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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/07/18

Bob Mason
Updated

Bitcoin Cash Saved by the Bell

Bitcoin Cash fell by 2.32% on Thursday, reversing most of Wednesday’s 2.9% gain, to end the day at $689.6.

A pullback through the morning saw Bitcoin Cash ease from a start of the day intraday high $706 to late morning low $672.2 that left Bitcoin Cash range bound through most of the afternoon, the morning’s low seeing Bitcoin Cash fall through the day’s first major support level at $688.32, while resistance levels were left untested.

An intraday low $661.7 came in the final hour, with Bitcoin Cash falling through the day’s second major support level at $670.87 before breaking back through the support levels to a day end $689.6.

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At the time of writing, Bitcoin Cash was up 1.76% to $698.6, with Thursday’s late in the day recovery continuing into the early hours, Bitcoin Cash moving through to $700 levels and a morning high $707 before easing back, the morning’s moves leaving major support and resistance levels untested.

For the day ahead, a move back through to $700 levels would support a run at the day’s first major resistance level at $709.83, before any pullback, with Bitcoin Cash needing to hold on to $700 levels to support a weekend rally.

Failure to move back through to $700 levels could see Bitcoin Cash wipe out early gains to bring the day’s first major support level at $665.53 into play, with heavier losses likely to be avoided barring negative news hitting the wires.

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Litecoin Holds On

Litecoin fell by 1.84% on Thursday, partially reversing Wednesday’s 3.13% gain, to end the day at $76.9 to leave Litecoin at sub-$80 levels for a 3rd consecutive day.

A morning reversal saw Litecoin fall from a start of the day intraday high $78.35 to an intraday low $74.5, the day’s first major support level at $75.59 providing little support as sentiment across the broader market weighed.

Litecoin managed to recover to $76 levels through the afternoon before a late in the day sell-off saw Litecoin slide back through the first major support level at $75.59 to $74 levels before recovering to the day’s ending $76.9.

At the time of writing, Litecoin was up 0.61% to $77.44, with a Thursday’s late recovery seeing Litecoin hit a start of the day $78.1 high before easing back to $77 levels, the morning high falling short of the first major resistance level at $78.67.

For the day ahead, a move back through to $78 levels would support a run at the day’s first major resistance level to bring $80 levels back into play, though the news wires will need to remain friendly for Litecoin to break down key resistance levels through the day.

Failure to move back through to $78 levels could see Litecoin pullback through the start of the day’s $76.62 low to bring the first major support level at $74.82 into play, Litecoin likely to avoid sub-$74 levels on the day.

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Ripple Looking for a Recovery

Ripple’s XRP fell by 2.81% on Thursday, reversing Wednesday’s 1.83% gain, to end the day at $0.4373.

Following the broader market trend, Ripple’s XRP pulled back from an intraday high $0.45122 to $0.42 levels through the early morning, the morning’s reversal seeing Ripple’s XRP fall through the first major support level at $0.4425 and second major support level at $0.4355 before a late in the day pullback saw Ripple’s XRP test support at the third major support level at $0.4240 with an intraday low $0.42371.

Ripple’s XRP managed to break back through the day’s third and second major support levels by the day’s end, with the day’s major resistance level at $0.454 left untested, supporting the extended bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was up 1.11% to $0.44258, tracking the broader market to a morning high $0.44507, supported by the final hour bounce on Thursday.

For the day ahead, a move through to $0.448 would support a run at $0.50 levels and the day’s first major resistance level at $0.4511, though Ripple’s XRP will need to hold on to early gains through mid-morning to avoid a sell-off later in the day, holding on to $0.45 levels a key target for the bulls.

Failure to move through to $0.448 could see Ripple’s XRP go into reverse later in the day, with the day’s first major support level at $0.4236 likely to be tested in any sell-off before a recovery kicks in, the extended bearish trend continuing to keep Ripple’s XRP at bay.

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This article was originally posted on FX Empire

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