Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/08/18

Bitcoin Cash Steady

Bitcoin Cash fell by just 0.18% on Wednesday, following Tuesday’s 3.92% fall, to end the day at $509.2.

A choppy day saw Bitcoin Cash hold on to $500 levels through the morning, to support a late afternoon rally, with Bitcoin Cash breaking through the first major resistance level at $537.63 to an intraday high $541, before pulling back to an intraday low $502.7.

Steering clear of the day’s first major support level at $477.13 and avoiding sub-$500 levels on the day, the positive for the crypto bulls, while investors continue to hit the sell button early to lock in any intraday gains.

At the time of writing, Bitcoin Cash was down 0.71% to $507.4, with Wednesday’s late in the day pullback continuing into the early hours of the morning, Bitcoin Cash falling to morning low $502.8 before finding support.

For the day ahead, a move through to $517 would support a run at the first major resistance level at $532.57, with sentiment across the broader market to dictate whether the day’s second major resistance level at $555.93 will come into play, though Bitcoin Cash will need to hold on to $500 levels through the remainder of the morning.

Failure to hold on to $500 levels and move through to $520 in the early afternoon could see Bitcoin Cash revisit sub-$500 levels, to bring the first major support level at $477.13 into play before any recovery to $500 levels by the day’s end.

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Litecoin Finds more Support

Litecoin fell by 0.02% on Wednesday, following Tuesday’s 3.72% slide, to end the day at $54.38.

Tracking the broader market trend, a range bound start to the day saw Litecoin rally through the day’s first major resistance level at $54.48 to a late afternoon intraday high $59.44, with resistance at $60 pinning Litecoin back from more material gains on the day.

A pullback to a late intraday low $54 saw Litecoin steer clear of the first major support level at $50.32 and more importantly sub-$50 levels on the day.

At the time of writing, Litecoin was up 0.5% to $54.71, with Litecoin easing back to a morning low $54.13 before finding support, moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move through to $56 levels would support a run at the day’s first major resistance level at $57.88, though Litecoin will need to hold on to $54 levels through the morning to avoid a reversal.

Failure to hold on to $54 levels and a break through to $56 levels later in the day would support a pullback through the morning low $54.13 to $53 levels, bringing the day’s first major support level at $52.44 into play, though we will expect Litecoin to steer clear of sub-$50 levels and Tuesday’s new swing lo $49.33.

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Ripple Stuck at sub-$0.30

Ripple’s XRP gained 1.94% on Wednesday, reversing Tuesday’s 0.33% fall, to end the day at $0.27911.

A solid first half of the day saw Ripple’s XRP break through the first major resistance level at $0.2864 and second major resistance level at $0.2989 to a late afternoon intraday high $0.30452, before easing back to sub-$0.30 levels.

While a start of a day intraday low $0.27313 held well above the first major support level at $0.2531, the lack of major support at $0.27 levels raises the prospects of another slide should Ripple’s XRP fail to recovery and hold on to $0.30 levels in the coming days.

At the time of writing, Ripple’s XRP was down 0.1% to $0.27957, a continuation of Wednesday’s late reversal spilling into the early hours of the day, Ripple’s XRP hitting a morning low $0.2749 before steadying, the moves through the early hours leaving major support and resistance levels untested.

For the day ahead, a move through $0.2856 would support a run at $0.29 levels to bring the first major resistance level at $0.298 and $0.30 levels into play, while we will expect Ripple’s XRP to fall short of the second major resistance level at $0.317 on the day.

Failure to make a run through $0.2856 by late morning could see Ripple’s XRP hit reverse later in the day to bring the first major support level at $0.2667 into play, though we would expect Ripple’s XRP to hold on to $0.27 levels in the event of a sell-off, barring particularly negative news hitting the wires.

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