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

The majors make an early move, off the back of an afternoon recovery on Friday, as the SEC soothes some of the pain from the latest rejection.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

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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