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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/08/18
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It's been a mixed start to the day, with the majors still under pressure following last week's losses. Moves through the late morning will be key.
Bitcoin Cash Slides Again
Bitcoin Cash fell by 2.61% on Monday, reversing Sunday’s 2.07% gain, to end the day at $691, only the 2nd sub-$700 day’s end since 13th July.
An early move through to an intraday high $716.7 fell short of the first major resistance level at $723.27, before a broad based market sell-off ensued, with Bitcoin Cash sliding through the first major support level at $690.87 to a late in the day intraday low $677.9.
A late recovery to $690 levels eased some of the pain, though the slide continued to reaffirm the extended bearish trend formed back at early May’s swing hi $1,849.9.
At the time of writing, Bitcoin Cash was up 0.15% to $691.7, with early attempts in the day to move back through to $700 levels coming up short, an early morning high $695.8 also coming up short of the first major resistance level at $712.5 in the early hours.
For the day ahead, a beak back through the morning high $695.8 would support another run at $700 levels and the first major resistance level at $712.5, with market sentiment needing to materially improve for Bitcoin Cash to take a run at the second major resistance level at $734 and to hold on to $700 levels by the end of the day.
Failure to break back through to $700 levels by late morning could see Bitcoin Cash go back in reverse, with a pullback through to $680 levels likely to see the day’s first major support level at $673.7 come into play before any recovery that would likely leave $700 levels out of reach.
Litecoin Sees Red
Litecoin fell by 1.22% on Monday, partially reversing Sunday’s 2.22% gain, to end the day at $73.74.
An early move through to an intraday high $76.84 saw Litecoin break through the first major resistance level at $75.44 and second major resistance level at $76.22 before succumbing to the broad based market sell-off.
A day long reversal saw Litecoin pull back through the major resistance levels to fall through the day’s first major support level at $73.14 to an intraday low $72.51 before recovering to $73 levels, the moves through the day continuing to reaffirm Litecoin’s extended bearish trend formed at early May’s swing hi $182.35.
At the time of writing, Litecoin was down 0.34% to $73.33, with Litecoin easing back from a start of a day morning high $74.18, the morning high falling short of the first major resistance level at $76.22.
For the day ahead, a move through to $74.36 would support a run at $75 levels, while the day’s first major resistance level at $76.22 will likely remain out of range for the day, a hold at $74 levels a positive outcome of the bulls.
Failure to move through $74.36 to bring the $75 levels into play will likely leave Litecoin on the back foot, with another market sell-off likely to bring the first major support level at $71.89 into play before any recovery, sub-$70 levels unlikely to be tested on the day.
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Ripple Falls Behind
Ripple’s XRP tumbled 4.88% on Monday, more than reversing Sunday’s 1.07% gain, to end the day at $0.41386.
A start of a day move through to an intraday high $0.43887 was the only bullish move of the day that left Ripple’s XRP short of $0.44 levels and the day’s first major resistance level at $0.4402.
The broad based cryptomarket sell-off saw Ripple’s XRP slide through the day’s first major support level at $0.4257 and second major support level at $0.4173 to call on support at the third major support level at $0.4028 with an intraday low and new swing lo $0.40267.
A late recovery saw Ripple’s XRP break back through to $0.41 levels, while unable to recovery through the day’s major support levels to leave the extended bearish trend intact.
At the time of writing, Ripple’s XRP was down 0.67% to $0.4105, with Monday’s sell-off continuing into the early hours of the morning, a start of a day move to a morning high $0.41672 falling well short of the first major resistance level at $0.4343 before reversing to a morning low $0.40344.
For the day ahead, a move back through $0.41 levels to $0.4185 would support a move through $0.42 levels to bring the first major resistance level at $0.4343 into play, though market sentiment will need to materially improve for Ripple’s XRP to find support following Monday’s new swing lo.
Failure to move back through to $0.41 levels will likely leave Ripple’s XRP on the back foot, with sub-$0.40 support levels likely to be in play should sentiment not improve.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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