Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/09/18

Bitcoin Cash Down Again

Bitcoin Cash fell by 4.42% on Friday, following Thursday’s 1.52% decline, to end the day at $497.1, with 5 consecutive days of losses leaving Bitcoin Cash down 23.8% for the week.

An early rise to an intraday high $528.7, which came up short of the day’s first major resistance level at $537.2, was the only bullish move of the day, a reversal through the rest of the morning to a late afternoon intraday low $492.1 seeing Bitcoin Cash call on support at the first major support level at $492.6 before steadying.

At the time of writing, Bitcoin Cash was up 0.77% to $500.9, Bitcoin Cash breaking back through to $500 levels with a start of a day morning high $505 before steadying to a relatively range bound morning, moves through the early part of the morning leaving the day’s major support and resistance levels.

For the day ahead, a move back through the morning high $505 would support a run at the day’s first major resistance level at $519.83, though Bitcoin Cash will need to hold above $505 through the morning to support a recovery later in the day, investors likely to be wary following a number of sizeable falls through the week.

Failure to move back through the morning high and hold through the morning could see Bitcoin Cash take another hit later in the day, with a pullback through the start of the day’s $497.1 low bringing sub-$490 levels and the day’s first major support level at $483.23 into play.

We would expect the day’s support levels to be left untested, barring materially negative news hitting the wires, which is a possibility when considering next week’s EU review of the cryptomarket and the planned roll out of unified rules and regs by the G20.

Litecoin Stuck in the $50s

Litecoin fell by 3.36% on Friday, following a 0.4% decline on Thursday, to end the day at $55.55, 4 losses in 5 days leaving Litecoin down 16% for the week.

Tracking the broader market, Litecoin moved through to an early morning intraday high $58.93, coming up against the first major resistance level at $58.87 before hitting reverse. A sell-off through the morning saw Litecoin fall to a late morning intraday low $55.01, calling on support at the first major support level at $54.91 before steadying to a relatively range bound 2^nd half of the day.

At the time of writing, Litecoin was up 1.3% to $56.22, with early support seeing Litecoin move through to a start of a day morning high $56.47 before steadying, the morning’s moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to the morning high $56.47 would support a run at $57 levels to bring the day’s first major resistance level at $57.98, though for Litecoin to take a run at $58 levels, a move will need to come in the early part of the day.

Failure to move through the morning high to $57 levels could see Litecoin pull back from a start of a day $55.41 to $54 levels, though we would expect Litecoin to steer clear of the day’s first major support level at $54.06, on the assumption that the news wires remain crypto friendly through the early part of the weekend.

Ripple Slides

Ripple’s XRP slid by 4.87% on Friday, partially reversing Thursday’s 7.55% gain, to end the day at $0.28705, with 4 days of losses in 5 leaving Ripple’s XRP down 16% for the week.

A choppy morning saw Ripple’s XRP move through to an early morning intraday high $0.30419 before succumbing to selling pressure from the broader market, Ripple’s XRP sliding to a late morning intraday low $0.28071, the moves through the morning leaving the day’s major support and resistance levels untested.

Recovering through the late morning, Ripple’s XRP failed to break back through to $0.30 levels, with a pullback in the final hour seeing Ripple’s XRP cough up $0.29 levels.

At the time of writing, Ripple’s XRP was up 1.29% to $0.29059, with Ripple’s XRP tracking the broader market through the early part of the day, a start of a day high $0.29280 falling short of the day’s first major resistance level at $0.3006.

For the day ahead, holding on to $0.29 levels will be key to supporting a run at $0.30 levels and the day’s first major resistance level at $0.3006, though a tentative start to the day will see resistance at $0.30 difficult to break down, a broad based cryptomarket rally needed.

Failure to hold on to $0.29 levels could see Ripple’s XRP get hit with another sell-off to bring Friday’s $0.28071 low and the day’s first major support level at $0.2771 into play before any recovery.

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