripple’s XRP to take a run at $0.46 levels and the first major resistance level at $0.4631.

Failure to recover to $0.45 levels later in the day could see Ripple’s XRP see heavier losses, with the day’s first major support level at $0.4336 in play in the event of a sustained sell-off, while we will continue to expect Ripple’s XRP recover late in the day to avoid sub-$0.44 levels by the day’s end.

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