BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS – 20/08/18
It’s a mixed start to the day across the majors, with Monday’s having been a testy time for investors of late. Things will likely liven up through the day.
Bitcoin Cash Settles
Bitcoin Cash gained 3.09% on Sunday, partially reversing Saturday’s 8.5% fall, to end the day at $571. Sunday’s moves left Bitcoin Cash flat for the week, Monday through Sunday, with Friday’s 16.8% rally all but a distant memory.
An early morning pullback saw Bitcoin Cash fall to an intraday low $539.7, steering clear of the first major support level at $521.47, before support kicked in through the afternoon, with Bitcoin Cash moving through to an intraday high $583 before easing back, the day’s high falling short of the first major resistance level at $597.57.
At the time of writing, Bitcoin Cash was down 0.5% to $568.1, with Bitcoin Cash pulling back from a start of a day morning high $576.8 to a low $567.3, the moves through the early hours leaving the major support and resistance levels untested.
For the day ahead, a move back through to $570 levels would support a run at $580 levels to bring the first major resistance level at $589.43 into play, though for Bitcoin Cash to break through to $580 levels, a hold on to $560 levels is going to be needed through the morning.
Failure to break back through to $570 levels could see Bitcoin Cash take a hit later in the day, with a slide through to sub-$560 levels bringing the day’s first major support level at $546.13 into play, before any recovery. We would expect Bitcoin Cash to hold above the major support level barring materially negative news hitting the wires.