Bitcoin Cash, Litecoin and Ripple Daily Analysis – 31/08/18

Bitcoin Cash Steadies

Bitcoin Cash fell by 3.01% on Thursday, following on from Wednesday’s 2.05% fall, to end the day at $537.9.

Wednesday afternoon’s reversal continued through Thursday, with Bitcoin Cash falling from a start of a day intraday high $557.6 to a mid-day intraday low $525.6, the moves through the morning seeing Bitcoin Cash slide through the first major support level at $542.47 and second major support level at $530.73 before recovering, with a move back through the second major support level by the day’s end.

The second consecutive day in the red continued to leave Bitcoin Cash in an extended bearish trend, formed back at 6^th May’s swing hi $1,849.9.

At the time of writing, Bitcoin Cash was down 0.06% to $538.3, with Bitcoin Cash recovering from an early morning dip to a $533.4 low, rising to a morning high $539, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move to $540 levels and hold through the morning would support a run at $550 levels later in the day to bring the first major resistance level at $555.13 into play, though the news wires will need to be market friendly to support a bounce back ahead of the weekend.

Failure to break through and hold on to $540 levels through the morning could see Bitcoin Cash pullback through the morning low $533.4 to bring $520 levels and the day’s first major support level at $523.13 into play, a slide through to sub-$520 levels unlikely barring materially negative news hitting the wires.

Litecoin Falls with the Pack

Litecoin fell by 2.05% on Thursday, following on from a 2.6% drop on Wednesday, to end the day at $60.27.

Tracking the broader market, Litecoin slid from a start of a day intraday high $61.75 to a mid-day intraday low $58.58, the reversal seeing Litecoin fall through the first major support level at $60.06 to call on support at the second major support level at $58.58 before steadying.

A relatively range bound afternoon supported a recovery back through the major support levels to hold at $60 by the day’s end.

At the time of writing, Litecoin was down 0.33% to $60.05, a start of a day pullback seeing Litecoin fall to an early morning $59.55 low before recovering to $60 levels, the morning moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding on to $60 levels through the morning would support a run at $61 levels to bring the day’s first major resistance level at $61.82, sub-$60 support levels key to a possible recovery later in the day.

Failure to hold on to $60 levels could see Litecoin pullback to sub-$59 levels, with the day’s first major support level at $58.65 in play should sentiment across the broader market not improve through the early afternoon.

Ripple Unable to Buck the Trend

Ripple’s XRP slid by 2.9% on Thursday, following Wednesday’s 1.77% fall, to end the day at $0.3347.

Market reaction to news of EU finance ministers planning to discuss the negative attributes of cryptocurrencies at next month’s finance meeting did the damage, with Wednesday’s reversal continuing into Thursday morning.

Ripple’s XRP slid from a start of a day intraday high $0.3465 to an early afternoon intraday low $0.323, the reversal seeing Ripple’s XRP fall through the day’s first major support level at $0.3369 and second major support level at $0.329 before steadying.

A late in the day recovery saw Ripple’s XRP break back through the second major support level to $0.33 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.54% to $0.333, with Ripple’s XRP tracking the broader market through the early morning, falling to a morning low $0.33012 before recovering, a start of a day $0.3349 high leaving the day’s first major resistance level at $0.3465 untested.

For the day ahead, moving back through the morning high $0.3349 would support a run at the day’s first major resistance level to bring $0.35 levels and the day’s second major resistance level at $0.3582 into play, though any upward momentum will be dependent upon sentiment across the broader market, Ripple’s XRP having been unable to buck the market trends mid-week.

Failure to move through to $0.3349 could see Ripple’s XRP pullback through the morning low $0.33012 to bring $0.32 levels and the day’s first major support level at $0.323 into play,  with sub-$0.32 levels in play should sentiment across the broader market not improve later in the day.

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