Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/07/18

Bitcoin Cash Holds on Early

Bitcoin Cash gained 3.31% on Sunday, following on from Saturday’s 1.4% rise, to end the day at $725, the weekend gains cutting the weekly loss to just 3.22%.

Following some choppy sessions, it was a bullish day, with a start of the day $697.6 intraday low holding well above the first major support level at $687.27 before a day long rally ensued, Bitcoin Cash breaking through the day’s first major resistance level at $714.77 and second major resistance level at $727.63 to an intraday high $733.1 prior pulling back to $720 levels by the day’s end.

At the time of writing, Bitcoin Cash was up just 0.03% to $724.1, with Bitcoin Cash easing back from a start of the day $726.5 morning high to a morning low $716.2 before recovering to $720 levels, the morning’s moves leaving the day’s major support and resistance levels untested as investors shake off late Sunday’s pullback that spilled into the early hours.

For the day ahead, a move back through $726.5 would support a run at the day’s first major resistance level at $739.53 to bring $740 levels into play, though sentiment across the broader market will need to improve significantly for Bitcoin Cash to have any chance of a break out from $739.

Failure to move through to $730 levels could see Bitcoin Cash pullback through the morning low $716.2 to test the day’s first major support level at $704.03, with sub-$700 support levels in play should sentiment deteriorate, though we would expect support to keep Bitcoin Cash at $700 levels by the day’s end.

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Litecoin Eyes $80

Litecoin gained 2.9% on Sunday, reversing three consecutive days of losses, to end the week down 4.5% at $78.51.

A fall through the day’s first major support level at $75.51 to an intraday low $75.36 was the only bearish move of the day, with Litecoin tracking the broader market through the rest of the day, breaking through the day’s first major resistance level at $77.27 and second major resistance level at $78.23 to hit an intraday high $79.25 before easing to $78 levels by the day’s end.

While it was a bullish day, the late pullback and test of the day’s first major support level will have left investors wary going into the start of the week, the extended bearish trend firmly intact in spite of the weekend gains.

At the time of writing, Litecoin was down 0.2% to $78.35, with a start of the day run at $80 levels and the day’s first major resistance level at $80.05 coming up short with a morning high $79.

For the day ahead, a move back through to $79 would support a break through to $80 levels to test the first major resistance level at $80.05, with sentiment across the broader market to dictate whether Litecoin can hold on to $80 levels by the day’s end.

Failure to move through to $80 levels could see Litecoin pullback through the morning low $77.8 to test the day’s first major support level at $76.16, with any broad market sell-off bringing the second major support level at $73.82 into play before any recovery.

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Ripple Looks to Buck the Trend

Ripple’s XRP gained 2.2% on Sunday, following three consecutive days of losses, to end the week down 6.49% at $0.44684.

A start of the day intraday low $0.43469 saw Ripple’s XRP hold above the day’s first major support level at $0.4316, with a broader market bounce driving Ripple’s XRP through the day’s first major resistance level at $0.4439 to test resistance at the second major resistance level at $0.4504 with an intraday high $0.45003 before pulling back to $0.44 levels in the final hours.

While it was a relatively bullish day, with Ripple’s XRP hitting $0.45 levels for the first time since Thursday, failing to make a run at $0.50 levels continued to leave the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 0.06% to $0.44442, tracking the broader market, with a morning high $0.4487 and morning low $0.44226 leaving the major resistance and support levels untested in the early hours.

For the day ahead a move back through the morning high would support a run at $0.45 levels to bring the first major resistance level a $0.4530 into play, while $0.50 levels will be out of reach at the start of the week.

Failure to move through to $0.45 levels will likely see Ripple’s XRP pullback through the morning low $0.44226 to $0.43 levels to test the day’s first major support level at $0.4377 before any recovery, sentiment across the broader market suggesting a close at $0.45 levels on the day.

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This article was originally posted on FX Empire

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