Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/07/18

Bob Mason

Updated Sat, Jun 30, 2018, 9:47 PM

Bitcoin Consolidates

Bitcoin Cash gained 4.35% on Saturday, following Friday’s 9.08% recovery, to end the day at $747.7, taking Bitcoin Cash into positive territory for the week, up 0.08%.

Friday’s late rally continued into the early hours of Saturday, with Bitcoin Cash breaking through the day’s first major resistance level at $756.37 to a morning high $787.4, before easing back to $750 levels through the morning.

An afternoon pullback saw Bitcoin Cash fall to an intraday low $722.3, holding above the first major support level at $717.53, before recovering late in the day to consolidate Friday’s gains with interest.

At the time of writing, Bitcoin Cash was down 2.69% to $727.8, with the late Saturday recovery reversing in the early hours, Bitcoin Cash pulling back from a start of the day $753.2 high to a morning low $727.7, the morning’s moves leaving major support and resistance levels untested.

For the day ahead a move back through $752.47 would support a run at the day’s first major resistance level at $782.63, though following two consecutive days’ of gains, some profit taking would be expected going into Monday, the extended bearish trend still intact in spite of the recent gains.

Failure to move back through $752.47 to take a run at $780 levels could see Bitcoin Cash pullback through the day to test the first major support level at $717.53, with sentiment across the broader market to dictate whether sub-700 support levels would be tested before any recovery.

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Litecoin Tracks the Market

Litecoin gained 2.62% on Saturday, following Friday’s 6.52% rise, to end the day at $81.01, taking Litecoin into positive territory for the week, up 0.51%.

Following the broader market, an early rally saw Litecoin move through the day’s first major resistance level at $82.24 to a morning high $84.5, before easing back to $82 levels through the morning.

An early afternoon pullback saw Litecoin ease back to sub-$80 levels before an end of day recovery to $81 levels, a start of the day intraday low $78.94 having held well above the day’s first major support level at $74.18.

At the time of writing, Litecoin was down 1.42% to $79.86, with Litecoin pulling back from a start of the day $81.39 high to a morning low $79.53, a reversal of Saturday’s end of day recovery leaving Litecoin back at sub-$80 levels, while the day’s moves left the first major support and resistance levels untested early on.

For the day ahead a move through $81.48 would support a run at the first major resistance level at $84.03, though for Litecoin to break through to $84 levels, buyers will need to jump back in early for Litecoin to avoid an end of week reversal.

Failure to move through $81.48 to take a run at the first major resistance level could see Litecoin take a bigger hit later in the day, with a pullback through the day’s first major support level at $78.47 in play before any recovery, the key for the Litecoin bulls being to end the day at $80 levels.

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Ripple Fails to Impress

Ripple’s XRP gained 2.95% on Saturday, following Friday’s 2.65% rise, to end the day at $0.4685, leaving Ripple’s XRP down 1.6% for the current week.

An early in the day rally took Ripple’s XRP through the day’s first major resistance level at $0.4725 and second major resistance level at $0.4897 to an intraday high $0.4932, before easing back through the second major resistance level to hover around the first major resistance level through the remainder of the morning, the day’s first major support level at $0.4310 left untested with a start of the day intraday low $0.45412.

At the time of writing, Ripple’s XRP was down 2.96% to $0.45464, with a start of the day move through to a morning high $0.47275 reversing to a morning low $0.45171 before steadying, the morning low holding just above the first major support level at $0.4510, while the morning’s high fell well short of the first major resistance level at $0.4891.

For the day ahead, a move back through $0.4716 would support a run at $0.48 levels to bring the day’s first major resistance level into play, though for Ripple’s XRP to break through $0.4891 into $0.49 levels, sentiment will need to materially improve across the broader market.

Failure to recover through $0.4716 to $0.48 levels could see Ripple’s XRP pullback through the first major support level at $0.4510 later in the day to bring the second major support level at $0.4335 into play before any recovery, though we would expect Ripple’s XRP to find strong support at sub-$0.45 levels.