Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/08/18

Bitcoin Cash Finds Support

Bitcoin Cash fell by 3.92% on Tuesday, following Monday’s 7.02% slide, to end the day at $510.4.

Monday’s sell-off continued into the early hours of Tuesday, with Bitcoin Cash sliding through the first major support level at $504.23 to an intraday low and new swing lo $471.1, calling on support at the second major support level at $477.56 to stem the tide.

Following a relatively range bound day that saw Bitcoin Cash hover at just shy of $500 levels, a final hour move saw Bitcoin Cash break back through and hold at $500 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 1.63% to $518.4, with Bitcoin Cash rallying through to an early morning high $526.4 before easing back, the early gains coming off the back of Tuesday’s late bounce.

For the day ahead, holding above $505 through the morning would support a run through the morning high $526.4 to bring the first major resistance level at $537.63 into play, holding on to early gains key to avoiding another reversal later in the day.

Failure to hold on to early gains could see Bitcoin Cash pullback to sub-$500 levels to bring the day’s first major support level at $477.13 into play, though we would expect Bitcoin Cash to avoid any major reversals through the day, barring the release of particularly negative news, losses at the start of the week and a visit to sub-$500 levels drawing in side lined investors.

Get Into Bitcoin Cash Trading Today

Litecoin On the Up

Litecoin fell by 3.72% on Tuesday, following on from Monday’s 5.03% slide, to end the day at $54.39.

Tracking the broader market, Monday’s sell-off continued into Tuesday morning, with Litecoin sliding through the first major support level at $54.57 and second major support level at $52.71 to an intraday low and new swing lo $49.33.

A late recovery saw Litecoin move back through to $54 levels, the day’s first major resistance level at $59.45 left untested on the day, with Litecoin failing to break back through the first major support level at $54.57 by the day’s end.

At the time of writing, Litecoin was up 2.11% to $55.54, with momentum through the morning coming off the back of Tuesday’s late recovery, leading to an early morning $56.44 high, before easing back to $55 levels, the morning high falling short of the first major resistance level at $57.48.

For the day ahead, a move back through the morning high $56.44 would support a run at $57 levels to bring the first major resistance level at $57.48 into play, though Litecoin will need to hold on to $55 levels through the morning.

Failure to hold on to $55 levels could see Litecoin pullback to $53 levels, which would bring the day’s first major support level at $50.32 into play before any recovery, Litecoin unlikely to revisit Tuesday’s sub-$50 levels barring negative news hitting the wires.

Buy & Sell Cryptocurrency Instantly

Ripple Targeting a Return to the $0.30s

Ripple’s XRP fell by just 0.33% on Tuesday, following Monday’s 7.45% slide, to end the day at $0.27385.

A start of the day slide saw Ripple’s XRP fall through the first major support level at $0.2590 to an intraday low and new swing lo $0.24478, calling on support at the second major support level at $0.2436 before recovering to $0.25 levels.

For Ripple’s XRP, a late in the day broad based market bounce eased the pain, with Ripple’s XRP breaking back through to $0.27 levels by the day’s end, the day’s loss minor relative to the broader market.

At the time of writing, Ripple’s XRP was up 4.55% to $0.28645, with the broad based crypto market rally seeing Ripple’s XRP break through the first major resistance level at $0.2864 to an early morning $0.29837 high before easing back to $0.28 levels.

For the day ahead, a move back through to $0.29 levels would support another run at the second major resistance level at $0.2989, with a sustained rally through the day likely to bring $0.30 levels into play later in the day.

Failure to move back through to $0.29 levels could see Ripple’s XRP hit reverse later in the day, while we will expect Ripple’s XRP to steer clear of the first major support level at $0.2531, the recent losses across the broader market likely to be considered oversold. Ripple’s XRP will need to hold above $0.26 levels however to avoid a resumption of the start of the week sell-off.

Buy & Sell Cryptocurrency Instantly