Bitcoin Cash, Litecoin and Ripple Daily Analysis

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

Bob Mason

Updated Fri, Aug 17, 2018, 9:13 PM

Bitcoin Cash Hits $600

Bitcoin Cash rallied 16.77% on Friday, following Thursday’s 0.92% gain, to end the day at $602.4.

It was a day long rally, with a start of a day intraday low $515 holding above the first major support level at $499.37. Bitcoin Cash broke through the first major resistance level at $535.67 by mid-morning, with a pickup in appetite across the broader market leading to a breakout.

Bitcoin Cash broke through the second and third major resistance levels to a late in the day intraday high $604.9 before easing back to $602.4 by the day’s end.

At the time of writing, Bitcoin Cash was down 1.99% to $591.8, Bitcoin Cash pulling back from a start of a day morning high $610 to a low $589.6 before steadying, the early moves leaving the major resistance and support levels untested.

For the day ahead, a move back through to $600 would support a run at the first major resistance level at $633.2, though Bitcoin Cash will need to hold on to $590 levels through the morning to avoid a pullback later in the day, some degree of profit taking likely to pin back Bitcoin Cash in the early hours.

Failure to break out from $600 to take a run at $630 levels could see Bitcoin Cash take a hit later in the day, any fall through $575 likely to bring the first major support level at $543.3 into play before any recovery, though we would expect any losses on the day to be relatively minor in the event of a sell-off that should leave the major support levels untested.

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Litecoin Hits the $60s

Litecoin jumped by 11.25% on Friday, following Thursday’s 1.89% gain, to end the day at $61.72.

Tracking the broader market, Litecoin rallied from a start of a day intraday low $55.16, which held above the first major support level at $53.84, to a late in the day intraday high $61.88.

The moves through the day saw Litecoin break through the first major resistance level at $57.39 and second major resistance level at $59.31, with the break into $60 levels the first since Monday.

At the time of writing, Litecoin was down 1.65% to $60.8, an early rally through to a morning high $62.6 coming up short of the first major resistance level at $64.01, with Litecoin succumbing to a broad based market slide, investors taking some money off the table following Friday’s rally.

A pullback to a morning low $60.45 saw Litecoin steer clear of the first major support level at $57.29 and more importantly hold on to $60 levels.

For the day ahead, a move back through to $62 levels would support a run at the first major resistance level at $64.01, though we can expect Litecoin to face some resistance on the move through to $63 levels, holding on to $60 levels through the morning key to supporting a rebound later in the day.

Failure to hold on to $60 levels through the morning could see the day’s first major support level at $57.29 come into play before any recovery, with the second major support level at $52.87 unlikely to be tested barring materially negative news hitting the wires.

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Ripple Makes a Splash

Ripple’s XRP led the way on Friday, surging by 25.23%, following Thursday’s 4.71% gain, to end the day at $0.36668.

A shift in sentiment through the day saw Ripple’s XRP break through the major resistance levels to a late in the day intraday high $0.37481, before easing back to $0.36 levels, Ripple’s XRP holding above the third major resistance level at $0.3459 at the day’s end.

News of Ripple Labs naming three exchanges, in the U.S, Mexico and the Philippines, to support cross-border transactions and permit the trading of local currency with Ripple’s XRP supported the sizeable move, though sentiment across the market had already been on the mend in the latter part of the week.

At the time of writing, Ripple’s XRP was down 4.12% to $0.35333, with Ripple’s XRP pulling back from a start of a day $0.37267 high that came up short of the first major resistance level at $0.39777.

For the day ahead, holding above $0.3438 will be key to support a recovery later in the day, with a move back through to $0.36 levels signaling a run at the first major resistance level at $0.39777, though we can expect Ripple’s XRP to face plenty of resistance following Friday’s surge.

Failure to hold above $0.3438 will likely lead to a more material sell-off to bring the first major support level at $0.3129 into play before any recovery, sub-$0.30 support levels unlikely to be tested on the day.