Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/08/18

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Bitcoin Cash Hits Reverse

Bitcoin Cash slumped by 7.02% on Monday, more than reversing Sunday’s 1.21% gain, to end the day at $530.9, the day’s losses marking the 11th day in the red for the current month.

A positive start to the day saw Bitcoin Cash move through to a late morning intraday high $593.3, before hitting reverse, the day’s first major resistance level at $590.3 holding Bitcoin Cash back from a break back through to $600 levels for the first time since Friday.

The reversal saw Bitcoin Cash slide through the first major support level at $552.8 and second major support level at $534.6 to a late in the day intraday low and new swing low $522.1, before recovering to $530 levels by the day’s end, the extended bearish trend firmly intact.

At the time of writing, Bitcoin Cash was down 8.96% to $483.6, with Monday afternoon’s slide continuing into the early hours of this morning.

Coming off a start of a day $531.6 high, Bitcoin Cash tumbled through the first major support level at $504.23 and second major support level at $477.57 to a morning low and new swing lo $471.1 before recovering to $480 levels.

For the day ahead, a move back through $500 levels would support a recovery through the day, though we would expect Bitcoin Cash to fall well short of the first major resistance level at $575.43, a positive outcome for the day being a recovery through to $500 levels and a move back through the day’s first major support level.

Failure to break back through to $500 levels could see Bitcoin Cash take a bigger hit later in the day, bringing the day’s third major support level at $406.37 into play, though things will need to materially deteriorate for sub-$400 levels to come into play.

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Litecoin back in the $50s

Litecoin slid by 5.03% on Monday, reversing Sunday’s 2.29% relief rally, to end the day at $56.44, the loss marking a 4th consecutive end to the day at sub-$60 levels.

Litecoin recovered from an early morning trend bucking dip to break back through to $60 levels with an intraday high $60.6, before the broad based market sell-off kicked in, the day’s high falling short of the first major resistance level at $61.7.

An early afternoon sell-off saw Litecoin fall through the first major support level at $57.25 to an intraday low $55.72, Litecoin managing to avoid a slide through the second major support level at $55.08, before recovering to $56 levels by the day’s end.

For Litecoin, while the broader market were striking new swing los, there would have been some comfort in Litecoin steering clear of Saturday’s swing lo $55.13.

At the time of writing, Litecoin was down 9.88% to $50.9, with Monday’s slide continuing into the early hours, Litecoin falling through the first major support level at $54.57 and second major support level at $52.71 to an early morning low and new swing lo $49.33, before recovering to $50 levels.

For the day ahead, a move back through the major support levels will be as good as it could, with the extended bearish trend beginning to hurt.

Failure to recover through the second major support level at $52.71 later in the morning could see Litecoin pullback through the morning low to test the day’s third major support level at $47.83 before settling, a hold at $50 levels key on the day.

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Ripple Back in the $0.20s

Ripple’s XRP tumbled by 7.45% on Monday, following Sunday’s 0.29% fall, to end the day at $0.27442, a new 2018 low and the 4th consecutive day in the red.

A relatively bullish start to the day saw Ripple’s XRP move through to a late morning intraday high $0.31124, before succumbing to a broad based market sell-off, the day’s high seeing Ripple’s XRP break through the first major resistance level at $0.3077.

The afternoon sell-off saw Ripple’s XRP tumble through the first major support level at $0.2885 and second major support level at $0.2806 to an intraday low and new swing lo $0.26975 before recovering to $0.27 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 7.55% to $0.25403, with Ripple’s XRP sliding through the first major support level at $0.2590 to a morning low and new swing lo $0.24477 before recovering to $0.25 levels.

For the day ahead, a move back through the first major support level at $0.2590 would support a move back through to $0.27 levels, while we will expect Ripple’s XRP to fall well short of $0.30 levels and the first major resistance level at $0.3005.

Failure to move back through the first major support level at $0.259 will likely see the sell-off resume, with the day’s third major support level at $0.2022 in play, the bears now eyeing sub-$0.20 levels.

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