Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/08/18

Bitcoin Cash Back in Reverse

Bitcoin Cash gained 2.87% on Tuesday, following Monday’s 4.91% rise, to end the day at $565.5.

An early morning pullback to an intraday low $541.2 saw Bitcoin Cash steer clear of the first major support level at $528.07, with a broad based market recovery seeing Bitcoin break through the first major resistance level to a late in the day intraday high $574.2 before easing back to $560 levels.

At the time of writing, Bitcoin Cash was down 1.35% to $557.9, with Tuesday’s late rally reversing in the early hours, Bitcoin Cash falling to an early morning $551.4 low before steadying, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move back through to $560 would support a run at $570 levels and the first major resistance level at $579.4, with Bitcoin Cash needing to move back through to and hold on to $560 levels through the morning to support a 2^nd half of a day move.

Failure to move back through to $560 levels, struck at the start of the day, could see Bitcoin Cash take a bigger hit later in the day, with a pullback through the morning low $551.4 bringing sub-$550 levels and the day’s first major support level at $546.4 into play.

Litecoin Hold at $60 Levels

Litecoin rallied by 4.07% on Tuesday, following on from Monday’s 6.39% jump, to end the day at $63.17, its highest ending price since 9^th August.

Recovering from a start of a day intraday low $59.76, which held well above the day’s first major support level at $57.89, Litecoin rallied through to a late afternoon intraday high $63.91, before easing, the rally seeing Litecoin break through and hold above the day’s first major resistance level at $62.39.

At the time of writing, Litecoin was down 1.47% to $62.25, Litecoin reversing from an early morning $63.44 high to a morning low $61.1 before recovering back through to $62 levels, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding on to $62.2 levels will be key to support a run through to $63 levels to bring the day’s first major resistance level at $64.8 into play, the partial recovery from heavier losses in the morning suggesting some upside should Litecoin manage to hold on to key levels through the morning.

Failure to hold above $62.2 through the morning could see Litecoin take another hit later in the day, with a pullback through the morning low $61.1 likely to bring the day’s first major support level at $60.65 and sub-$60 levels into play before any recovery.

Ripple Looking for Support

Ripple’s XRP gained 3.78% on Tuesday, following on from Monday’s 5.16% rally, to end the day at $0.35086, its highest end of day since 17^th August.

A start of a day pullback to an intraday low $0.33453 saw Ripple’s XRP hold well above the day’s first major support level at $0.3271 before breaking through to $0.34 levels and the day’s first major resistance level at $0.34359, with a morning high $0.34955.

Following a pullback to an early afternoon $0.34282, a second rally saw Ripple’s XRP break back through the first major resistance level at $0.3459 and second major resistance level at $0.3524 before easing back, Ripple’s XRP unable to hold above the second major resistance level by the day’s end.

At the time of writing, Ripple’s XRP was down 0.97% to $0.3475, recovering from an early pullback to a morning low $0.34453 that steered clear of the day’s first major support level at $0.3379.

For the day ahead, a move through $0.3475 would support a run back through to $0.35 levels and a start of a day morning high $0.35128 to bring $0.36 levels and the day’s first major resistance level at $0.3604 into play, though for Ripple’s XRP to take a run at $0.36 levels, support will need to come from a broad based cryptomarket recovery.

Failure to move back through to $0.3475 later in the morning could see Ripple’s XRP take a bigger hit later in the day, with a pullback through to sub-$0.34 levels bringing the day’s first major support level at $0.3379 into play, Ripple’s XRP unlikely to see heavier losses barring materially negative news hitting the wires.

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