Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/08/18

Bitcoin Cash Slides Again

Bitcoin Cash fell by 2.61% on Monday, reversing Sunday’s 2.07% gain, to end the day at $691, only the 2nd sub-$700 day’s end since 13th July.

An early move through to an intraday high $716.7 fell short of the first major resistance level at $723.27, before a broad based market sell-off ensued, with Bitcoin Cash sliding through the first major support level at $690.87 to a late in the day intraday low $677.9.

A late recovery to $690 levels eased some of the pain, though the slide continued to reaffirm the extended bearish trend formed back at early May’s swing hi $1,849.9.

At the time of writing, Bitcoin Cash was up 0.15% to $691.7, with early attempts in the day to move back through to $700 levels coming up short, an early morning high $695.8 also coming up short of the first major resistance level at $712.5 in the early hours.

For the day ahead, a beak back through the morning high $695.8 would support another run at $700 levels and the first major resistance level at $712.5, with market sentiment needing to materially improve for Bitcoin Cash to take a run at the second major resistance level at $734 and to hold on to $700 levels by the end of the day.

Failure to break back through to $700 levels by late morning could see Bitcoin Cash go back in reverse, with a pullback through to $680 levels likely to see the day’s first major support level at $673.7 come into play before any recovery that would likely leave $700 levels out of reach.

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Litecoin Sees Red

Litecoin fell by 1.22% on Monday, partially reversing Sunday’s 2.22% gain, to end the day at $73.74.

An early move through to an intraday high $76.84 saw Litecoin break through the first major resistance level at $75.44 and second major resistance level at $76.22 before succumbing to the broad based market sell-off.

A day long reversal saw Litecoin pull back through the major resistance levels to fall through the day’s first major support level at $73.14 to an intraday low $72.51 before recovering to $73 levels, the moves through the day continuing to reaffirm Litecoin’s extended bearish trend formed at early May’s swing hi $182.35.

At the time of writing, Litecoin was down 0.34% to $73.33, with Litecoin easing back from a start of a day morning high $74.18, the morning high falling short of the first major resistance level at $76.22.

For the day ahead, a move through to $74.36 would support a run at $75 levels, while the day’s first major resistance level at $76.22 will likely remain out of range for the day, a hold at $74 levels a positive outcome of the bulls.

Failure to move through $74.36 to bring the $75 levels into play will likely leave Litecoin on the back foot, with another market sell-off likely to bring the first major support level at $71.89 into play before any recovery, sub-$70 levels unlikely to be tested on the day.

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Ripple Falls Behind

Ripple’s XRP tumbled 4.88% on Monday, more than reversing Sunday’s 1.07% gain, to end the day at $0.41386.

A start of a day move through to an intraday high $0.43887 was the only bullish move of the day that left Ripple’s XRP short of $0.44 levels and the day’s first major resistance level at $0.4402.

The broad based cryptomarket sell-off saw Ripple’s XRP slide through the day’s first major support level at $0.4257 and second major support level at $0.4173 to call on support at the third major support level at $0.4028 with an intraday low and new swing lo $0.40267.

A late recovery saw Ripple’s XRP break back through to $0.41 levels, while unable to recovery through the day’s major support levels to leave the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 0.67% to $0.4105, with Monday’s sell-off continuing into the early hours of the morning, a start of a day move to a morning high $0.41672 falling well short of the first major resistance level at $0.4343 before reversing to a morning low $0.40344.

For the day ahead, a move back through $0.41 levels to $0.4185 would support a move through $0.42 levels to bring the first major resistance level at $0.4343 into play, though market sentiment will need to materially improve for Ripple’s XRP to find support following Monday’s new swing lo.

Failure to move back through to $0.41 levels will likely leave Ripple’s XRP on the back foot, with sub-$0.40 support levels likely to be in play should sentiment not improve.

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