Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/08/18

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Bitcoin Cash Tumbles Again

Bitcoin Cash slid by 6.33% on Friday, more than reversing Thursday’s 3.31% gain, to end the day at $569.9, with 4 losses in 5 leaving Bitcoin Cash down 19.7% for the week.

Thursday’s late pullback continued into Friday, with Bitcoin Cash on a downward trend through the most of the day, while steering clear of major support levels, before a late in the day sell-off saw Bitcoin Cash slide through the first major support level at $583.73 to an intraday low $555, testing the day’s second major support level at $558.87.

A late partial recovery was of little comfort, with the Bitcoin Cash striking a new swing lo, while leaving the day’s major resistance levels untested.

At the time of writing, Bitcoin Cash was down 2.51% to $555.8, with Bitcoin Cash falling from a start of a day morning high $571.1 to a morning low and new swing lo $555 before steadying, the continuation from Friday’s sell-off testing the more resilient crypto investor.

For the day ahead, a move through to $579 would support a run at $600 levels to bring the first major resistance level at $602.93 into play, though for Bitcoin Cash to recover the morning’s losses, holding on to $550 levels will be key.

Failure to recover from the early losses through the morning could see Bitcoin Cash take another tumble later in the day, with a fall through to sub-$550 levels bringing the day’s first major support level at $545.93 into play.

How low Bitcoin Cash goes will be dependent upon the broader market, though we would expect Bitcoin to steer clear of the second major support level at $521.97.

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Litecoin Hits the $50s

Litecoin fell by 6.25% on Friday, reversing Thursday’s 1.48% gain with interest, to end the day at $59.14. Four days in the red out of five left Litecoin down 20.8% for the week and at sub-$60 for the first time since last November.

 

Following the broader market, Litecoin moved in reverse through most of the day, whilst managing to steer clear of sub-$60 levels and the day’s first major support level until a late in the day sell-off saw Litecoin slide through the first major support level at $60.59 to an intraday low and new swing lo $58.1.

A start of the day $63.36 high came up short of the first major resistance level at $65.48, with the bearish trend firmly intact.

At the time of writing, Litecoin was down 2.72% to $57.53, Litecoin falling through the first major support level at $57.04 to an early morning low and new swing lo $56.5.

For the day ahead, a move back through a morning high $59.19 would support a run through to $60 levels to bring the first major resistance level at $62.3 into play, though Litecoin will likely face plenty of resistance at $60, with $62 levels likely to be a step too far.

Failure to move back through the morning high could see Litecoin pullback through the first major support level at $57.04 to bring the second major support level at $54.94 into play, the bears now eyeing sub-$50 levels.

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Ripple Back Eyeing sub-$0.30

Ripple’s XRP fell by 7.22% on Friday, more than reversing Thursday’s 3.95% gain, to end the day at $0.31922, with heavy losses through the week leaving Ripple’s XRP down $26.6% to the end of Friday.

A relatively range bound morning saw Ripple’s XRP steer clear of the day’s first major support level at $0.3278, with a late afternoon broad based market sell-off doing the damage, Ripple’s XRP sliding through the first major support level at $0.3278 and second major support level at $0.3115 to an intraday low and new swing lo $0.31072.

The moves through the day reaffirmed the extended bearish trend formed back at late April’s swing hi $0.97181, with the crypto bulls facing a stern test in the late summer.

At the time of writing, Ripple’s XRP was down 4.22% to $0.30479, with Ripple’s XRP sliding to an early morning low and new swing lo $0.30059, calling on support at the first major support level at $0.3040.

For the day ahead, a move back through to $0.32 levels would support a run at the first major support level at $0.3413, though we can expect Ripple’s XRP to face plenty of resistance at $0.32 and on any run at $0.33 levels.

Failure to recover from the morning losses to $0.32 levels could see Ripple’s XRP take an even bigger hit later in the day, with sub-$0.30 levels now firmly in play, though we will expect Ripple’s XRP to steer clear of the second major support level at $0.2887.

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