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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/08/18

It’s a bearish start to the end of the weekend, with all the majors in the red, sentiment turning following last week’s SEC decision and plan to review.
Bob Mason

Bitcoin Cash Hits Reverse

Bitcoin Cash gained just 0.54% on Saturday, following Friday’s 0.55% rise, to end the day at $536.2.

A choppy start to the day saw Bitcoin Cash break through the first major resistance level at $542.61 to an intraday high $546.7 before easing back to a morning and intraday low $527.2 that held above the first major support level at $521.57.

Support through the afternoon left Bitcoin Cash in a relatively tight range, with Bitcoin Cash recovering and holding on to $530 levels through to the day’s end.

At the time of writing, Bitcoin Cash was down 2.86% to $521.1, with Saturday’s range bound 2nd half of the day leading to an early broad based market sell-off, Bitcoin Cash sliding through the first major support level at $526.7 and second major support level at $517.2 to a morning low $516.1 before recovering to $520 levels.

For the day ahead, a move back through to a start of a day morning high $536.5 would support a run at $540 levels to bring the day’s first major resistance level at $546.2 into play, though Bitcoin Cash will likely face plenty of resistance on any run at $530 levels, with a hold on to $520 levels through the morning needed to support a second half of a day recovery.

Failure to hold on to $520 levels could see Bitcoin Cash slide back to Monday’s $506.4 low before any recovery, sub-$500 likely to be avoided barring material negative news hitting the wires, while the recent upward trend in daily closes appears to be under threat early on.

Litecoin Tumbles

Litecoin gained just 0.09% on Saturday, following Friday’s 1.05% rise, to end the day at $57.99.

Moves through the early part of the day saw Litecoin fall to an intraday low $57.08, holding above the day’s first major support level at $56.19, before recovering to an early afternoon intraday high $58.36. Resistance at $58 ultimately held Litecoin back from any runs at the day’s first major resistance level at $59 through the afternoon.

At the time of writing, Litecoin was down 2.69% to $56.45, with Litecoin reversing from a start of a day $58.2 high to a morning low $56.18, the slide seeing Litecoin fall through the first major support level at $57.26 and second major support level at $56.53 before steadying.

For the day ahead, a break back through to $57 levels and a move through to $57.81 would support a run at $58 levels and the day’s first major resistance level at $58.54, though sentiment will need to materially improve through the late morning, with Litecoin needing to hold on to $56 levels to support a recovery later in the day.

Failure to hold on to $56 levels would bring the third major support level at $55.25 into play, with the bearish sentiment in the early hours suggesting a possible visit to $54 levels should Litecoin give up $56 levels in the early part of the day.

Ripple Tracks the Pack

Ripple’s XRP gained just 0.07% on Saturday, following Friday’s 0.36% rise, to end the day at $0.3270.

A continuation of Friday’s late recovery saw Ripple’s XRP rise to a morning intraday high $0.33241 before sliding to a mid-morning intraday low $0.32181, the moves through the early part of the day leaving the major support and resistance levels untested.

Tracking the broader market, Ripple’s XRP recovered through the afternoon to end the day in positive territory, while the lack of momentum left Ripple’s XRP down 4.23% for the current week.

At the time of writing, Ripple’s XRP was down 1.5% to $0.32231, with Ripple’s XRP tracking the broader market through the early part of the day.

Pulling back from a start of a day $0.32849 high, Ripple’s XRP slid through the first major support level at $0.3217 to a morning low $0.31952, sub-$0.32 support kicking in to see Ripple’s XRP move back through to $0.32 levels.

For the day ahead, a move through to $0.3271 would support a run at $0.33 levels to bring the first major resistance level at $0.3323 into play, though Ripple’s XRP will need to hold on to $0.32 levels through the morning to support a recovery later in the day.

Failure to hold on to $0.32 levels would bring the second major support level at $0.3165 into play, which would spell trouble for Ripple’s XRP going into the new week, the lack of a weekend rally and sell-off in the early hours continuing to support the bears and a possible sub-$0.32 level end to the week

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