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

Bitcoin Cash in Recovery

Bitcoin Cash gained 5.81% on Saturday, reversing Thursday and Friday’s declines to end the day at $776.2, with the gains pulling Bitcoin Cash back into positive territory for the week, up 5.26% through to the end of Saturday.

The day’s gains came off the back of a late in the day rally from an intraday low $707.7 through the first major resistance level at $751.33 and second major resistance level at $769.57 to an intraday high $781.7 before easing back to $770 levels, the first major support level at $706.73 left untested through the day.

Saturday’s broad based market rally came off the back of news that the South Korean government will loosen its rules on cryptocurrencies in order to align with the G20’s planned roll out of unified global regulations by the end of July deadline.

At the time of writing, Bitcoin Cash was down 0.69% to $769, with Bitcoin Cash pulling back from a start of the day $783.3 to a morning low $762.2 before recovering.

For the day ahead, a move back through the morning high $783.3 would support a run at $800 levels and the day’s first major resistance level at $802.7. In the event of another rally through the day, in the wake of the latest news from South Korea, we would expect Bitcoin Cash to break out from the second major resistance level at $829.2 to bring $900 levels into play before any reversal.

Failure to move through to $800 levels could see Bitcoin Cash pullback through the afternoon to test support at the first major support level of $728.7 before any recovery.

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Litecoin Finds Support

Litecoin gained 2.71% on Saturday, partially reversing two consecutive days’ of gains, to end the day at $85.22, leaving Litecoin up 6.67% for the week.

It was bearish for most of the day, with Litecoin sliding from a mid-morning $83.4 high through the day’s first major support level at $81.14 to an intraday low $79.42, testing support at the second major support level at $79.33 before recovering.

The broad based late in the day rally saw Litecoin break back through the first major support level and move through the first major resistance level at $84.39 to an intraday high $85.22 at the day’s end.

At the time of writing, Litecoin was down 0.63% to 84.17, with Litecoin pulling back from a start of the day high $85.72 to a low $83.4 before moving back through to $84 levels, the day’s first major resistance and support levels left untested.

For the day ahead, a move back through to $85 levels would likely see Litecoin resume Saturday’s late in the day rally to bring the first major resistance level at $87.14 into play and raise the prospects of a move back through to $90 levels to bring the 23.6% FIB Retracement Level of $98 into sight, a move that would signal that beginnings of a bearish trend reversal.

Failure to move back through to $85 levels through the late morning could see Litecoin pullback to test the first major support level at $81.36 and sub-$80 support levels should selling pressure build on investor profit taking, though we would expect Litecoin to hold on to $80 levels for a 7th consecutive day, by the day’s end.

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Ripple Lags with Modest Gains

Ripple’s XRP gained just 1.81% on Saturday, partially reversing 2 consecutive days of losses, to take Ripple’s XRP up 5.15% to $0.48502 for the current week.

Following the broader market, Ripple’s XRP slid from a start of the day morning high $0.47823 to a late afternoon intraday low $0.46028 before the late in the day rally kicked in, Ripple’s XRP having fallen through the first major support level at $0.462 before the news hit the wires.

The late in the day rally saw Ripple’s XRP break through the first major resistance level at $0.4886 to an intraday high $0.49175, before easing back to $0.48 levels.

At the time of writing, Ripple’s XRP was down 0.2% to $0.48279, with Ripple’s XRP pulling back from a start of the day $0.488036 high to a morning low $0.47815 before recovering, the moves through the early part of the day leaving major support and resistance levels untested.

For the day ahead, a move back through Saturday’s $0.49175 high would support a run at the first major resistance level at $0.4978 to bring $0.50 levels into play, Ripple’s XRP having failed to touch $0.50 levels for a 2nd consecutive day.

Failure to move through to $0.49 levels in the early afternoon could see Ripple’s XRP pullback through the day to test the first major support level at $0.4663 before any recovery, sub-$0.46 support levels unlikely to be tested barring materially negative news hitting the wires.

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