Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/07/18

Bitcoin Cash Eyeing $900

Bitcoin Cash surged by 10.49% on Tuesday, reversing 3 consecutive days of declines with interest, to end the day at $866.1, a first $800 level close since 19^th July.

An early morning dip to an intraday low $772 was the only bearish move of the day that managed to steer clear of the first major support level at $760.93, with a mid-morning rally driving Bitcoin Cash through the first major support level at $819.93 and second major support level at $857.97 to an intraday high $878.8 before easing back through the late afternoon to $850 levels.

A late rally saw Bitcoin Cash back up to $860 levels with the late upward momentum supporting a positive start to this morning. In spite of the day’s moves, falling short of $900 levels and the 23.6% FIB Retracement Level of $930 left the extended bearish trend intact.

At the time of writing, Bitcoin Cash was down 0.31% to $865.2, an early move through to a morning high $879.5 falling short of $900 levels and the day’s first major resistance level at $905.93 before pulling back to $860 levels, with a morning low $858 holding well above the first major support level at $799.13.

For the day ahead, holding above $840 levels would support another run at $900 levels and the first major resistance level at $905.93, with sentiment across the broader market supporting a possible move ahead later in the day should Bitcoin Cash avoid a pullback to sub-$840.

Failure to hold onto $840 levels through the middle part of the day could see Bitcoin Cash cough up some of Tuesday’s gains, though we would expect Bitcoin Cash to steer clear of the day’s first major support level at $799.13 on the day.

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Litecoin’s in Search of $90

Litecoin rallied by 9.24% on Tuesday, following 2-consecutive days of decline, to end the day at $89.05, its highest close since 21^st June’s 96.7.

Tracking the broader market, Litecoin slipped to a start of the day intraday low $81 before the mid-morning rally kicked in that drove Litecoin through the first major resistance level at $84.44 and second major resistance level at $87.36 to an intraday high $89.5 in the final hour.

In spite of the day’s rally, Litecoin fell short of the 23.6% FIB Retracement Level of $98, leaving the extended bearish trend intact for now…

At the time of writing, Litecoin was down 0.92% to $88.2, with a start of the day bounce to a morning high $90.6 coming up against strong resistance at $90, leading to a pullback to a morning low $87.3 before partially recovering to $88 levels.

For the day ahead, a move back through to $89 levels would support another run at $90 levels to bring the day’s first major resistance level at $92.03 into play, though we would expect Litecoin to continue to fall short of the 23.6% FIB Retracement Level of $98, a hold at $90 by the day’s end key to support the formation of a near-term bullish trend.

Failure to hold above $86 levels through the middle of the day could see Litecoin pullback to test the day’s first major support level at $83.53 before any recovery, sub-$80 levels likely to be out of play for the day.

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Ripple Playing Catch-up

Ripple’s XRP gained 2.32% on Tuesday, reversing 2-consecutive days of losses, to end the day at $0.4565.

Broadly tracking the market early on, Ripple’s XRP pulled back to an early morning intraday low $0.43395, coming within reach of the first major support level at $0.4336, before rallying through the first major resistance level at $0.4631 to an early afternoon intraday high $0.47099.

Bucking the broader market trend, Ripple’s XRP saw gains for the day eroded in the final hours, touching sub-$0.45 levels before an end of day recovery.

Falling short of $0.50 levels for a 6^th consecutive day and well short of the 23.6% FIB Retracement Level of $0.5528 continued to leave the extended bearish trend intact.

At the time of writing, Ripple’s XRP was up 1.6% to $0.46448, with the upward momentum from Tuesday continuing into the early hours of this morning.

For the day ahead, a hold at $0.46 levels through the morning would support a run at $0.47 levels to bring the first major resistance level at $0.4737 into play, while $0.50 levels will likely remain out of reach on the day.

Failure to hold on through the morning could see Ripple’s XRP pullback to $0.43 levels to test the first major support level at $0.4366 before any recovery, though market sentiment will need to deteriorate for Ripple’s XRP to move into the red.

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This article was originally posted on FX Empire

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