Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/08/18

It’s red across the majors in the early hours, with investors making cautious moves as the SEC reviews its latest Bitcoin ETF rulings.
Bitcoin Cash Steadies

Bitcoin Cash gained 2.43% on Thursday, partially reversing Wednesday’s 3.43% fall, to end the day at $530.9.

A relatively range bound day, following some heightened volatility through the week, saw an early afternoon intraday low $512.5 and late in the day intraday high $534.9 steer clear of the day’s major support and resistance levels, to leave Bitcoin Cash down 7% for the current week.

At the time of writing, Bitcoin Cash was down 0.39% to $527.9, with Bitcoin Cash easing back from a start of a day morning high $531.5 to a morning low $526.2 before recovering, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $530 levels would support a run at the first major resistance level at $539.7 to bring $540 levels into play, though sentiment across the broader market will need to improve for Bitcoin Cash to reverse the early losses ahead of the weekend.

Failure to move back through to $530 levels could see Bitcoin Cash take a bigger hit later in the day, with a pullback to sub-$520 levels bringing the day’s first major support level at $517.3 into play, support from the SEC announcement to review the latest rejection of 9 Bitcoin ETFs likely to abate as the day wears on.

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Litecoin Trails Early

Litecoin rallied 3.91% on Thursday, more than reversing Wednesday’s 2% fall, to end the day at $57.37.

A relatively bullish day saw Litecoin move from a morning intraday low $55.01 to a late in the day intraday high $57.91. The moves through the day saw Litecoin steer clear of the first major support level at $53.1, while also falling short of the first major resistance level at $58.3, with Litecoin down by just 0.83% for the week, following Thursday’s gain.

At the time of writing, Litecoin was down 1.13% to $56.66, with Litecoin pulling back from a start of a day morning high $57.5 to a morning low $56.57, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to the morning high would support a run at $58 levels to bring the day’s first major resistance level at $58.52 into play, though with crypto bears taking control in the early hours, we can expect Litecoin to face stern resistance, a hold at above $56.76 through the morning needed to support a recovery.

Failure to move back through to $57 levels could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $56.57 bringing the day’s first major support level at $55.62 into play before any recovery, Litecoin looking to reverse Thursday’s late in the day recovery.

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Ripple in Recovery

Ripple’s XRP gained 2.53% on Thursday, partially reversing Wednesday’s 4.94% slide, to end the day at $0.32565.

A relatively range bound day saw Ripple’s XRP recover from a late in the day intraday low $0.31513 to an intraday high $0.32948 before easing back, the moves through the day leaving the major support and resistance levels left untested.

Ripple’s XRP partial recovery on Thursday cut the current week’s losses to 4.62%, while leaving the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 0.88% to $0.32277, with Ripple’s XRP easing back from a start of a day morning high $0.3258. The moves through the early hours left the day’s major support and resistance levels untested, with Ripple’s XRP tracking the broader market.

For the day ahead, a move through to $0.3234 would support a run at $0.33 levels to bring the day’s first major resistance level at $0.3317 into play, though we can expect Ripple’s XRP to face plenty of resistance at $0.33 levels through the morning.

Failure to move back through $0.3234 to take a run at $0.33 levels will likely weigh later in the day, with Ripple’s XRP likely to pullback through a morning low $0.32173 to bring $0.31 levels and the day’s first major support level at $0.3174 into play before any recovery, the day’s second major support level at $0.3091 likely to be left untested barring any further news from the SEC.

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