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

Bitcoin Cash in Search of $900

Bitcoin Cash gained 6.41% on Tuesday, following on from Monday’s 10.19% rally, to end the day at $852.8, 5-consecutive days of gains seeing Bitcoin Cash end the day at $800 levels for the first time since 22nd June.

Following a choppy start to the day, a mid-afternoon rally saw Bitcoin Cash break through the day’s first major resistance level at $834.47 to test the day’s second major resistance level at $871.23 with an intraday high $874.7 before pulling back to $850 levels.

While the recovery has been impressive at the start of the week, Bitcoin Cash has been here before and, continuing to fall short of the 23.6% FIB Retracement Level of $930 leaves the extended bearish trend intact, though a break through to $900 levels would signal the formation of a bearish trend reversal.

At the time of writing, Bitcoin Cash was up 1.81% to $868.2, with momentum from Tuesday driving Bitcoin Cash to a morning high $889.9, testing the first major resistance level at $890.8 before pulling back to $860 levels.

For the day ahead, a move back through to $880 levels would support another run at the first major resistance level at $890.8 to bring $900 levels into play for the first time since 21st June, a break through and hold at $900 affirming formation of a bearish trend reversal.

Failure to move back through to $880 levels could see Bitcoin Cash give up some of the morning’s gains, while we would expect any pullback to steer clear of the first major support level at $798.7.

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Litecoin Hits $90

Litecoin gained 6.47% on Tuesday, following on from Monday’s 6.16% rise, to end the day at $88.92, with 3 consecutive days of gains consolidating Litecoin’s recovery to $80 levels.

Tracking the broader market, Litecoin pulled back to a late morning intraday low $81.55 before find support from a broad based market rally that took Litecoin through the day’s first major resistance level at $85.63 and second major resistance level at 87.92 to an intraday high $90.07 before a late pullback to sub-$90 levels.

Falling short of the 23.6% FIB Retracement Level of $98 left the extended bearish trend intact, though a move back through and hold at $90 by the day’s end today would affirm the formation of a bearish trend reversal.

At the time of writing, Litecoin was up 2.38% to $91.1, with Tuesday’s rally driving Litecoin through the first major resistance level at $92.14 to a morning high $94.39 before pulling back to $91 levels.

For the day ahead, a move back through $93 would support a run at the first major resistance level at $95.37 to bring the 23.6% FIB Retracement Level of $98 into play, a hold at $90 levels by the day’s end bringing about the formation of a bearish trend reversal from 29th June’s swing lo $72.43.

Failure to move back through to $93 levels could see Litecoin pullback to test sub-$90 support levels, while we would expect Litecoin to steer clear of the first major support level at $83.62 on the day.

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Ripple Holds on to $0.50

Ripple’s XRP gained 5.09% on Tuesday, following Monday’s 7.09% rally, to end the day at $0.50704, its first day’s end at $0.50 levels since 22nd June’s $0.53265.

A relatively range bound morning saw Ripple’s XRP leave the day’s major support and resistance levels untested, before a mid-afternoon broad based market rally saw Ripple’s XRP break through the first major resistance level at $0.4952 and second major resistance level at 0.5120 to an intraday high $0.52132, before pulling back to $0.50 levels by the day’s end.

Breaking through and holding at $0.50 levels will give the bulls hope of a bearish trend reversal forming, though Ripple’s XRP will need to break through the 23.6% FIB Retracement Level of $0.5528 to affirm a reversal formation.

At the time of writing, Ripple’s XRP was up 1.44% to $0.51432, with Ripple’s XRP moving through to an early morning $0.52986 high to test the day’s first major resistance level at $0.5298, before pulling back to $0.51 levels.

For the day ahead, holding on to $0.50 levels through the morning will be key to support a second run at the first major resistance level, with Ripple’s XRP needing to break through the second major resistance level at $0.5528 to test the 23.6% FIB Retracement Level of $0.5528 for an affirmation of a bearish trend reversal formation.

Failure to make a move back through to $0.52 levels could see a pullback to test sub-$0.50 support levels, with the first major support level at $0.4785 in play in the event of a pullback through the morning’s $0.50578 low.

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This article was originally posted on FX Empire

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