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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/07/18

Bob Mason
Updated

Bitcoin Cash Back with the Bears

Bitcoin Cash slid by 7.08% on Friday, following a 0.24% fall on Thursday, to end the day at $765.6.

Off the back of 3 consecutive days in the red, Bitcoin Cash was up just 5.76% for the week, Monday through Friday.

An intraday high $823.9 came at the start of the day, which fell short of the first major resistance level at $843.1, with a broad based market reversal seeing Bitcoin Cash slide through the day’s first major support level at 803.6 and second major support level at $784.8 to an intraday low $760 late in the day.

The pullback left the extended bearish trend intact, with Bitcoin Cash failing to end the day at $800 levels for the first time since Monday.

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At the time of writing, Bitcoin Cash was down 0.49% to $761.8, with Friday’s reversal continuing into the early hours of this morning, Bitcoin Cash falling through the first major support level at $742.43 to a start of the day $740 low before recovering to $760 levels.

For the day ahead, a move through $783.17 would support a run back through to $800 levels to bring the first major resistance level at $806.33 into play, with a weekend rally needed to restore confidence following the second half of the week reversal, though we will expect plenty of resistance at $800.

Failure to move through to $780 levels could see Bitcoin Cash pullback through the first major support level to bring the day’s second major support level at $719.27 into play should sentiment not improve through the afternoon, the bears firmly in control at the start of the weekend.

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Litecoin Heads South

Litecoin fell by 5.12% on Friday, following Thursday’s 0.17% decline, to end the day at $81.73, with 3 consecutive days of decline leaving Litecoin up just 4.1% for the week.

A reversal through the entire day saw Litecoin slide through the first major support level at $84.46 and second major support level at $82.79 to an intraday low $81, with a brief spike in the early afternoon seeing Litecoin hit an intraday high $86.61 that fell short of the first major support level at $88.35 and more importantly failed to gain traction following losses through the morning.

At the time of writing, Litecoin was down 1.04% to $80.87, with Litecoin sliding to a start of the day morning low $79.77 to come within reach of the day’s first major support level at $79.62 before moving back through to $80 levels, the pullback to sub-$80 the first since Monday’s $77.8 low.

For the day ahead, a move through $83.11 would support a run at the first major resistance level at $85.23, while $90 levels will likely remain out of reach through the day, leaving the extended bearish trend intact.

Failure to move through to $83 levels could see Litecoin pullback to test sub-$80 support levels, with the day’s second major support level at $77.5 in play should sentiment not improve through the late morning.

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Ripple Joins the Mass Sell-Off

Ripple’s XRP slid by 6.35% on Friday, following Thursday’s 2.1% fall, to end the day at $0.44585, with 3 consecutive days of losses leaving Ripple’s XRP down 0.22% for the current week.

Following the broader market, Ripple’s XRP pulled back from a start of the day intraday high $0.478 to a late afternoon intraday low $0.42459, sliding through the major support levels before breaking back through the third major support level at $0.4299 and second major support level at $0.4559 to days ending $0.44585.

The moves through recent days reaffirmed the extended bearish trend formed at late April’s swing hi $0.97181, the only positive for the day being a hold above 29th June’s swing lo $0.4234.

At the time of writing, Ripple’s XRP was up 1.26% to $0.44895, the early moves seeing Ripple’s XRP buck the broader market trend.

An early morning $0.45665 high saw Ripple’s XRP come up short of the first major support level at $0.4744 before pulling back to $0.44 levels, with a start of the day morning low $0.43362 seeing the day’s first major support level at $0.4210 also left untested.

For the day ahead, a move through $0.4495 to $0.45 levels would support another run at the first major resistance level at $0.4744, to bring $0.50 levels back into play, though sentiment across the broader market will need to improve for Ripple’s XRP to break out from $0.47 levels later in the day.

Failure to move through to $0.47 levels could see Ripple’s XRP give up the morning gain to bring the day’s first major support level at $0.421 into play before any recovery, ending the day at $0.50 levels unlikely with the bearish trend intact.

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This article was originally posted on FX Empire

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