Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/08/18

Bitcoin Cash Steadies

Bitcoin Cash fell by 0.97% on Wednesday, following Tuesday’s 4.51% slide, to end the day at $768.9.

Tuesday’s bearish moves continued into the early hours of Wednesday, with Bitcoin Cash sliding through the first major support level at $753.3 to an early morning intraday low $734.4 before finding support to move back through to $760 levels.

A second sell-off late in the day led to a pullback through the first major support level to $740 levels before recovering, leaving Bitcoin Cash at $760 levels by the day’s end, a start of the day intraday high $778.6 the first sub-$800 high since 15th July.

At the time of writing, Bitcoin Cash was down 0.9% to $761.5, with Wednesday’s late recovery continuing into the early hours of the day, seeing Bitcoin Cash hit a morning high $773.8 before easing back to $760 levels, the morning high steering clear of the first major resistance level at $786.87.

For the day ahead, a move back through to $770 levels would support a run at $780 levels to bring the first major resistance level at $786.87 into play, though with investors lacking any major incentives to jump back in, we will expect the day’s first major resistance level to be left untested in the day.

Failure to move back through to $770 levels could see Bitcoin Cash take a bigger hit through the afternoon, with a pullback to $750 levels bringing the first major support level at $742.67 into play, though following the recent sell-off, we will expect Bitcoin Cash to avoid sub-$740 levels in the event of a continued sell-off.

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Litecoin Looking to Make a Move

Litecoin fell by 1.57% on Wednesday, following Tuesday’s 3.89% slide, to end the day at $77.64.

Tracking the broader market, Litecoin slipped from a start of a day intraday high $79.07 to a morning low $76.23 before recovering to $77 levels through the afternoon.

A late in the day broad based market sell-off saw Litecoin pull back to an intraday low $75.97, before rebounding to $77 levels by the day’s end, with Litecoin finding support at around the first major support level at $75.88.

At the time of writing, Litecoin was up 0.09% to $77.71, with a morning high $78.39 coming from a spill over from Wednesday’s late in the day recovery.

Falling short of the day’s first major resistance level at $79.15, Litecoin slipped back to $77 levels, with a morning low $77.49 steering clear of the first major support level at $76.05.

For the day ahead, a move back through to $78 levels would support a run at the first major resistance level at $79.15, though Litecoin’s failure to hit $80 levels on Wednesday will likely pin Litecoin back from any more material moves in the event of a broad based market rebound.

Failure to move through to $78 levels by late morning could see Litecoin slide through the morning $77.49 low to $76 levels, with any sell-off bringing the day’s first major support level at $76.05 into play before any recovery, sub-$76 support levels in play should sentiment not improve later in the day.

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Ripple Bucks the Trend

Ripple’s XRP gained 3% on Wednesday, reversing Tuesday’s 2.4% slide, to end the day at $0.44833.

An early morning pullback to an intraday low $0.42516 saw Ripple’s XRP hold above the first major support level at $0.4235, with a mid-morning rally leading Ripple’s XRP to an intraday high $0.46703 before easing back, the day’s high falling short of the first major resistance level at $0.4685.

Ripple’s XRP managed to recover from an afternoon fall through to $0.43 levels, while the extended bearish trend remained intact, with Ripple’s XRP continuing to fall well short of the 23.6% FIB Retracement Level at $0.5528.

At the time of writing, Ripple’s XRP was down 0.79% to $0.44309, with a morning high $0.45024 falling short of the first major resistance level at $0.4685 before tracking the broader market into the red in the early hours.

For the day ahead, a move back through to $0.4468 would support a run at $0.45 levels, to bring $0.46 levels back into play, though following Wednesday’s trend bucking moves, sentiment will need to significantly improve for Ripple’s XRP to break through to $0.46 levels on the day.

Failure to move through $0.4468 to $0.45 levels by early afternoon could see Ripple’s XRP take a bigger hit later in the day, with a fall through to $0.43 levels bringing the first major support level at $0.4267 into play, the early pullback an ominous sign for the day ahead.

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