Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/07/18

Bitcoin Cash Bounces Back

Bitcoin Cash gained 2.15% on Friday, partially reversing Thursday’s 3.54% tumble, to end the day at $820.09, a rise of 4.72% for the current week.

A bad start to the day saw Bitcoin Cash slide through to an early afternoon intraday low $780.8, before a broad based afternoon rally kicked in, with Bitcoin Cash managing to hold above the first major support level at $775.07

The early afternoon rally saw Bitcoin Cash move through to an intraday high $830.8 before easing back to $820 levels late in the day, the day’s high falling short of the first major resistance level at $846.07.

At the time of writing, Bitcoin Cash was down 0.29% to $818, a late Friday recovery continuing into the early hours of this morning, leading Bitcoin Cash to an early morning high $824.7 before pulling back to a morning low $813.1, the moves through the early hours leaving support and resistance levels untested.

For the day ahead, a move back through to and break out from $824 would support a run at the first major resistance level at $840.87, though sentiment across the broader market will need to improve in the late morning to support a break out from the start of the day high $824.7 to bring the major resistance level into play.

Failure to break back through the morning high could see Bitcoin Cash go into reverse in the early afternoon, a pullback through the morning low $813.1 likely to see Bitcoin call on support at the day’s first major support level at $790.87, with sentiment across the broader market to dictate whether Bitcoin Cash pulls back through Friday’s $780.8 low before any recovery.

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Litecoin Continues to Hover

Litecoin rose by 1.27% on Friday, partially reversing Thursday’s 3.43% tumble, to end the day at $84.52. For the current week, Litecoin was up 2.8% through to the end of Thursday, with 2 consecutive days of more than 3% losses pinning Litecoin back.

Tracking the broader market trend, Litecoin pulled back through to morning to an early afternoon intraday low $81.6 before the afternoon rally saw Litecoin bounce back to an intraday high $85.15, the day’s moves leaving the major support and resistance levels untested.

At the time of writing, Litecoin was down 0.64% to $83.98, with Friday’s late in the day pullback continuing into the early hours of this morning, Litecoin falling from an opening $84.52 to a morning low $83.76.

For the day ahead, a break back through to $84 levels and the day’s opening $84.52 would support a run at $85 levels to bring the day’s first major resistance level at $85.91 into play, though a weekend rally is going to need to kick in for Litecoin to break out from the first major resistance level to avoid a continued decline in Litecoin’s highs and lows in the second half of the week.

Failure to break back through $84.52 to take a run at $85 levels could see Litecoin pullback through the morning’ $83.76 low to bring the first major support level at $82.36 into play, while Litecoin will likely continue to hold on to $80 levels, with the second major support level at $80.21 there to hold off a more material reversal.

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Ripple Tracks the Pack

Ripple’s XRP gained 1.48% on Friday, following Thursday’s 2.38% fall, to end the day at $0.45504, with a weekly rise of 1.61% lagging well behind the pack.

A choppy start to the day saw Ripple’s XRP slide to an early afternoon intraday low $0.4391 to call on support at the first major support level at $0.4387 before bouncing back to an intraday high $0.46289 in the late afternoon, the day’s high coming up short of the first major resistance level at $0.4658, before easing back to $0.45 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.3% to $0.45339, Friday’s late in the day reversal spilling over the start of the day, taking Ripple’s XRP down to a morning low $0.45055 before partially recovering, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $0.458 levels would support a move through to $0.46 levels to bring the first major resistance level at $0.4656 into play, with sentiment across the broader market to dictate whether Ripple’s XRP can break back through to $0.47 levels.

Failure to break through to $0.46 levels could see Ripple’s XRP pullback through the morning’s $0.45055 low to bring the day’s first major support level at $0.4418 into play, which could see Ripple’s XRP visit Friday’s $0.4391 low before any recovery, though we would expect Ripple’s XRP to avoid sub-$0.44 levels on the day.

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