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

August 08, 2018 07:06:49




The cryptos are in free fall once more and if the ship doesn’t steady by late morning, there may well be more pain ahead.


Cryptocurrencies investments


Bitcoin Cash Slumps to mid-$600s


Bitcoin Cash tumbled by 4.92% on Tuesday, following on from Monday’s 2.61% fall, to end the day at $657.

A mid-morning rally saw Bitcoin Cash move back through to $700 levels, with an intraday high $713 before easing back, with the day’s first major resistance level at $712.5 pinning Bitcoin Cash back from any breakout in the early afternoon.

Bitcoin Cash slid through the late afternoon, a broad based news driven market sell-off pulling Bitcoin Cash through the first major support level at $673.7 and second major support level at $656.4 to an intraday low and new swing lo $645.6 before a partial recovery to $650 levels.

At the time of writing, Bitcoin Cash was down 4.51% as Tuesday’s late sell-off spilled into the early hours of this morning.

Bitcoin fell from a start of a day $657 high, through the first major support level at $630.07, to a new swing lo and morning low $626, the morning slide being seen across the broader market.

For the day ahead, a move back through the first major support level to $670 levels would support a recovery and bring the day’s first major resistance level at $698.47 into play, though with the negative sentiment weighing, we will expect major resistance levels to be left untested.

Failure to move back through $630 to $670 levels by the early afternoon could see Bitcoin Cash taken another hit later in the day, the day’s second major support level at $603.13 in play, with any pullback to sub-$610 levels bringing sub-$600 levels into play.

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Litecoin Hit Hard

Litecoin slumped by 8.52% on Tuesday, following Monday’s more modest 1.22% decline, to end the day at $67.34.

Tracking the broader market, a mid-morning rally saw Litecoin move through to an early afternoon intraday high $75.5 before easing back to $74 levels, the day high falling short of the first major resistance level at $76.22.

The late in the day sell-off saw Litecoin slide through the first major support level at $71.89 and second major support level at $70.03 to an intraday low and new swing lo $66.6 before recovering to $67 levels, the day’s moves reaffirming the extended bearish trend formed in early May.

At the time of writing, Litecoin was down 2.45% to $65.71, with a choppy start to the day seeing Litecoin succumb to the broader market sell-off and slide to a morning low and new swing lo $65.65, having recovered from a start of a day $65.69 low to $67 levels.

For the day ahead, a move back through to $67 levels would support a run at $69.81 to bring $70 levels and the first major resistance level at $73.03 into play, while the current sell-off and early Litecoin resilience could see a pullback through the first major support level at $64.13 to test support at $60, in the event that sentiment fails to improve later in the day.

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Ripple at $0.30 Levels

Ripple’s XRP tumbled by 8.52% on Tuesday, following on from Monday’s 4.88% slide, to end the day at $0.37807, the first visit to sub-$0.40 since prior to the famous December rally that saw Ripple’s XRP strike an all-time high $3.53.

A relatively range bound start to the day saw Ripple’s XRP ease back from a start of a day intraday high $0.41672 to $0.40 levels and hover through the afternoon before succumbing to the broad based market sell-off, the day’s first major resistance level at $0.4343 left untested through the day.

The late afternoon slide saw Ripple’s XRP tumble through the first major support level at $0.3981 and second major support level at $0.3823 to an intraday low and new swing lo $0.37258 before steadying late in the day.

At the time of writing, Ripple’s XRP was down 6.83% to $0.35248, Tuesday’s sell-off continuing into the early hours, with Ripple’s XRP sliding through the first major support level at $0.0.3615 to a morning low and new swing lo $0.34538, calling on support at the second major support level at $0.345.

For the day ahead, a move back through to $0.36 levels would support a run at $0.39, while sentiment across the broader market would need to materially improve for Ripple’s XRP to break back through to $0.40 levels to test the first major support level at $0.4057.

Failure to move back through to $0.36 levels could see Ripple’s XRP fall through the second major support level at $0.345 to bring the third major support level at $0.3008 and sub-$0.30 levels into play, though we would expect support to kick in before a pull-back to $0.29 levels.

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