Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/07/18

Bitcoin Cash Stalls

Bitcoin Cash slid by 4.09% on Wednesday, partially reversing Tuesday’s 10.49% rally, to end the day at $831.8.

An early move through to an intraday high $879.5 fell short of $900 levels and the day’s first major resistance level at $905.93 before pulling back to $860 levels, with Bitcoin Cash sliding through most of the day to hit an intraday low $818.5 before recovering to $830 levels late in the day. The moves through the day left the major support and resistance levels untested to leave the extended bearish trend intact.

At the time of writing, Bitcoin Cash was up 1.23% to $841.9, with Bitcoin Cash moving from a start of a day low $831.5 through to $840 levels and a morning high $844.1, the moves through the day leaving the major support and resistance levels untested early on.

For the day ahead, a move back through $843 would support a run at the first major resistance level at $867.63, with $900 levels likely to remain out of reach for yet another day as investors consider current levels, a hold above Wednesday’s $818.5 low key for the day ahead.

Failure to move back through $843 to take a run at the $860 levels could see Bitcoin Cash pullback through the start of the day $831.5 low to bring the first major support level at $807.23 into play, a pullback to sub-$820 levels likely to be a signal of a worst to come.

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Litecoin’s Consolidates

Litecoin fell by 3.04% on Wednesday, partially reversing Tuesday’s 9.24% gain, to end the day at $86.35.

A start of the day bounce to an intraday high $90.6 came up against strong resistance at $90, leading to a pullback to $80 levels, with a broad based market reversal seeing Litecoin fall through the morning and early afternoon to an intraday low $84.84 before recovering to $86 levels late in the day.

The morning’s intraday high and late afternoon intraday low $84.84 steered clear of the day’s first major support and resistance levels, with Litecoin’s failure to break through to $90 levels leaving the extended bearish trend intact.

At the time of writing, Litecoin was up 0.6% to $86.87, with Litecoin moving from a start of a day $86.32 low to a morning high $87.3, before easing back to $86 levels, the moves through the morning leaving the major support and resistance levels untested.

For the day ahead, a breakthrough $87.26 would support a run at the first major resistance level at $89.69, to bring $90 levels back into play for a 2^nd consecutive day, though Litecoin’s tight ranges through late Wednesday and early Thursday suggest $90 levels may be off the cards for the day.

Failure to break out from $87.26 could see Litecoin cough up gains from the morning, with a pullback through to Wednesday’s $84.82 low likely to bring the first major support level at $83.91 into play, which should be to avoid sliding back through to sub-$80 levels.

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Ripple Bucks the Trend

Ripple’s XRP gained 0.86% on Wednesday, following Tuesday’s 2.32% rise, to end the day at $0.4565.

A particularly choppy day saw Ripple’s XRP move through to a morning high $0.46784 before sliding back to a late morning intraday low $0.44897. The pullback left the day’s first major support level at $0.4366 untested before a trend bucking afternoon recovery kicked in, Ripple’s XRP moving through to a late afternoon intraday high $0.4706, to come within reach of the first major resistance level at $0.4737, before pulling back to $0.45 levels late in the day.

At the time of writing, Ripple’s XRP was up 0.59% to $0.46364, with support from the start of the day seeing Ripple’s XRP move through a morning low $0.45767 to a morning high $0.46662, bringing the first major resistance level at $0.4715 into play.

For the day ahead, a break back through to $0.47 levels would bring the second major resistance level at $0.4819 into play, though for Ripple’s XRP to break out from the first major resistance level at $0.4715, sentiment across the broader market will need to remain upbeat.

Failure to break through to $0.47 levels will likely put Ripple’s XRP under pressure later in the day, with any reversal likely to see Ripple’s XRP slide through the first major support level at $0.4499 to bring the second major support level at $0.4386 into play, a hold at $0.46 levels through the morning key to avoiding a pullback later in the day.

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