Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/08/18

Bob Mason
Updated

Bitcoin Cash Finds Support

Bitcoin Cash slid by 3.43% on Wednesday, following Tuesday’s 4.54% rally, to end the day at $518.3.

A bullish start to the day saw Bitcoin Cash break through the first major resistance level at $549.7 and second major resistance level at $562.9 to an intraday high $575.5, before easing back to $540 levels by late morning. An early afternoon broad based market sell-off saw Bitcoin Cash fall through the day’s first major support level at $516.8 to an intraday low $509 before recovering to $518.3 by the day’s end.

At the time of writing, Bitcoin Cash was down 0.09% to $517.8, with Bitcoin Cash pulling back from a morning high $526.7 to a morning low $515, the moves through the early hours leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $526.7 to $535 would support a run at the day’s first major resistance level at $559.53, with Bitcoin Cash needing to hold above $510 to support a move into positive territory later in the day, regulatory news updates being a negative for the cryptomarket in the early hours.

Failure to move back through the morning high to $530 levels could see Bitcoin Cash take a bigger hit later in the day, with a pullback through the morning low $515 bringing sub-$500 levels and the day’s first major support level at $493.03 into play.

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Litecoin Steadies

Litecoin fell by 2% on Wednesday, following Tuesday’s 5.49% relief rally, to end the day at $55.24.

Tracking the broader market, Litecoin rallied to an early morning high $59.21, before easing back to $57 levels. The early moves saw Litecoin break through the day’s first major resistance level at $56.74 with ease, while coming up short of $60 levels and the day’s second major resistance level at $60.32.

An early afternoon broad based market sell-off saw Litecoin slide through to $54 levels, Litecoin calling on support at the first major support level at $54.06, with an intraday low $54.01 before recovering to $55 levels by the day’s end.

At the time of writing, Litecoin was down 0.18%, with Litecoin reversing from a start of a day morning high $55.73 to an early morning $55.01 low, the relatively range bound moves leaving the day’s major support and resistance levels untested in the early hours.

For the day ahead, a move back through the morning high $55.73 to $56 levels would support a run at $57 levels to bring $58 levels and the day’s first major resistance level at $58.3 into play, though sentiment across the broader market will need to materially improve for $58 levels to come into play.

Failure to move back through the morning high could see Litecoin hit reverse later in the day, with a fall through to $54 levels bringing the day’s first major support level at $53.01 into play, mixed sentiment following the latest SEC decision on Bitcoin ETFs likely to have some impact on direction through the day.

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Ripple in Recovery

Ripple’s XRP slid by 4.94% on Wednesday, reversing most of Tuesday’s 6.04% gain, to end the day at $0.31758.

A particularly bullish start to the day saw Ripple’s XRP rally through the first major resistance level at $0.3437 to test the day’s second major resistance level at $0.3536, with an intraday high $0.35713 before easing back to $0.34 levels through late morning.

Tracking the broader market through the day, Ripple’s XRP took a second hit in the early afternoon, sliding through the first major support level at $0.3185 to a late in the day intraday low $0.31304, before a partial recovery in the final hours.

At the time of writing, Ripple’s XRP was up 0.55% to $0.31952, Ripple’s XRP easing back from a start of a day morning high $0.32947 to a morning low $0.31606 before finding support, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move back through to $0.3283 would support a run at the day’s first major resistance level at $0.3464 to bring $0.35 levels into play, though we can expect Ripple’s XRP to face plenty of resistance on a move through to $0.35 levels following Wednesday’s sell-off.

Failure to break back through $0.3283 to $0.33 levels could see Ripple’s XRP come under pressure later in the day, with any pullback through the morning low $0.31606 likely to bring sub-$0.31 levels and the day’s first major support level at $0.2995 into play should a broad based market sell-off kick in.

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This article was originally posted on FX Empire

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