Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/09/18

Bitcoin Cash Resumes Recovery

Bitcoin Cash fell by 3.84%, partially reversing Thursday’s 7.42% relief rally, to end the day at $445.9, the moves through the week leaving Bitcoin Cash down 7.39%, Monday through Friday.

 

A positive start to the day saw Bitcoin Cash move through to an intraday high $476.2, before pulling back, the day’s high falling short of the first major resistance level at $484.13. A sell-off through the late morning led Bitcoin Cash to an early afternoon intraday low $439.2, steering clear of the day’s first major support level at $438.03 before a partial recovery.

 

At the time of writing, Bitcoin Cash was up 0.55% to $449.5, with Bitcoin moving from a start of a day low $445.9 to a morning high $457.4 before easing back, the day’s major support and resistance levels left untested.

 

For the day ahead, moving back through the morning high would support a run at $460 levels to bring the day’s first major resistance level at $468.33 into play, though Bitcoin Cash will need to move through and hold above $453 in the early part of the day to support the beginnings of a weekend rally.

 

Failure to move back through to $450 levels could see Bitcoin Cash hit reverse later in the day, with a pullback through the morning low $445.9 brining sub-$440 levels and the day’s first major support level at $431.33 into play, though we would expect Bitcoin Cash to steer clear of the day’s major support levels barring materially negative news hitting the wires.

 

Litecoin Bucks the Trend

Litecoin gained 2.99% on Friday, following Thursday’s 5.83% rally, to end the day at $56.23, two consecutive days of gains leading Litecoin into positive territory for the week, Litecoin up 2.42% Monday through Friday.

 

A relatively choppy start to the day saw Litecoin pullback from a morning high $55.01 to an early afternoon intraday low $52.92 before finding support, the day’s low steering clear of the first major support level at $52.27. Litecoin rebounded through afternoon, breaking through the day’s first major resistance level at $56.27 and second major resistance level at $57.94 to an intraday high $58.9, before easing back to $56 levels, Litecoin bucking the trend across the broader market on the day.

 

At the time of writing, Litecoin was up 0.37% to $56.54, with Litecoin tracking the broader market in the early hours, rising to a morning high $57.82 before easing back, the morning’s low $56.05 coming at the start of the day.

 

For the day ahead, holding on to $56 levels through the morning would support another run at $58 levels, to bring the day’s first major resistance level at $59.11 into play, though we would expect Litecoin to struggle to break through to $59 levels on the day.

 

Failure to hold on to $56 levels through the morning could see Litecoin pullback through the morning low $56.05 to bring sub-$55 levels into play, while Litecoin will likely steer clear of the day’s first major support level at $53.13, barring particularly negative news hitting the wires.

 

Ripple on the Defensive

Ripple’s XRP slipped by 1.18% on Friday, partially reversing Thursday’s 3.5% gain, to end the day at $0.27618, the Friday pullback leaving Ripple’s XRP down 0.34% for the week, Monday through Friday.

A bullish start to the day saw Ripple’s XRP move through to an early morning intraday high $0.28523, the day’s high coming within reach of the day’s first major resistance level at $0.2877 before pulling back, a late morning reversal seeing Ripple’s XRP fall to an early afternoon intraday low $0.271.

 

Recovering to an afternoon high $0.28213, Ripple’s XRP was unable to hold on to gains by the day’s end, with Ripple’s XRP now having failed to close out at $0.28 levels since 7^th September.

 

At the time of writing, Ripple’s XRP was up 0.53% to $0.27745. Moves through the early morning left the day’s major support and resistance levels untested, with Ripple’s XRP hitting a morning high $0.28 before easing back to hold just above a start of a day morning low $0.27599.

 

For the day ahead, holding above $0.275 through the morning would support another run at $0.28 levels to bring the first major resistance level at $0.2839 into play, with any broad based market rally likely to support a run at $0.29 levels, though we would expect Ripple’s XRP to struggle to hold on to $0.29 levels in the event of a move.

 

Failure to hold above $0.275 could see Ripple’s XRP hit reverse later in the day, with the day’s first major support level at $0.2697 certainly in play, though we would expect plenty of support at sub-$0.27 levels for Ripple’s XRP to avoid the day’s major support levels, unless the broader market gets hit with dire news from regulators.

 

 

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