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

It’s a relatively positive start to the morning. Holding on to key levels will be material for direction later in the day, the bears waiting in the wings.

LIONBITBitcoin 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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TIPLitecoin 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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Author Bob Mason
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