Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/07/18
Bitcoin Cash Hits $800
Bitcoin Cash saw its first double digit gain since 29th May, rallying 10.19% on Monday, following on from Sunday’s 3.31% rise, to end the day at $797.7.
A relatively range bound morning saw Bitcoin Cash consolidate the weekend gains, with an early intraday low $716.2 steering clear of the day’s first major support level at $704.03 before a broad market based mid-morning rally kicked that saw Bitcoin Cash surge through the day’s major resistance levels to an intraday high $812.1, before easing back to sub-$800 levels by the day’s end.
For the crypto bulls, the bounce to $800 levels for the first time since 4th July was more of a recovery than the start of a bearish trend reversal, with Bitcoin Cash continuing to fall well short of the 23.6% FIB Retracement Level of $930.
At the time of writing, Bitcoin Cash was down 1.81% to $787.3, with a move back through to $800 levels with a morning high $813 seeing Bitcoin Cash fall short of the day’s first major resistance level at $834.47 before pulling back to sub-$800 levels.
For the day ahead, a move back through to $800 levels would support a second run at the first major resistance level at $834.47, though following Monday’s rally, a hold at $800 levels may be as good as it can get for the crypto bulls.
Failure to move back through to $800 levels could see Bitcoin Cash cough up some of Monday’s gains, with the first major support level at $738.57 in play in the event of a reversal through $775, the crypto bears still in control in spite of the recent gains.
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Litecoin Hits $80 and Holds
Litecoin gained 6.16% on Monday, following Sunday’s 2.9% rise, to end the day at $83.35, the first close at $80 levels since 9th July.
Following the broader market trend, an early morning intraday low $77.8 held well above the first major support level at $76.16, with a mid-morning move seeing Litecoin break through the day’s first major resistance level at $80.05 and second major resistance of $81.6 to come within reach of the third major resistance level at $85.49 with an intraday high $84 before pulling back to $83 levels by the day’s end.
At the time of writing, Litecoin was down 1.15% to $82.57, an early move through to an intraday high $84.5 seeing Litecoin fall short of the first major resistance level at $85.63 before pulling back to $82 levels and a morning low $82.49.
For the day ahead, a move back through to $83 levels would support a run at the first major resistance level at $85.63, though we would expect Litecoin to struggle to maintain the momentum through the day.
Failure to move back through to $83 levels could see Litecoin pullback through $81.72 to bring the day’s first major support level at $79.43 into play, before any recovery, with the bearish trend still intact in spite of Sunday and Monday’s gains.
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Ripple Makes a Splash
Ripple’s XRP jumped by 7.09% on Monday, following Sunday’s 2.20% rise, to end the day at $0.47854, its highest close since 8th July’s $0.48502.
There was no trend bucking on the day, with a morning intraday low $0.44226 holding well above the first major support level at $0.4377, before the mid-morning rally kicked in, driving Ripple’s XRP through the day’s major resistance levels to a late in the day intraday high $0.48546.
An end of day pullback to $0.47 levels left Ripple’s XRP short of $0.50 levels last struck on 5th July, with a break through to the 23.6% FIB Retracement Level of $0.5528 needed for Ripple’s XRP to begin forming a bearish trend reversal.
At the time of writing, Ripple’s XRP was down 1.27% to $0.47432, with a start of the day morning high $0.48548 falling short of the first major resistance level at $0.4952 and, more importantly $0.50 levels before pulling back mid-morning to a morning low $0.47216, the moves through the day leaving may support and resistance levels untested.
For the day ahead, a move back through to $0.48 levels would signal a resumption of Monday’s rally, supporting a run at the first major Resistance level at $0.4952, though sentiment across the broader market will need to change for Ripple’s XRP to make a move through the afternoon.
Failure to move back through to $0.48 levels could see Ripple’s XRP take a bigger hit later in the day, with a pullback through $0.4688 likely to bring the day’s first major support level at $0.4520 into play before any recovery.
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This article was originally posted on FX Empire
