Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/07/18

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Bitcoin Cash Slides Again

Bitcoin Cash gained 2.9% on Wednesday, partially reversing Tuesday’s 5.77% slide, to end the day at $705.6.

Following three consecutive days of losses, it was a relatively range bound day, with an afternoon intraday low $683 holding above the day’s first major support level at $669.13 and a late in the day intraday high $712.5 fall short of the first major resistance level at $721.13, the positive for the day being a late move back through to $700 levels.

At the time of writing, Bitcoin Cash was down 4.12% to $676.9, with the crypto bears back in control following Wednesday’s respite.

A morning high $706 at the start of the day fell short of the first major resistance level at $717.73, with a broad based market sell-off through the morning seeing Bitcoin Cash slide through the day’s first major support level at $688.23 to a morning low $673.7.

For the day ahead, a move back through to $700 would signal a shift in market sentiment, supporting a run at the day’s first major resistance level at $717.73, though we would expect Bitcoin Cash to face plenty of resistance at $700.

Failure to break back through to $700 levels could see Bitcoin Cash pullback to test the day’s second major support level at $670.87 before any recovery, with Bitcoin Cash likely to end the day at sub-$700 levels for just the second time this month.

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Litecoin Takes a Hit

Litecoin rallied 3.13% on Wednesday, partially reversing Tuesday’s 5.59% slide, to end the day at $78.33.

Bucking the trend, a rally through the morning saw Litecoin break through the day’s first major resistance level at $79.49 to hit an intraday high $80.84, before pulling back to $78 levels by the day’s end, Litecoin failing to hold on to $80 levels for a second consecutive day.

At the time of writing, Litecoin was down 4.08% at $75.15, with a start of the day $78.35 high falling short of the day’s first major resistance level at $80.95 and, more importantly, $80 levels, before the broad based market sell-off kicked in.

Litecoin fell through the day’s first major support level at $75.59 to a morning low $74.5 by mid-morning, before recovering to $75 levels, Litecoin managing to hold above the day’s second major support level at $72.86.

For the day ahead, a move back through $78.22 would support a run at $80 levels and the day’s first major resistance level at $80.95, with sentiment across the broader market needing to improve for Litecoin to break through $80 resistance levels later in the day.

Failure to move back through to $78 levels could see Litecoin pullback further to bring the day’s second major resistance level at $72.86 into play before any recovery, with Litecoin likely to end the day at sub-$80 levels.

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Ripple Splashes Out

Ripple’s XRP gained just 1.83% on Wednesday, partially reversing Tuesday’s 6.36% slide, to end the day at $0.44155.

A relatively range bound day saw Ripple’s XRP pullback to an intraday low $0.43998 in the early hours before moving through to a late morning intraday high $0.4515, the day’s moves leaving the major support and resistance levels untested and Ripple’s XRP at sub-$0.50 levels for a 6th consecutive day.

At the time of writing, Ripple’s XRP was down 3.53% to $0.43408, with a move at the start of the day to a morning high $0.45007 the only bullish move of the morning, Ripple’s XRP falling short of the first major resistance level at $0.454 before the broad based market sell-off kicked in.

Ripple’s XRP slide to a morning low $42.98, calling on support at the third major support level at $0.424, after pulling back through the day’s first major support level at $0.4425 and second major support level at $0.4355, to recover to $0.43 levels.

For the day ahead, a move back through to $0.44 levels would support a run at the day’s first major resistance level at $0.454, though with the negative sentiment weighing on Ripple’s XRP, we will expect plenty of resistance at $0.45 that will pin Ripple’s XRP back at $0.44 levels in the event of an afternoon recovery.

Failure to move back through to $0.44 levels could see Ripple’s XRP pullback through to sub-$0.43 levels to test the third major support level at $0.424 before any recovery through the latter part of the day.

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