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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/07/18

Bob Mason

Bitcoin Cash in Reverse

Bitcoin Cash slipped by 0.24% on Thursday, following Wednesday’s 3.33% slide, to end the day at $822.4.

A range bound start to the day saw Bitcoin Cash pullback to an intraday low $805.5 in the early hours, holding above the first major support level at $803.6, before hitting an intraday high $845 by mid-day.

The mid-day rally left Bitcoin short of the first major resistance level at $875.1 and more importantly $900 levels and the 23.6% FIB Retracement Level of $930, with the afternoon pullback to $820 levels leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was down 1.61% to $810.8, with a start of the day pullback to an intraday low $806.7 doing the damage early on, while managing to steer clear of the first major support level at $803.6.

For the day ahead a move through a start of the day $823.9 high to $824 levels would support a run at the first major resistance level at $843.1, while we can expect Bitcoin Cash to face plenty of resistance on attempts to break out from the first major resistance level, which would leave $900 levels out of play for the day.

Failure to move back through to the morning’s high could see Bitcoin Cash pullback later in the day to test the first major support level at $803.6 before any recovery, sub-$800 support levels likely to be left untested through the day.

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Litecoin Steadier Than the Pack

Litecoin slipped by just 0.17% on Thursday, following Wednesday’s 3.16% slide, to end the day at $86.13.

Following Tuesday’s late reversal, Litecoin moved from a start of the day intraday low $85.01 to middle of the day intraday high $88.9, before easing back to $86 levels, the moves through the day leaving the major support and resistance levels untested.

In spite of the relatively range bound day, Litecoin failed to break through to $90 levels to leave the extended bearish trend intact, the 23.6% FIB Retracement Level of $98 some way off.

At the time of writing, Litecoin was down 0.95% to $85.32, with a early fall to a morning low $84.71 seeing Litecoin hold just above the first major support level a $84.46 before recovering to $85 levels, a start of the day high $86.14 sitting well below the first major resistance level at $88.35 and $90 levels, which remains the key level for Litecoin.

For the day ahead, a move through to $86.68 would support a run at the first major resistance level at $88.35, though we will expect Litecoin to continue to fall short of $90 levels through the day, with the 23.6% FIB Retracement Level of $98 needed to be reached to begin a bearish trend reversal.

Failure to move back through to $86 levels later in the day could see Litecoin pullback through to $84 levels to test the day’s first major support level at $84.46, with the second major support level at 82.79 in play should sentiment not improve, while we will expect Litecoin to continue to hold on to $80 levels by the day’s end.

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Ripple on the Slide

Ripple’s XRP fell by 2.1% on Thursday, following Wednesday’s 4.12% slide, to end the day at $0.47793.

A morning recovery from late Tuesday’s sell-off saw Ripple’s XRP move through to an intraday high $0.49674 in the early afternoon before going into reverse through the remainder of the day, the day’s high falling short of $0.5 levels and well short of the first major resistance level at $0.5203.

The afternoon reversal saw Ripple’s XRP slide to an intraday low $0.4708 before steadying, the day’s low holding above the first major support level at $0.4648, with the continued failure to take a run at the 23.6% FIB Retracement Level of $0.5528 leaving the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 3.33% to $0.46196 in what’s been a bearish start to the day, Ripple’s XRP falling through the first major support level at $0.4669 to a morning low $0.46016, a start of the day $0.478 falling well short of the first major resistance level at $0.4928.

For the day ahead, a move through to $0.4818 would support a run at the first major resistance level at $0.4928, while we will expect $0.50 levels and the 23.6% FIB Retracement Level of $0.5528 to remain out of reach for the day.

Failure to move back through to $0.48 levels could see Ripple’s XRP pullback to $0.45 levels to test the second major support level at $0.4559 before any recovery to $0.47 levels, the extended bearish trend firmly intact going into the weekend.

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This article was originally posted on FX Empire

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