Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/09/18

Bitcoin Cash Sees Red

Bitcoin Cash rallied by 5.33% on Sunday, following on from Saturday’s 14.1% surge, to end the week up 24.4%.

Bucking the trend across the broader market, Bitcoin Cash rallied through to an early morning intraday high $660.7, the morning move seeing Bitcoin Cash break through the first major resistance level $654.4 before easing back to a relatively range bound afternoon, Bitcoin Cash managing to hold on to the early gains in spite of losses elsewhere across the cryptomarket.

At the time of writing, Bitcoin Cash was down 1.93% to $639.1, with Bitcoin Cash pulling back from a start of a day morning high $657.2 to a morning low $629.2 before steadying, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, holding above $638.5 would support a run back through the morning high $657.2 to bring $660 levels and the day’s first major support level at $674.07 into play, though sentiment across the broader market will need to materially improve to support a run at $670 levels.

Failure to hold above $638.5 could see Bitcoin Cash slide back through the morning low $629.2 to bring the day’s first major support level at $616.37 into play, while sub-$600 support levels will unlikely be tested through the day, barring materially negative news hitting the news wires.

Litecoin Feeling the Monday Blues

Litecoin slipped by 0.36% on Sunday, following Saturday’s 6.95% rally, to end the week up 16% to $66.23.

An early morning rally saw Litecoin recover from an early dip to an intraday high $66.85 before hitting reverse to a late morning intraday low $64.1, the moves through the day leaving the major support and resistance levels untested.

Support through the afternoon limited Litecoin’s losses for the day, with Litecoin moving back through to $66 levels by the day’s end.

At the time of writing, Litecoin was down 1.3% to $65.37, with Litecoin tracking the broader market through the early hours, pulling back from a start of a day high $66.51 to a morning low $64.85 before moving back through to $65 levels.

While steering clear of the first major resistance level at $67.35, Litecoin came within reach of the first major support level at $64.6 in the early hours.

For the day ahead, a move and hold above $65.8 would support a move through $66 levels and the morning high, to bring the first major support level at $67.35 into play, though we can expect Litecoin to face plenty of resistance on a run at $67 levels on the day.

Failure to move back through to $65.8 and hold through the morning could see Litecoin take a bigger hit later in the day, with the day’s first major support level at $64.6 and $63 levels in play through the second half of the day should the broader market not find support through the morning.

Ripple Slides Back

Ripple’s XRP fell by 1.45% on Sunday, partially reversing Saturday’s 3.59% gain, to end the week up 6% to $0.34199.

A choppy day saw Ripple’s XRP recovery from a start of a day reversal to hit a mid-morning intraday high $0.34982 before sliding back to an early afternoon intraday low $0.336 to call on support at the day’s first major support level at 0.3365.

Ripple’s XRP managed to avoid a more material pullback through the afternoon, with sub-$0.34 support levels kicking in to see Ripple’s XRP partially recover the first half of a day losses.

At the time of writing, Ripple’s XRP was down 0.66% to $0.33983, with Ripple’s XRP succumbing to the start of a week reversal, falling from a start of a day morning high $0.34427 to a low $0.33819, the early moves seeing the day’s major support and resistance levels left untested.

For the day ahead, a move back through to $0.34 levels and hold would support a run at the day’s first major resistance level at $0.3492 to bring $0.35 levels into play, though some early profit taking off the back of last week’s gains will need to ease off through the morning to support an afternoon recovery.

Failure to move back through to $0.34 levels could see Ripple’s XRP take a bigger hit later in the day, with the day’s first major support level at $0.3354 very much in play, while any pullback to sub-$0.33 levels to test the day’s second major support level at $0.3288 will be dependent upon sentiment across the broader market through the afternoon.

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