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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/08/18

August 21, 2018 08:40:04

Cryptocurrencies in May – Month in Review

Bitcoin Cash Sinks

Bitcoin Cash tumbled by 10.27% on Monday, more than reversing Sunday’s 3.09% gain, to end the day at $512.

Falling short of the day’s first major resistance level at $589.43, Bitcoin Cash slid from an early morning intraday high $576.8 to a late in the day intraday low $506.4, the reversal seeing Bitcoin Cash fall through the first major support level at $546.13 and second major support level at $521.27 before steadying, support kicking in at $500 to prevent only a second visit to sub-$500 levels since before the December rally.

The moves through the day reaffirmed the extended bearish trend, with last Friday’s rally more of an anomaly that has been more than wiped out since.

At the time of writing, Bitcoin Cash was up 1.26% to $519.7, with Bitcoin Cash recovering from a start of a day morning low $510.3 to a morning high $523.9 before easing back, the moves through the day leaving the major support and resistance levels untested.

For the day ahead, a move through the morning high to $530 levels would support a run at the first major resistance level at $557.07, with Bitcoin Cash needing to hold on to $520 levels through the morning to support a move later in the day.

Failure to move through to $530 levels could see Bitcoin Cash pullback through the morning low $510.3 to test sub-$500 support levels, which managed to hold Bitcoin back from a slide to sub-$500 levels at the beginning of the week.

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Litecoin Deep in the Red

Litecoin slumped by 8.12% on Monday, following Sunday’s 0.8% rise, to end the day at $53.15, its lowest end of day price since November of last year.

Tracking the broader market, Litecoin slid from an early morning intraday high $58.55, through the first major support level at $56.51 and second major support level at $55.16 to an end of day intraday low $53.15, the day’s high falling short of the first major resistance level at $59.09.

Following Saturday’s sell-off, the cryptomarket got hit again with another Monday reversal, reaffirming the extended bearish trend formed at early May’s swing hi 182.35

At the time of writing, Litecoin was up 1.54% to $54.22, with Litecoin moving from a start of a day morning low $53.15 to a morning high $54.58 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a move through to $54.96 would support a run at the day’s first major resistance level at $56.74, though we can expect Litecoin to face plenty of resistance on the way though to $56 levels, investors quick to lock in profits. A hold at $54 levels through the morning will be a must to support a run later in the day.

Failure to move through $54.96 to $55 levels could see Litecoin pullback later in the day, with a fall through sub-$54 levels bringing the Monday’s low $53.19 and sub-$53 levels into play, while the day’s first major support level at $51.38 will likely be left untested barring materially negative news hitting the wires.

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Ripple Holds on to $0.30 Levels

Ripple’s XRP slid by 8.41% on Monday, more than reversing Sunday’s 4.53% gain, to end the day at $0.31421.

An early morning intraday high $0.35045 came up short of the first major resistance level at $0.3585, with a broad based market sell-off seeing Ripple’s XRP fall to a late morning low $0.32793 before recovering to $0.34 levels by late afternoon.

Market sentiment eventually took its toll, with Ripple’s XRP sliding through the first major support level at $0.3223 to a late in the day intraday low $0.31201, Ripple’s XRP managing to steer clear of the second major support level at $0.3019 and more importantly a return to sub-$0.30 levels.

At the time of writing, Ripple’s XRP was up 2.38% to $0.32163, with Ripple’s XRP bouncing back from a start of a day $0.31232 low to a morning high $0.32409 before easing back, the moves through the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high to $0.3256 would support a run at $0.33 levels to bring the first major resistance level at $0.3391 into play, though for Ripple’s XRP to make more material gains through the day, a move through $0.3256 would need to come in the earlier part of the day.

Failure to move through $0.3256 could see Ripple’s XRP go into reverse later in the day, with a pullback to sub-$0.32 levels likely to bring $0.30 levels into play, though for Ripple’s XRP to test the day’s first major support level at $0.3007, sentiment across the broader market will need to materially deteriorate.


Category: News

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