Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/08/18

Bitcoin Cash Finds Support

Bitcoin Cash fell by 2.29% on Sunday, reversing Saturday’s 0.54% gain, to end the week down 8.13% at $524.2.

A start of a day slide saw Bitcoin Cash fall through the first major support level at $526.7 and second major support level at $517.2 to a morning low $515.4 before finding support. Bitcoin Cash broke back through to $520 levels and an afternoon $528.0 high, a start of a day intraday high $536.5 steering clear of the first major resistance level at $546.2.

For the crypto bulls, it was the 8^th consecutive day that Bitcoin Cash fell short of $600 levels, with selling pressure at the 23.6% FIB Retracement Level left untested since mid-June.

At the time of writing, Bitcoin Cash was up 1.91% to $534.3, with Bitcoin Cash recovering from an early dip to a morning low $520, supported by a broad based market rally in the early hours of the day.

For the day ahead, holding on to $530 levels would support a break through the first major resistance level at $535.33 to bring $540 levels and the day’s second major resistance level at $546.47 into play, though Bitcoin Cash will likely face plenty of resistance on a run at $540 levels.

Failure to hold on to $530 levels through the morning could see Bitcoin Cash go into reverse later in the day, with a pullback through the morning low $520 bringing the day’s first major support level at $514.23 into play before any recovery, Bitcoin Cash likely to steer clear of the day’s second major support level at $504.27 in the event of a reversal.

Litecoin On the Move Early

Litecoin slipped by 1.55% on Sunday, reversing Saturday’s 0.09% and Friday’s 1.05% gains, to end the week down 1.3% at $57.1.

A start of a day reversal from an intraday high $58.2 saw Litecoin fall through the first major support level at $57.26 and second major support level at $56.53 to an intraday low $56.02 before finding support.

Tracking the broader market, Litecoin moved back through to $57 levels, while failing to break back through the first major support level at $57.26 by the day’s end, leaving the extended bearish trend firmly intact.

At the time of writing, Litecoin was up 1.91% to $58.2, with Litecoin tracking the broader market through the early part of the morning.

Litecoin recovered from an early fall to a morning low $56.64, rising to a morning high $58.21, the moves through the start of the week seeing Litecoin hit the day’s first major resistance level at $58.19.

For the day ahead, a break out from the first major resistance level at $58.19 would support a run at $59 levels to bring the day’ second major resistance level at $59.29 into play, though Litecoin will need to hold above $57.2 through the morning to support a move later in the day.

Failure to hold above $57.2 through the morning could see Litecoin hit reverse later in the day, with a pullback through the morning low $56.64 bringing the day’s first major support level at $56.01 and sub-$56 levels into play before any recovery, Litecoin likely to steer clear of the second major support level at $54.93 barring materially negative news hitting the wires.

Ripple Leads the Way

Ripple’s XRP fell by 1.4% on Sunday, reversing minor gains from Friday and Saturday, to end the week down 5.49% at $0.3227.

The damage was done at the start of the day on Sunday, with Ripple’s XRP sliding through the first major support level at $0.3217 to a morning low $0.31810, before support kicked in to see Ripple’s XRP move back through to $0.32 levels.

Support at sub-$0.32 levels was tested in the late afternoon, with Ripple’s XRP pulling back to an afternoon low $0.31968 before recovering back through to $0.32 levels, Sunday’s reversal reaffirming the extended bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was up 1.95% to $0.3290, with Ripple’s XRP rallying from a morning low $0.32141 to a $0.32969 high, Ripple’s XRP breaking through the first major resistance level at $0.3281, while the first major support level at $0.3177 was left untested.

For the day ahead, a hold above $0.3231 through the morning would support another run at $0.33 levels to bring the day’s second major resistance level at $0.3335 into play, though sentiment across the broader market will need to remain upbeat for Ripple’s XRP to hold on to $0.33 by the day’s end.

Failure to hold above $0.3231 will likely see Ripple’s XRP move into reverse later in the day, with the first major support level at $0.3177 in play.

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