Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/09/18

Bitcoin Cash Back in the Red

Bitcoin Cash gained 0.99% on Sunday, partially reversing Saturday’s 3.4% fall, to end the week at $490, marking an 8.72% gain for the week.

A bullish first half of the day saw Bitcoin Cash recover from an early intraday low $477.3 to a late morning intraday high $510, before pulling back, resistance at the first major resistance level at $508.43 doing the damage, while Bitcoin Cash managed to steer clear of the day’s first major support level at $466.13.

Another run at $500 levels late in the day came up short, with $500 the new line in the sand for the bulls.

At the time of writing, Bitcoin Cash was down 0.2% to $488.9 in what’s been a relatively range bound start to the day, a morning high $493.1 and low $486.4 leaving the day’s major support and resistance levels untested, Sunday’s afternoon reversal leading to a bearish start to the week.

For the day ahead, a move back through to $492 would support another run at $500 levels, to bring the day’s first major resistance level at $507.57 into play, though Bitcoin Cash will need to make a move by late morning to support a bullish afternoon.

Failure to move through to and hold above $492 through the late morning could see Bitcoin Cash take a hit later in the day, with a pullback through the morning low $486.4 likely to bring $470 levels and the day’s first major support level at $474.87 into play, any further decline dependent upon the news wires.

Litecoin on the Slide

Litecoin gained 1.24% on Sunday, reversing Saturday’s 0.43% fall, to end the week up 7.85% at $61.3.

In line with the broader market, Litecoin recovered from an early morning intraday low $59.83 to a late morning intraday high $63.47, the morning rally seeing Litecoin break through the first major resistance level at $62.13 to come within range of the second major resistance level at $63.69 before pulling back through the afternoon to $60 levels.

A late in the day move saw Litecoin move back through to $61 levels by the day’s end.

At the time of writing, Litecoin was down 1.14% to $60.61, with Sunday’s bearish second half of the day continuing into the early hours of this morning, Litecoin falling from a morning high $61.4 to a low $60.22 before steadying.

For the day ahead, a move back through to $61 levels would support a run at $62 levels to bring the day’s first major resistance level at $63.24 into play, though sentiment across the broader market will need to materially improve and a move through $61.53 would be needed by the early afternoon to support a bullish afternoon.

Failure to move back through to $61 levels and the morning high by late morning could see Litecoin take a bigger hit later in the day, with a sub-$60 levels and the day’s first major support level at $59.6 very much in play. While we don’t expect the day’s second major support level at $57.89 to be tested, a sell-off on any negative news would certainly bring sub-$58 levels into play.

Ripple Holds On

Ripple’s XRP slipped 0.47% on Sunday, following Saturday’s 2.12% gain, to end the week up a whopping 102.96% at $0.57072.

A relatively range bound day by historical standards saw Ripple’s XRP move through to an early morning high $0.60 before pulling back to a midday low $0.55567, the day’s moves leaving the major support and resistance levels untested.

Unable to break back through the 62% FIB Retracement Level of 0.6941, the extended bearish trend remained intact, with a move through to and hold above $0.60 needed to affirm the formation of a bearish trend reversal.

At the time of writing, Ripple’s XRP was up 0.24% to $0.57265, with Ripple’s XRP moving through to a morning high $0.58418 before easing back to a low $0.567, the tight range through the early morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move through to $0.5755 would bring the day’s first major resistance level at $0.5953 and $0.60 levels into play but, with Ripple’s XRP having been unable to hold on to $0.60 levels to take another run at the 62% FIB Retracement Level of $0.6941 since Friday’s high, we can expect resistance on any attempted breakout from $0.60 levels.

Failure to move through to $0.5755 by late morning could see Ripple’s XRP cough up the morning gain, with a pullback through the morning low $0.567 likely to bring the day’s first major support level at $0.5509 into play before any recovery, sub-$0.55 support levels unlikely to be tested barring materially negative news hitting the wires.

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