Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/08/18

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Bitcoin Cash in Reverse

Bitcoin Cash rallied 4.91% on Monday, reversing Sunday’s 2.29% loss with interest, to end the day at $549.6.

A morning move saw Bitcoin Cash come within reach of the first major resistance level at $535.33 with a morning high $534.7 before easing back. A relatively range bound afternoon saw Bitcoin Cash hover at around the $530 mark until a late in the day broad based market rally kicked in.

Bitcoin Cash rallied through the first major resistance level at $535.33 and second major resistance level at $546.47 to a late in the day intraday high $555 before pulling back to sub-$550 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 0.82% to $545.2, with an early pullback seeing Bitcoin Cash fall from a morning high $551.3 to a morning low $541.2, the moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $541.53 would support a run at $550 levels to bring $560 levels and the day’s first major resistance level at $563.07 into play, though sentiment across the broader market will need to improve to support a run at $560 levels later in the day, Bitcoin Cash tracking the broader market into the red early on.

Failure to hold on to $541 levels could see Bitcoin Cash pullback through to $530 levels to bring the first major support level at $528.07 into play before any recovery, any more material decline subject to the news wires through the day, the day’s second major support level at $506.53 unlikely to be tested on the day.

Litecoin Hits the $60s

Litecoin rallied 6.39% on Monday, reversing Sunday’s 1.55% decline, to end the day at $60.76, a first close at $60 levels since 17th August.

Tracking the broader market, Litecoin moved through to a morning high $58.26 to test the day’s first major resistance level at $58.19 before easing back to $57 levels. The hold on to $57 levels supported a late in the day rally that saw Litecoin break back through the first major resistance level at $58.19 and second major resistance level at $59.29 to an intraday high $61.14 before easing back, the day’s high coming within reach of the third major resistance level at $61.47.

At the time of writing, Litecoin was down 0.77% to $60.23, Litecoin falling to a start of a day morning low $59.76 before finding support to move back through to a morning high $61.06. While the day’s major support and resistance levels were left untested, Litecoin found support at sub-$60, while continuing to face resistance at $61.

For the day ahead, holding above $59.51 through the morning would support a recovery later in the day, with a move through the morning high $61.06 bringing $62 levels and the day’s first major resistance level at $62.39 into play.

Failure to hold above $59.51 could see Litecoin pullback to $58 levels to bring the day’s first major support level at $57.89 into play, with some profit taking off the back of Monday’s gains to be expected in the early part of the day, before support kicks in.

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Ripple Tracks the Majors

Ripple’s XRP gained 5.16% on Monday, more than reversing Sunday’s 1.4% fall, to end the day at $0.33935.

An early rally saw Ripple’s XRP break through the first major resistance level at $0.3281 to a morning high $0.33127 before easing back to $0.32 levels, a hold above $0.323 through to the late evening supporting an end of day rally to an intraday high $0.34016.

The late in the day broad based market rally saw Ripple’s XRP break through the second major resistance level at $0.3335 to come within range of the third major resistance level at $0.3439 before easing back to $0.33 levels, Ripple’s XRP having broken back through and held above the first major resistance level earlier in the day.

At the time of writing, Ripple’s XRP was down 0.28% to $0.33804, an early pullback to a morning low $0.33453 seeing Ripple’s XRP hold well above the day’s first major support level at $0.3271 before breaking through to $0.34 levels, with a morning high $0.34247.

For the day ahead, holding above $0.3336 would support another run at the day’s first major resistance level at $0.3459, to bring $0.35 levels into play, though for Ripple’s XRP to break out from the first major resistance level, a broad based market rally will need to be in full swing.

Failure to hold above $0.3336 could see Ripple’s XRP pullback to $0.32 levels, to call on support at the first major support level at $0.3271, with sentiment across the broader market to provide direction at sub-$0.33 levels.

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