Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/08/18

Bitcoin Cash Sees More Red

Bitcoin Cash fell by 2.05% on Wednesday, reversing most of Tuesday’s 2.87% gain, to end the day at $554.

A choppy start to the day saw Bitcoin Cash recover to a mid-day intraday high $570.1 before hitting reverse, falling through the day’s first major support level at $546.4 to an early afternoon intraday low $544.6.

While steadying and moving back through to $550 levels by the day’s end, pressure remained as the markets look ahead to a planned meeting in Europe next month to discuss the issues surrounding the cryptomarket.

At the time of writing, Bitcoin Cash was down 1.01% to $549.1, recovering from an early morning low $546.7 that held above the day’s first major support level at $542.37, the start of a day morning high $557.6 coming up short of the first major resistance level at $567.87.

For the day ahead, a recovery through $556.23 to the morning high would support a run at $560 levels and the day’s first major resistance level at $567.87, though for Bitcoin Cash to recover from early losses recovering to $550 levels will be key through the morning.

Failure to move back through to $556 levels could see Bitcoin Cash take another hit later in the day to test the day’s first major support level at $542.37, with sub-$540 levels in play should sentiment fail to improve through the afternoon, the extended bearish trend continuing to weigh.

Litecoin Weighed by Regulatory Chatter

Litecoin fell by 2.6% on Wednesday, partially reversing Tuesday’s 4.07% gain, to end the day at $61.54.

Tracking the broader market, Litecoin recovered from an early dip to a morning low $61.1, striking a late morning intraday high $63.44, before succumbing to market forces, Litecoin falling through the day’s first major support level at $60.65 to an intraday low $60.27.

A late recovery saw Litecoin move back through to $61 levels to hold above the first major support level by the day’s end, the day’s major resistance levels left untested.

At the time of writing, Litecoin was down 1.1% to $60.86, with Litecoin tracking the broader market into the red in the early hours.

Falling from a morning high $61.75, Litecoin slipped to an early morning low $60.38 before steadying, with the moves through the early hours leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to the morning high $61.75 would support a run at $62 levels to bring the day’s first major resistance level at $63.23 into play, though we would expect Litecoin to face plenty of resistance on the way through to $62 levels to leave resistance levels out of reach for the day.

Failure to move back through to $61 levels could see Litecoin continue to reverse through the day, with the day’s first major support level at $60.06 in play should the broader market fail to shake off the negative sentiment from Wednesday.

Ripple Looking for Support

Ripple’s XRP slipped by 1.77% on Wednesday, partially reversing Tuesday’s 3.78% rise, to end the day at $0.34468.

Recovering from an early morning slide, Ripple’s XRP struck a mid-day intraday high $0.355 before sliding back to an early afternoon intraday low $0.3381, calling on support at the day’s first major support level at $0.3379.

Support from the broader market saw Ripple’s XRP recover to $0.34 levels by the day’s end, while bearish sentiment continued to pin back a more material recovery on the day.

At the time of writing, Ripple’s XRP was down 1.27% to $0.34031, with Ripple’s XRP pulling back from a start of a day high $0.3465 to an early morning low $0.33893 before recovering to $0.34 levels. The moves through the early morning saw Ripple’s XRP steer clear of the day’s major support and resistance levels.

For the day ahead, a move back through to $0.3459 would support a run at $0.35 levels to bring the day’s first major resistance level at $0.3538 into play, though holding on to $0.34 levels through the morning will be key to support a recovery through the second half of the day.

Failure to move back through to $0.3459 and hold could see Ripple’s XRP slide further through the late morning and early afternoon, to bring the day’s first major support level at $0.3369 into play, with the broader market to dictate whether sub-$0.33 support levels are to be tested later in the day.

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