Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/11/18

Bitcoin Cash Bounces Back

Bitcoin Cash rallied 12.3% on Tuesday, wiping out a 1.4% fall on Monday, to end the day at $633.4, its first $600 level close since 4^th September.

After a relatively range bound morning, Bitcoin Cash found strong support through the afternoon, breaking through the first major resistance level at $584.8 and second major resistance level at $605.6 to strike a late intraday high $637, a start of a day intraday low $555 steering clear of the major support levels.

Support for BCH ahead of the 15^th November hard fork has driven the latest rally that kicked in last Friday from Bitcoin Cash’s opening $427.4.

At the time of writing, Bitcoin Cash was down 2.36% to $618.5, with Bitcoin Cash sliding from a start of a day morning high $636.5 to a morning low $608.4 before steadying, moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high would support a run at the day’s first major resistance level at $661.93, with the day’s second major resistance level at $690.47 in play should Bitcoin Cash recover from the morning losses by the early afternoon.

Failure to recover the morning losses through the morning could see Bitcoin Cash pullback through the morning low $608.4 to bring sub-$600 levels into play, while we would expect Bitcoin Cash to steer clear of the day’s first major support level at $542.6, barring materially negative news hitting the wires.

Litecoin Tracks the Market

Litecoin gained 4.45% on Tuesday, reversing Monday’s 0.8% loss with interest, to end the day at $55.84.

Bullish through the day, supported by strong momentum from the broader market, Litecoin moved from a start of a day intraday low $53.43 to a late in the day intraday high $55.98, breaking through the first major resistance level at $54.57 and second major resistance level at $55.7 before easing back, the day’s major support levels left untested.

At the time of writing, Litecoin was down 0.34% to $55.65, with Litecoin seeing an intraday low $55.33 and intraday high $56.4 within the first hour leave the day’s major support and resistance levels untested.

For the day ahead, a hold onto $55 levels through the morning would support a move back through to $56 levels to bring the morning’s high and the day’s first major resistance level at $56.74 into play before any pullback, $57 levels likely to be out of reach on the day.

Failure to hold onto $55 levels through the morning could see Litecoin take a bigger hit later in the day, with the day’s first major support level at $54.19 in play should Litecoin give up $55 levels, while we would expect Litecoin to avoid more material losses on the day.

Ripple Rallies Again

Ripple’s XRP rallied 10.65% on Tuesday, following on from a 6.6% bounce on Monday, to end the day at $0.5548.

A bullish start to the day saw Ripple’s XRP rally from a start of a day intraday low $0.50116 to a late morning intraday high $0.57. Ripple’s XRP broke through the first major resistance level at $0.5167 and second major resistance level at $0.5321 to come up against the third major resistance level at $0.5737 before a pullback through the early afternoon to $0.52 levels.

Support late in the day drove Ripple’s XRP back through to $0.55 levels, with the major support levels left untested on the day.

At the time of writing, Ripple’s XRP was down 2.79% to $0.5393, with moves through the early morning seeing Ripple’s XRP slide from a start of a day morning high $0.55544 to a morning low 0.53499 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through $0.5420 would support a run at the start of the day morning high $0.55544 to bring $0.56 levels into play, while we would expect Ripple’s XRP to fall short of the day’s first major resistance level at $0.5828, barring another news driven rally later in the day.

Failure to move back through $0.542 by the early afternoon could see Ripple’s XRP take another hit later in the day, a fall through the morning low $0.53499 bringing $0.52 levels into play, while we would expect Ripple’s XRP to steer clear of the day’s major support level at $0.514 on the day.

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