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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/07/18

Bob Mason

Bitcoin Cash Holds on to $800

Bitcoin Cash gained 0.44% on Saturday, following on from Friday’s 2.15% rise, to end the day at $824.

A relatively choppy start to the day saw Bitcoin Cash recover from a start of a day dip to a morning low $813.1 to an intraday high $828.2 before going into reverse through to an early afternoon intraday low $801.5. The day’s moves left the major support and resistance levels untested on the day, with Bitcoin Cash continuing to fall well short of $900 levels and the 23.6% FIB Retracement Level of $930, leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was up 0.25% to $825.9, with upward momentum from late Saturday continuing into the start of the day, Bitcoin Cash breaking through the first major resistance level at $834.3 to a start of a day morning high $842.5 before easing back to $820 levels.

For the day ahead, a move back through to $830 levels will bring the second major support level at $844.6 into play, while we would expect Bitcoin Cash to continue to fall short of $900 levels and the 23.6% FIB Retracement Level of $930.

Failure to move back through to $840 levels could see Bitcoin Cash pullback through a start of a day morning low $822.9 to bring the first major support level at $807.6 into play before any recovery, Bitcoin Cash expected to continue to hold on to $800 levels by the day’s end.

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Litecoin Slips

Litecoin slipped by 0.6% on Saturday, partially reversing Friday’s 1.27% gain, to end the day at $84.01.

A bearish first half of the day saw Litecoin slide from a start of a day intraday high $84.7 to an early afternoon intraday low $82.51, holding just above the first major support level at $82.36 before recovering through the afternoon to $84 levels, the first major resistance level at $85.91 left untested on the day.

While Litecoin managed to avoid continuing a sequence of new intraday lows, the downward trend of intraday highs continued as Litecoin slipped further back from $90 levels and the 23.6% FIB Retracement Level of $98.

At the time of writing, Litecoin was up 0.23% to $84.18, with Litecoin breaking through the first major resistance level at $84.97 to a start of a day morning high $85.25 before pulling back to $84 levels and a morning low $84.

For the day ahead, holding above $83.74 through the morning would support a run back through the first major resistance level at $84.97 to $85 levels to bring the second major resistance level at $85.93 into play, though sentiment will need to materially improve for Litecoin to eye $86 levels on the day.

Failure to hold above $83.74 through the morning could see Litecoin pullback through the morning low $84 to bring the first major support level at $82.78 into play, with the lack of a weekend rally likely to see Litecoin bring sub-$82 support levels into play before any recovery.

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Ripple Finds Support

Ripple’s XRP rose by 0.76% on Saturday, following on from Friday’s 1.48% gain, to end the day at $0.45821.

A positive start to the day saw Ripple’s XRP move through to a morning high $0.45872, before pulling back to an early afternoon intraday low $0.44568, tracking the broader market following through the middle part of the day.

An afternoon recovery saw Ripple’s XRP bounce back to $0.45 levels with a late in the day intraday high $0.4592, the moves through the day leaving major support and resistance levels untested, with Ripple’s XRP continuing to fall well short of $0.50 levels and the 23.6% FIB Retracement Level at $0.5528.

At the time of writing, Ripple’s XRP was down 0.72% to $0.45295, with a start of a day broad based move seeing Ripple’s XRP break through to $0.46 levels and a morning high $0.4623 before pulling back to $0.45 levels, major support and resistance levels left untested in the early part of the day.

For the day ahead, a move back through to $0.4544 would support a move back through to $0.46 levels to bring the first major resistance level at $0.4630 back into play, while $0.47 levels will likely remain out of reach.

Failure to move back through to $0.4544 later in the morning could see Ripple’s XRP pullback through to sub-$0.45 levels to test support at the first major support level at $0.4495, with any broad based market sell-off likely to see the second major support level at $0.4408 into play before any recovery.

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This article was originally posted on FX Empire

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