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BREAKING:

$535B CANADA BUDGET PROJECTS $39.8B DEFICIT, AIMS TO RESTORE ECONOMIC FAIRNESS

It seeks to ease the housing and affordability crisis by making older, wealthier Canadians pay more

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/11/18

Bob Mason
Updated

Bitcoin Cash Hits Reverse

Bitcoin Cash fell by 2.04% on Wednesday, partially reversing a 12.3% gain on Tuesday, to end the day at $620.5.

In a relatively choppy day, Bitcoin Cash recovered from a start of a day intraday low $608.4 to strike an early afternoon intraday high $646.8, before pulling back to an afternoon low $610.5. The moves through the day leaving the major support and resistance levels untested, with Bitcoin Cash managing to move back through to $620 levels.

At the time of writing, Bitcoin Cash was down 5.25% to $587.9, with a particularly bearish start to the day seeing Bitcoin Cash slide from a morning high $625 to an early morning low $580 before steadying, the reversal seeing Bitcoin Cash fall through the day’s first major support level at $603.67 to call on support at the second major support level at $586.83.

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For the day ahead, a move back through to $600 levels would support a recovery through to the morning high $625, though with the broader market struggling, cutting the losses through the day with a break back through to $600 levels may be as good as it gets for the bulls.

Failure to move back through to $600 levels could see Bitcoin Cash give up more of the recent gains, with a fall back through the second major support level at $586.83 likely to bring $560 levels into play before any recovery, the third major support level at $548.43 unlikely to be tested barring particularly negative news hitting the wires.

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Litecoin Tracks the Market

Litecoin slid by 3.69% on Wednesday, reversing most of the 4.45% rise on Tuesday, to end the day at $53.82.

A start of a day intraday high $56.4 saw Litecoin come up short of the day’s first major resistance level at $56.74, with a bearish morning seeing Litecoin slide through the day’s first major support level to an early afternoon intraday low $53.3 before steadying through the remainder of the day.

At the time of writing, Litecoin was down 1.24% to $53.15, with Litecoin tracking the broader market through the early hours. A start of a day bounce to a morning high $54.45 came up short of the first major resistance level at $55.71, with a broad based sell-off pulling Litecoin to a morning low $52.68 before steadying, support at the first major support level at $52.61 kicking in to prevent heavier losses early on.

For the day ahead, a move back through the morning high $54.45 would be needed to support a move through to $55 levels to bring the day’s first major resistance level at $55.71 into play, though Litecoin would need to make a move in the early part of the day to support a bounce back from the early losses.

Failure to move back through the morning high could see Litecoin track Bitcoin Cash deeper into the red, a fall back through the morning low $52.68 likely to see Litecoin slide through the first major support level at $52.61 to call on sub-$52 support levels before any recovery.

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Ripple Hits the Brakes

Ripple’s XRP fell by 2.57% on Wednesday, partially reversing Tuesday’s 10.65% gain, to end the day at $0.54083.

A bearish start to the day saw Ripple’s XRP fall from a start of a day intraday high $0.55544 to a mid-morning intraday low $0.52837 before finding support through the afternoon to move back through to $0.54 levels. The moves through the day left the major support and resistance levels untested, while Ripple’s XRP continued to hold above the 38.2% FIB Retracement Level of $0.5225.

At the time of writing, Ripple’s XRP was down 4.75% to $0.51515, the bearish start to the day seeing Ripple’s XRP slide from a morning high $0.5463 to an early morning low $0.50964 before steading. The reversal saw Ripple’s XRP fall through the first major support level at $0.5277, 38.2% FIB Retracement Level at $0.5255 and second major support level at $0.5145 to come perilously close to sub-$0.50 levels.

For the day ahead a move back through the first major support level at $0.5277 would signal a possible 2nd half of a day recovery, with Ripple’s XRP needing to move through to $0.54 levels to support a run at $0.55 levels and the first major resistance level at $0.5547, though market sentiment and the news wires will need to be aligned to drive a recovery through the early afternoon.

Failure to move back through the first major support level could see Ripple’s XRP pullback through the morning low $0.50964 to call on support at $0.50, while we would expect Ripple’s XRP to avoid sub-$0.50 support levels on the day, barring dire news hitting the wires.

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This article was originally posted on FX Empire

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