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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/08/18

By:
Bob Mason
Published: Aug 17, 2018, 04:29 UTC

It's a positive start to the day for the majors, with a hold on to key levels needed to set up a weekend rally in the coming days.

Cryptocurrencies investments

Bitcoin Cash in Search of a Breakout

Bitcoin Cash gained 0.92% on Thursday, following 3 consecutive day’s in the red, to end the day at $515.9.

An early dip saw Bitcoin Cash fall to an intraday low $502.8, before rallying through the first major resistance level at $532.57 to a late morning intraday high $539.1, the day’s low holding above the first major support level at $494.27 and more importantly sub-$500 levels for a 2nd consecutive day.

Following a choppy afternoon Bitcoin Cash eased back to sub-$520 levels by the day’s end, with the day’s first major resistance level pinning Bitcoin Cash back from more material gains.

At the time of writing, Bitcoin Cash was up 3.08% to $531.7, with Bitcoin Cash rallying through the first major resistance level at $535.67 to an intraday high $539.8, before easing back, a start of a day $515 low steering well clear of the first major support level at $499.37.

For the day ahead a hold above $520 would support a second run at the day’s first major resistance level at $535.67 to bring $540 levels into play, though sentiment across the broader market will need to materially improve for Bitcoin Cash to break out from the first major resistance level later in the day.

Failure to hold on to $520 levels by the early afternoon could see Bitcoin Cash hit reverse, with any pullback through the start of the day $515 low bringing sub-$500 levels and the first major support level at $499.37 into play, though we would expect Bitcoin Cash to hold on to $500 levels barring materially negative news hitting the wires.

BCH/USD 17/08/18 Daily Chart

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Litecoin Makes a Move

Litecoin gained 1.89% on Thursday, partially reversing 3 consecutive days of declines, to end the day at $55.47.

Tracking the broader market, Litecoin slipped to a start of a day intraday low $54.13, steering well clear of the first major support level at $52.44, before hitting a late morning intraday high $57.68.

Coming within reach of the day’s first major resistance level at $57.88, Litecoin pulled back through the afternoon to $54 levels before recovering to $55 levels by the day’s end.

At the time of writing, Litecoin was up 1.68% to $56.4, with Litecoin tracking the broader market in the early hours, rising to a morning high $57.0 before easing back, the early high falling short of the first major resistance level at $57.39.

For the day ahead, a hold on to $56 levels would support a second run at the first major resistance level at $57.39, with market sentiment to then dictate whether $58 levels and the day’s second major resistance level at $59.31 will come into play, though with investors still quick to lock in profits, $58 levels may be as good as it gets in event of a major rally.

Failure to hold on to $56 levels could see Litecoin pullback through to sub-$55 levels to bring the first major support level at $53.84 into play, though sentiment will need to materially deteriorate for Litecoin to slide through $54 levels to test the day’s major support levels.

LTC/USD 17/08/18 Daily Chart

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Ripple still at sub-$0.30

Ripple’s XRP gained 4.71% on Thursday, following on from Wednesday’s 1.94% rise, to end the day at $0.29283.

A start of a day fall to an intraday low $0.2748 was the only bearish move of the day, with Ripple’s XRP steering clear of the first major support level at $0.2667. A mid-morning rally saw Ripple’s XRP break through the first major resistance level at $0.2980 to an intraday day high $0.30271 before easing back to sub-$0.30 levels late in the day.

For Ripple’s XRP, $0.30 continues to be the key resistance level, with plenty of support kicking in at sub-$0.28 levels as market sentiment improves following the market response to the SEC’s decision to delay the Bitcoin ETF approvals.

At the time of writing, Ripple’s XRP was up 1.49% to $0.29723, an early move seeing Ripple’s XRP fall short of the first major resistance level at $0.3054, with $0.30 levels continuing to deliver strong resistance.

For the day ahead, holding on to $0.29 levels would support a break through to $0.30 levels to test the day’s first major resistance level at $0.3054, with a breakout from $0.30 levels bringing the day’s second major resistance level at 0.318 into play.

Failure to break through to $0.30 levels could see Ripple’s XRP hit reverse later in the day, with a pullback to sub-$0.29 levels bringing the first major support level at $0.2775 into play, though we would expect Ripple’s XRP to steer clear of the day’s major support levels, barring materially negative news hitting the wires.

XRP/USD 17/08/18 Daily 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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