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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/07/18

It’s been another choppy start to the day, leaving the majors mixed, with a weekend rally having railed to materialize being an issue early on.
Bob Mason

Bitcoin Cash Needs a Break

Bitcoin Cash gained 0.96% on Sunday, following a 0.44% rise on Saturday, to end the week up 5.93% to $830.4.

Upward momentum from late Saturday continued into the start of the day on Sunday, Bitcoin Cash breaking through the first major resistance level at $834.3 to an intraday high $842.5 before easing back through $820 levels to a late morning intraday low $814, the day’s low holding above the first major support level at $807.6.

A recovery through the afternoon saw Bitcoin Cash break back through the first major resistance level at $834.3 to a late in the day afternoon high $839.9, before easing back to $830.8.

At the time of writing, Bitcoin Cash was down 0.84% to $824.1, with Bitcoin Cash sliding through the first major support level at $815.7 to a morning low $814 before recovering to $820 levels.

An early morning $835.3 high came up short of the first major resistance level at $844.2, with the news wires beginning to see some activity in the early hours, talks of capping cryptocurrency trading volumes and the SEC Commissioner’s disagreement to the latest Bitcoin ETF decline providing early direction.

For the day ahead, a move back through $829.1 would support another run at the first major resistance level at $844.2, though sentiment across the broader market will need to improve for Bitcoin Cash to break through to $840 levels and take a run at $850.

Failure to break back through to $830 levels could see Bitcoin Cash pullback through the morning’s low $814 and the first major support level at $815.7 to bring the second major support level at $800.6 into play before any recovery, Bitcoin Cash expected to hold on to $800 levels through the day.

Litecoin Sees a Red Weekend

Litecoin slipped by 0.07% on Sunday, following Saturday’s 0.6% fall, to end the week up just 2.09% to $83.94.

Following the broader market, Litecoin broke through the first major resistance level at $84.97 to a start of a day intraday high $85.25 before pulling back to $83 levels and a late morning intraday low $83.41.

Steering clear of the first major support level at $82.78, Litecoin moved back through to $84 levels by the middle of the day, though sentiment across the broader market weighed, Litecoin moving in reverse through the afternoon to end the day in the red.

At the time of writing, Litecoin was up 0.1% to $84.01, Litecoin recovering from a start of a day slide through the first major support level at $83.15 to a morning low $82.65, a morning high $84.7 coming up short of the first major resistance level at $84.99.

For the day ahead, a move back through $84.2 would support another run at the first major resistance level at $84.99 to bring $85 levels into play, while Litecoin will likely continue to fall short of $90 and the 23.6% FIB Retracement Level of $98.

Failure to move back through $84.2 to take a run at $85 levels could see Litecoin pullback through the morning low $82.65 to test the second major support level at $82.36 before any recovery, late in the day.

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Ripple Stuck in a Rut

Ripple’s XRP fell by 1.1% on Sunday, reversing Saturday’s 0.76% gain, to end the week up 1.14% to $0.45295.

A choppy morning saw Ripple’s XRP break through to $0.46 levels and an intraday high $0.4623 before easing back to $0.44 levels and a late morning intraday low $0.4483. While an end of morning move back through to $0.45 levels raised hopes of a late weekend rally, it was downhill through the afternoon, leaving the major support and resistance levels left untested on the day and Ripple’s XRP in its extended bearish trend.

At the time of writing, Ripple’s XRP was up just 0.02% to $0.45421, with a particularly choppy morning seeing Ripple’s XRP fall through the first major support level at $0.4472 to a start of the day morning low $0.44431 before striking a morning high $0.46058, testing the day’s first major resistance level at $0.4597 before easing back.

For the day ahead, a move back through the first major resistance level at $0.4597 would bring the second major resistance level at $0.4597 into play, while we will expect $0.50 levels to remain out of play, an afternoon rally supportive of a run at $0.47 levels.

Failure to move back through to $0.46 levels in the late morning could see Ripple’s XRP pull back through the morning low $0.44431 to call on support at the second major support level at $0.4415 before any recovery, Ripple’s XRP expected to avoid sub-$0.44 levels on the day.

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