Bitcoin Cash, Litecoin and Ripple Daily Analysis – 31/07/18

Bitcoin Cash Sees More Red

Bitcoin Cash fell by 1.95% on Monday, reversing the weekend’s gains, to end the day at $814.8.

A bearish start to the day saw Bitcoin Cash slide through the first major support level at $815.7 to a morning low $814 before recovering to $820 levels, though the writing was on the wall, with the recovery short lived.

Through the late morning and early afternoon, a broad based market sell-off saw Bitcoin Cash fall through the second major support level at $800.6 to an intraday low $782.2 before a late afternoon rally saw Bitcoin Cash break back through to $800 levels to limit the damage on the day, Bitcoin Cash unable to break out from its extended bearish trend.

At the time of writing, Bitcoin Cash was down 1.04% to $806, with Monday’s late in the day recovery going into reverse in the early hours, Bitcoin Cash pulling back from a start of a day $814.9 high to a morning $800.2 low.

While the early moves left major support and resistance levels untested, support at $800 was needed to avert a more material decline.

For the day ahead, a move back through to $810 would support a run at the first major resistance level at $839.33, though sentiment across the broader market will need to improve to support a move through to $830 levels.

Failure to move back through the morning’s $814 high could see Bitcoin Cash pullback later in the day to test the first major support level at $786.23, with Bitcoin Cash needing steer clear of Monday’s $782.2 low to avoid a more material sell-off.

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Litecoin Tracks the Pack

Litecoin fell by 2.03% on Monday, following on from losses through the weekend, to end the day at $82.24.

Litecoin’s intraday high $84.7, struck in the early hours of the day, was the only bullish move that came within reach of the day’s first major resistance level at $84.99, before the cryptomarket sell-off kicked in.

Litecoin tumbled through the day’s major support levels to an early afternoon intraday low $79.76, before breaking back through the third major resistance level at $80.52 to end the day at $82 levels.

Monday’s sub-$80 low was the first since 21^st July, reaffirming the extended bearish trend, a break through the 23.6% FIB Retracement Level of $98 needed to begin a bearish trend reversal.

At the time of writing, Litecoin was down 0.86% to $81.51, a start of a day $82.43 high, coming off the back of an opening $82.22, steering clear of the first major resistance level at $84.71 before Monday’s slide resumed, with Litecoin falling to a morning low $81.36.

For the day ahead, a move back through to the morning high $82.43 would support a run at $83 levels to bring the day’s first major resistance level at $84.71 into play, though based on current sentiment, $84 levels may well be a step too far for Litecoin on the day.

Failure to move back through the morning high could see Litecoin take a bigger hit through the afternoon, with the day’s first major support level at $79.77 in play, while we would expect Litecoin to steer clear of the second major support level at $77.29.

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Ripple Takes a Hit

Ripple’s XRP fell by 1.74% on Monday, following Sunday’s 1.1% fall, to end the day at $0.4456.

Tracking the broader market, an early morning intraday high $0.46058, tested the day’s first major resistance level at $0.4597 before the cryptomarket sell-off ensued, with Ripple’s XRP sliding through the first major support level at $0.4472 and second major support level at $0.4415 to an intraday low $0.43221.

An afternoon recovery saw Ripple’s XRP break back through the second major support level, while failing to close out the day above the first major support level at $0.4472 provided further support for the extended bearish trend.

At the time of writing, Ripple’s XRP was down 1.32% to $0.4415, a start of a day morning high $0.44747 coming up well short of the first major resistance level at $0.4601, with the morning reversal seeing Ripple’s XRP fall through to a morning low $0.43924, before moving back to $0.44 levels.

For the day ahead, a move through to $0.4461 would support a run at $0.45 levels, to bring the first major resistance level at $0.4601 into play, while we would expect $0.46 levels to remain out of reach through the day.

Failure to recover back through $0.4461 would likely see Ripple’s XRP test the day’s first major support level at $0.4317, with sub-$0.43 levels in play should sentiment not improve in the early afternoon.

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