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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/07/18

By:
Bob Mason
Published: Jul 21, 2018, 04:08 UTC

It's a bad start to the weekend, with only a few majors in positive territory as the bears regained control. A weekend rally would restore confidence.

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Bitcoin Cash Back with the Bears

Bitcoin Cash slid by 7.08% on Friday, following a 0.24% fall on Thursday, to end the day at $765.6.

Off the back of 3 consecutive days in the red, Bitcoin Cash was up just 5.76% for the week, Monday through Friday.

An intraday high $823.9 came at the start of the day, which fell short of the first major resistance level at $843.1, with a broad based market reversal seeing Bitcoin Cash slide through the day’s first major support level at 803.6 and second major support level at $784.8 to an intraday low $760 late in the day.

The pullback left the extended bearish trend intact, with Bitcoin Cash failing to end the day at $800 levels for the first time since Monday.

At the time of writing, Bitcoin Cash was down 0.49% to $761.8, with Friday’s reversal continuing into the early hours of this morning, Bitcoin Cash falling through the first major support level at $742.43 to a start of the day $740 low before recovering to $760 levels.

For the day ahead, a move through $783.17 would support a run back through to $800 levels to bring the first major resistance level at $806.33 into play, with a weekend rally needed to restore confidence following the second half of the week reversal, though we will expect plenty of resistance at $800.

Failure to move through to $780 levels could see Bitcoin Cash pullback through the first major support level to bring the day’s second major support level at $719.27 into play should sentiment not improve through the afternoon, the bears firmly in control at the start of the weekend.

BCH/USD 21/06/18 4-Hourly Chart

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Litecoin Heads South

Litecoin fell by 5.12% on Friday, following Thursday’s 0.17% decline, to end the day at $81.73, with 3 consecutive days of decline leaving Litecoin up just 4.1% for the week.

A reversal through the entire day saw Litecoin slide through the first major support level at $84.46 and second major support level at $82.79 to an intraday low $81, with a brief spike in the early afternoon seeing Litecoin hit an intraday high $86.61 that fell short of the first major support level at $88.35 and more importantly failed to gain traction following losses through the morning.

At the time of writing, Litecoin was down 1.04% to $80.87, with Litecoin sliding to a start of the day morning low $79.77 to come within reach of the day’s first major support level at $79.62 before moving back through to $80 levels, the pullback to sub-$80 the first since Monday’s $77.8 low.

For the day ahead, a move through $83.11 would support a run at the first major resistance level at $85.23, while $90 levels will likely remain out of reach through the day, leaving the extended bearish trend intact.

Failure to move through to $83 levels could see Litecoin pullback to test sub-$80 support levels, with the day’s second major support level at $77.5 in play should sentiment not improve through the late morning.

LTC/USD 21/07/18 4-Hourly Chart

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Ripple Joins the Mass Sell-Off

Ripple’s XRP slid by 6.35% on Friday, following Thursday’s 2.1% fall, to end the day at $0.44585, with 3 consecutive days of losses leaving Ripple’s XRP down 0.22% for the current week.

Following the broader market, Ripple’s XRP pulled back from a start of the day intraday high $0.478 to a late afternoon intraday low $0.42459, sliding through the major support levels before breaking back through the third major support level at $0.4299 and second major support level at $0.4559 to days ending $0.44585.

The moves through recent days reaffirmed the extended bearish trend formed at late April’s swing hi $0.97181, the only positive for the day being a hold above 29th June’s swing lo $0.4234.

At the time of writing, Ripple’s XRP was up 1.26% to $0.44895, the early moves seeing Ripple’s XRP buck the broader market trend.

An early morning $0.45665 high saw Ripple’s XRP come up short of the first major support level at $0.4744 before pulling back to $0.44 levels, with a start of the day morning low $0.43362 seeing the day’s first major support level at $0.4210 also left untested.

For the day ahead, a move through $0.4495 to $0.45 levels would support another run at the first major resistance level at $0.4744, to bring $0.50 levels back into play, though sentiment across the broader market will need to improve for Ripple’s XRP to break out from $0.47 levels later in the day.

Failure to move through to $0.47 levels could see Ripple’s XRP give up the morning gain to bring the day’s first major support level at $0.421 into play before any recovery, ending the day at $0.50 levels unlikely with the bearish trend intact.

XRP/USD 21/07/18 4-Hourly Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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