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

Bitcoin Cash Struggles Continue

Bitcoin Cash fell by 4.79% on Saturday, following Friday’s 4.42% decline, to end the day at $473.3, the latest slide making it 6 consecutive days in the red.

A range bound first half of the day saw Bitcoin Cash fall well short of the day’s first major resistance level at $519.83, with an intraday high $506.6 before taking a hit in the late afternoon. Bitcoin Cash fell through the day’s first major support level at $483.23 and second major support level at $469.37 to an intraday low and new swing lo $463 before a partial recovery late in the day.

At the time of writing, Bitcoin Cash was down 2.04% to $464, with support late in the day on Saturday unable to fend off the continued reversal in the early hours. Falling from a start of a day morning high $473.7, Bitcoin Cash fell to a morning low $463, matching Saturday’s new swing lo before steadying.

For the day ahead, a move back through the morning high $473.7 to $480 levels would support a run at the day’s first major resistance level at $498.93 to bring $500 levels into play, though sentiment across the broader market towards next week’s EU gathering will need to materially shift for any recovery later in the day.

Failure to move back through the morning high to $480 levels could see Bitcoin Cash take a bigger hit later in the day, with a fall back through the morning low $463 bringing the day’s first major support level at $455.33 into play. A continued sell-off would bring sub-$450 levels into play, the bears in full control ahead of the EU gathering that has cryptos high on the agenda.

Litecoin Eyeing sub-$50

Litecoin slid by 4.25% on Saturday, following Friday’s 3.36% fall, to end the day at $53.2, the day’s decline a 5^th day in the red for the current week.

Upward momentum through the first half of the day saw Litecoin move through to a late morning intraday high $57.28, falling short of the day’s first major resistance level at $57.98, before a broad based market sell-off. Litecoin slid through the day’s first major support level at $54.06 and second major support level at $52.58 to an intraday low $51.77 before moving back through to $53 levels.

At the time of writing, Litecoin was down 1.48% to $52.41. Tracking the broader market, Litecoin slipped from a start of a day morning high $53.25 to a morning low $52.17 before steadying, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $53.25 to $54 levels would support a run at $55 levels, while the day’s first major resistance level at $56.4 will likely remain untested, market sentiment likely to see Litecoin struggle to break out from $55 levels in the event of a reversal of the morning’s losses.

Failure to move through to $54 levels could see Litecoin take heavier losses later in the day, with a fall back through the morning low $52.17 bringing the day’s first major support level at $50.89 into play, with sub-$50 levels a target for the crypto bears.

Ripple On the Ropes

Ripple’s XRP fell by 3.58% on Saturday, following Friday’s 4.87% slide, to end the day at $0.27677, the day’s pullback marking a 6^th consecutive day in the red.

Tracking the broader market, Ripple’s XRP moved through to a late morning intraday high $0.29396 before getting hit by the broad based market sell-off in the late afternoon, the day’s high falling short of the first major resistance level at $0.3006.

The late afternoon sell-off saw Ripple’s XRP fall through the day’s first major support level at $0.2771 to an intraday low $0.27249 before finding support, while unable to move back through the first major support level by the day’s end.

At the time of writing, Ripple’s XRP was down 1.55% to $0.27250. Bucking the trend across the broader market, Ripple’s XRP moved through to an early morning high $0.278 before hitting reverse, the broad based market sell-off seeing Ripple’s XRP fall to a morning low $0.27075 before steadying.

For the day ahead, a move back through the morning high $0.278 to $0.28 levels would support a run at the day’s first major resistance level at $0.2897, though a move through to $0.28 levels would be needed in the first half of the day to support some upside later in the day.

Failure to move through to $0.28 levels could see Ripple’s XRP fall deeper into the red, with the day’s first major support level at $0.2682 and sub-$0.25 levels in play later in the day.

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