Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/08/18

Bitcoin Cash Holds Firm

Bitcoin Cash gained 0.55% on Friday, following on from Thursday’s 2.43% rise, to end the day at $533.3.

The second consecutive day of gains was the first since the previous Friday, reflective of the increased volatility in anticipation of the SEC Bitcoin ETF decisions.

A positive start to the day saw Bitcoin Cash break through the first major resistance level at $539.7 to a late morning intraday high $540.2 before pulling back to an early afternoon intraday low $519.16, the day’s low holding above the first major support level at $517.3.

Tracking the broader market, a late afternoon recovery saw Bitcoin Cash move back through to $530 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 1.26% to $540, with Bitcoin Cash breaking through the first major resistance level at $542.61 to an early morning $546.7 high before easing back, a morning low $532.2 steering well clear of the first major support level at $521.57.

For the day ahead, a break back through the first major resistance level at $542.61 to the morning high $546.7 would support a run at $550 levels and the day’s second major resistance level at $551.93, though Bitcoin Cash will need to hold on to $540 levels through the morning to support a break out later in the day.

Failure to hold on to $540 levels could see Bitcoin Cash pullback through the morning low $532.2 to bring $520 levels and the day’s first major support level at $521.57 into play, with sentiment across the broader market to dictate whether sub-$520 support levels will be called on before any recovery.

Litecoin Finds Support

Litecoin gained 1.05% on Friday, following Thursday’s 3.91% rise, to end the day at $57.92, Friday’s gain taking Litecoin into positive territory for the current week, Litecoin up 0.12% Monday through Friday.

A reversal through the morning saw Litecoin fall to an intraday low $55.55 ahead of a broad market based afternoon rally kicked in, the day’s low calling on support at the first major support level at $55.62. The afternoon rally led Litecoin to a late intraday high $58.36, coming within reach of the day’s first major resistance level at $58.52 before pulling back to $57 levels by the day’s end.

At the time of writing, Litecoin was up 0.26% to $58.09, with Litecoin moving from a start of a day morning low $57.84 to a morning high $58.31 before easing back, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high would support another run at the first major resistance level at $59 to bring $60 levels into play later in the day, though the cryptomarket is going to be in the need of a weekend rally to break down resistance on the way through to $60 and the day’s second major resistance level at $60.09.

Failure to break through to $59 levels could see Litecoin pullback through the morning low $57.84 to bring the day’s first major support level at $56.19 into play, with investors likely to be looking to lock in some profits from 2 consecutive days of gains should the early part of the day see Litecoin move within some tight ranges.

Ripple Holds on to $0.30 Levels

Ripple’s XRP gained just 0.36% on Friday, following Thursday’s 2.53% rise, to end the day at $0.32682 and leave Ripple’s XRP down 4.28% for the current week, Monday through Friday.

A range bound morning saw Ripple’s XRP hold within the $0.32 range before an early afternoon sell-off led to a slide through the first major support level at $0.3174, to an intraday low $0.31541.

Tracking the broader market through the afternoon, Ripple’s XRP broke through to $0.33 levels, with an intraday high $0.33094, coming within reach of the first major resistance level at $0.3317 before pulling back to $0.32 levels at the day’s end.

At the time of writing, Ripple’s XRP was up 1.16% to $0.33070, Ripple’s XRP rising to a morning high $0.33241 before easing back, moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high would support a run at the first major resistance level at $0.3334 and second major resistance level at $0.3399 to bring 0.34 levels into play, with Ripple’s XRP needing to hold on to $0.33 levels to support a move later in the day.

Failure to hold above $0.325 could see Ripple’s XRP hit reverse later in the day, with the day’s first major support level at $0.3178 in play should momentum fail to build through the early afternoon.

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