Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/07/18

Bitcoin Cash Hits Reverse

Bitcoin Cash fell by 3.54% on Thursday, following Wednesday’s 4.09% slide, to end the day at $802.1, the day in red marking a 7^th in the last 9-days.

A bullish start to the day saw Bitcoin Cash move through to $860 levels and a mid-morning intraday high $863, coming up short of the first major resistance level at $867.63, before a broad based market sell-off saw Bitcoin Cash slide through the first major support level at $807.23 to a late in the day intraday low $792, before recovering to $800 levels.

At the time of writing, Bitcoin Cash was down 0.43% to $800.2, with a spill over from Thursday’s late reversal leading Bitcoin Cash to a morning low $788.5 before recovering to $800 levels.

For the day ahead, a move through $819.03 would support a run at the first major resistance level at $846, though we can expect resistance to build as Bitcoin Cash attempts to break clear of sub-$800 levels, with $900 levels likely to remain out of reach on the day.

Failure to move through $819 in the early afternoon could see Bitcoin Cash slide back to sub-$800 levels to bring the first major support level at $775.07 into play, the extended bearish trend intact with Bitcoin Cash continuing to fall short of $900 levels and the 23.6% FIB Retracement Level of $930.

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Litecoin Holds on to $80 levels

Litecoin fell by 3.43% on Thursday, following on from a 3.04% drop on Wednesday, to end the day at $83.36.

A relatively range bound start to the day saw Litecoin move from a morning low $86.32 to a mid-morning intraday high $87.87, before easing back to $86 levels through the afternoon, the day’s first major resistance level at $89.69 left untested on the day.

The late in the day broad based market sell-off saw Litecoin slide through the first major support level at $83.91 to an intraday low $82.79 before recovering to $83 levels.

At the time of writing, Litecoin was up 0.16% to $83.59, with Thursday’s late sell-off continuing into the early hours of this morning, taking Litecoin to a morning low $82.74 before steadying, the day’s first major support level at $81.48 left untested early on.

For the day ahead, a move through $84.67 would support a run at the first major resistance level at $86.56, with Litecoin’s hold at $80 levels through Thursday’s sell-off a bullish sign, though we will expect Litecoin to continue falling short of $90 levels and the 23.6% FIB Retracement Level of $98 in the day.

Failure to move through to $84 levels could see Litecoin pullback through the morning low to bring the day’s first major support level at $81.48 into play, while we expect Litecoin to continue to hold at $80 levels through the day.

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Ripple Re-joins the Pack in the Red

Ripple’s XRP fell by 2.38% on Thursday, reversing Wednesday’s trend bucking 0.86% gain, to end the day at $0.44983.

A relatively bullish start to the day saw Ripple’s XRP move through to a late morning intraday high $0.47059, coming within reach of the first major resistance level at $0.4715 before hitting reverse in the early afternoon.

A 2^nd half of the day pullback saw Ripple’s XRPs slide through the first major support level at $0.4499 to an intraday low $0.44345, with the broad based market sell-off leaving Ripple’s XRP at sub-$0.45 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.24% to $0.45116, recovering from an early $0.4453 low that left the first major support level at $0.4387 untested.

For the day ahead, a break out from $0.4546 would support a run at the first major resistance level at $0.4656, to bring $0.47 levels back into play, while we will expect Ripple’s XRP to continue falling well short of $0.50 level and the 23.6% FIB Retracement Level of $0.5528.

Failure to break out from $0.4546 could see Ripple’s XRP reverse the morning’s gains and pullback through the early morning $0.4453 low to bring the day’s first major support level at $0.4387 into play, with sentiment across the broader market to dictate whether support will kick in to avoid a bigger hit later in the day.

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