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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/07/18

Bitcoin Cash on the Move

Bitcoin Cash fell by 0.42% on Sunday, partially reversing Saturday’s 2.7% gain, to end the week up 8.23% at $783.5.

A choppy start to the day saw Bitcoin Cash hit an intraday low $775.1, steering clear of the first major support level at $751.2 before moving through the first major resistance level at $810.2 to an early afternoon intraday high $822.

A late in the day sell-off saw Bitcoin Cash pullback to sub-$800 levels by the day’s end, leaving the extended bearish trend intact, Bitcoin Cash continuing to fall short of $900 levels and the 23.6% FIB Retracement Level of $930.

At the time of writing, Bitcoin Cash was up 4.86% to $822.1 in what’s been another strong start to the week.

An early move saw Bitcoin Cash break through the day’s first major resistance level at $811.97 with a morning high $837, before pulling back to $822 levels, with positive sentiment across the market reversing Sunday’s late sell-off with interest.

For the day ahead, a move back through the morning high would support a run at the second major resistance level at $840.43 to bring back the prospects of a break through to $900 levels later into the week.

Failure to move back through $837 to $840 levels later in the day could see Bitcoin Cash pullback to test support at $800, while the day’s first major support level at $765.07 out of play for the day.

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Litecoin Sees Red Again

Litecoin fell by 1.53% on Sunday, partially reversing Saturday’s 2.17% gain, to end the week up 4.73% to $82.22.

An intraday high $83.98 came in the early hours before Litecoin moved into reverse, falling through the morning to an early afternoon intraday low $81.81, Litecoin following the broader market into the red through the day.

A partial recovery through the afternoon saw Litecoin break back through to $83 levels before a late sell-off left Litecoin back at $82 levels. With Litecoin failing to break through to $84 levels through the weekend, the extended bearish trend remained intact, while the moves through the day left the major support and resistance levels untested.

At the time of writing, Litecoin was up 3.45% to $85.06, with a broad based market rally seeing Litecoin rally through the day’s first major resistance level at $83.53 and second major resistance level at $84.84 to a morning high $85.8.

For the day ahead, a break back through to $86 levels would support a run at the day’s third major resistance level at $87.01, though we would expect Litecoin to begin facing plenty of resistance on the approach to $90 levels following Wednesday’s $94.39 high that led to the pullback through the 2nd half of the week.

Failure to move through to $86 levels could see Litecoin give up some of the morning gains, with investors likely to lock in profits on any range bound moves, which could bring the day’s first major support level at $81.36 into play should sentiment turn through the afternoon, the bearish trend intact in spite of the morning’s gains.

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Ripple Back in a Rut

Ripple’s XRP slipped by 1.39% on Sunday, partially reversing Saturday’s 2.36% gain, to end the week up 0.15% to $0.44751.

Following a start of a day dip to a morning low $0.4459, Ripple’s XRP found support by mid-morning to move through the first major resistance level at $0.4647 to a late in the day intraday high $0.46492 before a broad based sell-off pulled Ripple’s XRP back down to $0.44 levels by the end of the weekend.

While Ripple’s XRP managed to steer clear of sub-$0.44 levels and the day’s first major support level at $0.4383, the extended bearish trend remained intact, with Ripple’s XRP having plenty of distance to cover to bring the 23.6% FIB Retracement Level of $0.5528 into play and begin forming a near-term bullish trend.

At the time of writing, Ripple’s XRP was up 1.55% to $0.45624, an early move to a morning high $0.46275 seeing Ripple’s XRP break through the first major resistance level at $0.4599 before a slight easing.

For the day ahead, a move back through to $0.46 levels and the first major resistance level would bring $0.47 levels and the second major resistance level at $0.4723 into play, while we will expect Ripple’s XRP to continue to fall short of $0.50 levels through the day.

Failure to move back through to $0.46 levels could see a pullback later in the day to bring the first major support level at $0.4401 into play, which should be enough to avoid a pull-back to $0.43 levels before any recovery, in the event of a sell-off.

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This article was originally posted on FX Empire

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