Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/09/18

Bitcoin Cash Hits $600

Bitcoin Cash rallied by 14.1% on Saturday, following Friday’s 0.61% gain, to end the day at $618.9.

Bitcoin Cash steered clear of the day’s first major support level at $534.03, with a start of a day intraday low $541.2, as a broad based market rally kicked in, with Bitcoin Cash breaking through the day’s first major resistance level at $549.13 and the second major resistance level at $556.37 to a late morning high $572.

An early afternoon move saw Bitcoin Cash break through the day’s third major resistance level at $571.47 to an intraday high $633.3 before easing back, Bitcoin Cash hitting $600 levels for the first time since 18^th August.

At the time of writing, Bitcoin Cash was 5.51% to $653, with Bitcoin Cash managing to recover from a start of a day dip to a morning low $603, breaking through the day’s first major resistance level a $654.4 with a morning high $656.

For the day ahead, holding above the day’s first major resistance level at $654.4 would support a continued run that would bring the day’s second major resistance level at $689.9 into play, the crypto bulls eyeing $700 levels, though we can expect some profit taking before the weekend is out, with investors wary of possible negative news hitting the wires at the start of the week.

Failure to hold above $654.4 through the morning could see Bitcoin Cash take a hit later in the day, though we would expect sub-$600 support levels to be left untested, barring materially negative news hitting the wires.

Litecoin Steadies

Litecoin gained 6.95% on Saturday, following on from Friday’s 3.1% rise, to end the day at $66.45, its highest close since 7^th August.

Tracking the broader market, Litecoin moved from a start of a day intraday low $62.12 to a morning high $64.87, breaking through the day’s first major resistance level at $63.44 and second major resistance level at $64.74, with day’s first major support level at $60.19 left untested.

An early afternoon breakout saw Litecoin hit the day’s third major resistance level at $67.99, with an intraday high $67.96, before easing back in the final hours.

At the time of writing, Litecoin was down 0.26% to $66.30, with Litecoin sliding to an early morning low $64.52 before finding support, the day’s first major support level at $63.06 left untested early on.

For the day ahead, a move through a start of a day morning high $66.47 would support a run at $67 levels to bring the day’s first major resistance level at $68.9 into play, with Litecoin needing to hold on to $66 levels through the morning to support second half of a day rally.

Failure to hold on to $66 levels could see Litecoin slide back through $65.5 to bring the sub-$65 levels and the day’s first major support level at $63.06 into play. Holding above $65.5 through the early afternoon would be key to Litecoin avoiding a reversal of Saturday’s gains.

Ripple Makes a Splash

Ripple’s XRP gained 3.59% on Saturday, following Friday’s 0.09% rise, to end the day at $0.34703.

Bucking the trend across the broader market, Ripple’s XRP had a choppy morning, moving through the day’s first major resistance level at $0.3417 to a morning high $0.34406 before pulling back to $0.33 levels.

Tracking the broader market through the afternoon, Ripple’s XRP broke back through the first major resistance level and the second major resistance level at $0.3483 to an intraday high $0.354 before pulling back to $0.34 levels in the final part of the day.

At the time of writing, Ripple’s XRP was down 0.77% to $0.34455, with Ripple’s XRP sliding to a start of a day morning low $0.3377 before recovering, the morning low holding above the day’s first major support level at $0.3365.

For the day ahead, a move through $0.3453 would support a run at a start of a day morning high $0.34721 to bring $0.35 levels and the day’s first major resistance level at $0.3558 into play, a reversal of the morning’s slide providing the crypto bulls with some hope of a second half of a day recovery, while some profit taking off the back of 2-consecutive days of gains may limit the upside later in the day.

Failure to move through and hold above $0.3453 could see Ripple’s XRP pullback through the morning low $0.3377 later in the day, with the day’s first major support level at $0.3365 and sub-$0.33 levels in play should the broader market fail to track Bitcoin Cash into positive territory.

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