Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/08/18

Bitcoin Cash in Reverse

Bitcoin Cash rallied 4.91% on Monday, reversing Sunday’s 2.29% loss with interest, to end the day at $549.6.

A morning move saw Bitcoin Cash come within reach of the first major resistance level at $535.33 with a morning high $534.7 before easing back. A relatively range bound afternoon saw Bitcoin Cash hover at around the $530 mark until a late in the day broad based market rally kicked in.

Bitcoin Cash rallied through the first major resistance level at $535.33 and second major resistance level at $546.47 to a late in the day intraday high $555 before pulling back to sub-$550 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 0.82% to $545.2, with an early pullback seeing Bitcoin Cash fall from a morning high $551.3 to a morning low $541.2, the moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $541.53 would support a run at $550 levels to bring $560 levels and the day’s first major resistance level at $563.07 into play, though sentiment across the broader market will need to improve to support a run at $560 levels later in the day, Bitcoin Cash tracking the broader market into the red early on.

Failure to hold on to $541 levels could see Bitcoin Cash pullback through to $530 levels to bring the first major support level at $528.07 into play before any recovery, any more material decline subject to the news wires through the day, the day’s second major support level at $506.53 unlikely to be tested on the day.

Litecoin Hits the $60s

Litecoin rallied 6.39% on Monday, reversing Sunday’s 1.55% decline, to end the day at $60.76, a first close at $60 levels since 17^th August.

Tracking the broader market, Litecoin moved through to a morning high $58.26 to test the day’s first major resistance level at $58.19 before easing back to $57 levels. The hold on to $57 levels supported a late in the day rally that saw Litecoin break back through the first major resistance level at $58.19 and second major resistance level at $59.29 to an intraday high $61.14 before easing back, the day’s high coming within reach of the third major resistance level at $61.47.

At the time of writing, Litecoin was down 0.77% to $60.23, Litecoin falling to a start of a day morning low $59.76 before finding support to move back through to a morning high $61.06. While the day’s major support and resistance levels were left untested, Litecoin found support at sub-$60, while continuing to face resistance at $61.

For the day ahead, holding above $59.51 through the morning would support a recovery later in the day, with a move through the morning high $61.06 bringing $62 levels and the day’s first major resistance level at $62.39 into play.

Failure to hold above $59.51 could see Litecoin pullback to $58 levels to bring the day’s first major support level at $57.89 into play, with some profit taking off the back of Monday’s gains to be expected in the early part of the day, before support kicks in.

Ripple Tracks the Majors

Ripple’s XRP gained 5.16% on Monday, more than reversing Sunday’s 1.4% fall, to end the day at $0.33935.

An early rally saw Ripple’s XRP break through the first major resistance level at $0.3281 to a morning high $0.33127 before easing back to $0.32 levels, a hold above $0.323 through to the late evening supporting an end of day rally to an intraday high $0.34016.

The late in the day broad based market rally saw Ripple’s XRP break through the second major resistance level at $0.3335 to come within range of the third major resistance level at $0.3439 before easing back to $0.33 levels, Ripple’s XRP having broken back through and held above the first major resistance level earlier in the day.

At the time of writing, Ripple’s XRP was down 0.28% to $0.33804, an early pullback to a morning low $0.33453 seeing Ripple’s XRP hold well above the day’s first major support level at $0.3271 before breaking through to $0.34 levels, with a morning high $0.34247.

For the day ahead, holding above $0.3336 would support another run at the day’s first major resistance level at $0.3459, to bring $0.35 levels into play, though for Ripple’s XRP to break out from the first major resistance level, a broad based market rally will need to be in full swing.

Failure to hold above $0.3336 could see Ripple’s XRP pullback to $0.32 levels, to call on support at the first major support level at $0.3271, with sentiment across the broader market to provide direction at sub-$0.33 levels.

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