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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/08/18

August 12, 2018 10:34:29

Bitcoin Cash Finds Support Early

Bitcoin Cash fell by 1.07% on Saturday, following on from Friday’s 6.33% slide, to end the day at $563.8.

An early morning slide saw Bitcoin Cash fall through the day’s first major support level at $545.93 to an intraday low and new swing lo $536, before recovering to $550 levels, a late in the day rally seeing Bitcoin Cash hit an intraday high $583.1, the day’s high falling short of the first major resistance level at $602.93.

At the time of writing, Bitcoin Cash was up 1.38% to $570.5, recovering from an early dip to a morning low $553.9, with move through to an early morning $577.9 high before easing back, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move back through to $577.9 levels would support another run at the day’s first major resistance level at $581.3, with any improved sentiment across the broader market likely to bring the day’s second major resistance level at $598.8 into play, though it’s going to need to be quite a rally for Bitcoin Cash to take a run at $600 levels.

Failure to hold above $565 levels through the early morning and move back through the early high to $580 levels could see Bitcoin Cash cough up early gains, with a pullback through the morning low $553.9 bringing the first major support level at $548.1 into play, sub-$540 support levels unlikely to be tested in the event of a sell-off.

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Litecoin Looking for $60 Levels

Litecoin fell by 1.73% on Saturday, following Friday’s 6.25% slide, to end the day ate $58.11.

Tracking the broader market, Litecoin slipped through the first major support level at $57.04 to an early intraday low and new swing lo $55.13, before a late afternoon recovery led Litecoin to an intraday high $60.3.

Litecoin fell short of the day’s first major resistance level at $62.3, with resistance at $60 leaving Litecoin back at sub-$60 levels by the day’s end, the extended bearish trend firmly intact.

At the time of writing, Litecoin was up 2.65%, a weekend rally in full swing in the early hours.

Recovering from a start of a day $57.35 low, Litecoin rallied to an early morning $59.99 high before easing back, Litecoin facing plenty of resistance at $60 and the day’s first major resistance level at $60.58.

For the day ahead, a move back through to $58 levels would support another run at $60 levels, though there’s going to need to be a strong rally across the broader market for Litecoin to break out from the day’s first major resistance level at $60.58 to avoid a sub-$60 level end to the weekend.

Failure to beak back through to $58 levels could see Litecoin pullback through the morning low $57.45 to bring the day’s first major support level at $55.39 into play, the downward trend on intraday lows expected to continue should the markets reverse later in the day.

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Ripple Back into the $0.30s

Ripple’s XRP slumped by 6.49% on Saturday, following a 7.22% tumble Friday, to end the day at $0.29748.

A bearish start to the day saw Ripple’s XRP slide through the first major support level at $0.3040 to an early afternoon intraday low and new swing lo $0.28737 before recovering back through to $0.30 levels, Ripple’s XRP finding support at the day’s second major support level at $0.2887.

Negative sentiment across the broader market ultimately weighed, with Ripple’s XRP pulling back to sub-$0.30 levels by the day’s end, with the moves in the last week seeing Ripple’s XRP go full circle to pre-December 2017 rally levels.

At the time of writing, Ripple’s XRP was up 1.51% to $0.30301, with Ripple’s XRP recovering from a start of a day dip to a morning low $0.2938 to a morning high $0.30652 before easing back.

Moves through the early part of the day left major support and resistance levels untested, while Ripple’s XRP was able to hold on to $0.30 levels in the early hours.

For the day ahead, a hold above $0.3023 through the morning would support a run at $0.31 levels to bring the first major resistance level at $0.3172 into play, while we would expect some profit taking to pin back any breakout from $0.3172 to bring $0.33 levels and the second major resistance level at $0.3368 into play.

Failure to hold on to $0.3023 and take a run at $0.31 levels could see Ripple’s XRP pullback through the early morning low $0.2939 to bring the first major support level at $0.2826 into play, with a broad market sell-off likely to see Ripple’s XRP at $0.27 levels before any recovery.

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