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

[jings009]

It’s a mixed start to the day and, while some of the majors are in positive territory for the week, a weekend rally is going to need to kick in to avoid a reversal that could leave the majors in the red by the end of Sunday.


Bitcoin Cash Down Again
Bitcoin Cash fell by 1.36% on Friday, following Thursday’s 2.65% fall, to end the day at $733.1, a 2nd consecutive day of losses leaving Bitcoin Cash down 0.58% for the current week.

A reversal through from a start of the day $743.2 high to a mid-morning intraday low $698.6 saw Bitcoin Cash fall through the day’s first major support level at $710.4 to call on support at sub- $700 to recover to $700 levels in the late morning and move through to an afternoon high $738.9 before easing back in what was a relatively range bound 2nd half of the day.

At the time of writing, Bitcoin Cash was down 0.45% to $729.9 in what’s been a relatively range bound day, with a start of the day $734.3 high and morning $725.0 leaving the day’s major resistance and support levels untested early on.

For the day ahead, Bitcoin Cash will need to move back through the morning high $734.3 to $740 levels to take a run at the day’s first major resistance level at $751.33, with any signs of a weekend rally supporting a break out to the second major resistance level at $769.57 before any pullback.

Failing to move back through the morning high to $740 levels could see Bitcoin Cash pullback to test the day’s first major support level at $706.73, with any broad based market sell-off likely to see Bitcoin Cash test sub-$700 support levels before any recovery.

Litecoin Stuck in a Rut
Litecoin fell by 0.4% on Friday, following Thursday’s 2.51% fall, to end the day at $82.96, the moves through the week seeing Litecoin gain 3.84% going into the weekend.

A reversal through the early Friday morning saw Litecoin fall through the day’s first major support level at $81.23 to an intraday low $80.76 before recovering, with sub-$80 levels providing strong support to Litecoin in the early part of the day, Litecoin now having avoided sub-$80 levels for a 4th consecutive day.

Following the broader market, a late morning rally saw Litecoin move through to an intraday high $84.01 before easing back to $82 levels by the day’s end, the day’s high falling short of the first major resistance level at $86.04 and well short of the 23.6% FIB Retracement Level of $98 to continue supporting the extended bearish trend.

At the time of writing, Litecoin was up 0.29% to $83.2, with Litecoin recovering from a pullback to a morning low $82.45 that held well above the day’s first major support level at $81.14.

Litecoin’s recovery led to a morning high $83.40, which also left the day’s first major resistance level at $84.39 untested through the early part of the day.

For the day ahead, a move through $83.8 would support a run at the day’s first major resistance level at $84.39, while we would expect Litecoin to fall short of $85 levels, the extended bearish trend continuing to pin Litecoin back from any material gains.

Failure to move through to $84 levels in the early afternoon could see Litecoin slide to $81 levels to test the day’s first major support level at $81.14 before any recovery, sub-$80 support levels likely to remain untested for a 5th consecutive day.

Ripple Volatility Continues
Ripple’s XRP fell by 0.19% on Friday, following Thursday’s 2.42% fall, to end the day at $0.47727, the moves through the week seeing Ripple’s XRP up 3.84% for the current week.

Bucking the broader market trend, Ripple’s XRP went into reverse from the start of the day on Friday, sliding through the first major support level at $0.4612 to an intraday low $0.45809 before tracking the majors with a late morning rally to an intraday high $0.48467 that fell short of the day’s first major resistance level at $0.4993. Of greater significance on the day was Ripple’s XRP failing to break through to $0.50 levels for the first time since Tuesday’s $0.49775 high.

At the time of writing, Ripple’s XRP was down 0.75% to $0.47318, easing back from a start of the day $0.47823 high to a morning low $0.47108 from which Ripple’s XRP has failed to recover, the day’s moves leaving major support and resistance levels untested early on.

For the day ahead a move back through $0.4733 to the morning’s $0.47823 high would support a run at $0.48 levels to bring the first major resistance level at $0.4886 into play, though sentiment will need to improve for Ripple’s XRP to avoid a pullback to $0.46 levels to test the day’s first major support level at $0.4620, with $0.50 levels likely to be out of reach for the day.


author: Bob Mason
source: https://www.fxempire.com/forecasts/article/bitcoin-cash-litecoin-and-ripple-daily-analysis-07-07-18-514486