Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/09/18

Bitcoin Cash Rallies

Bitcoin Cash rallied by 15.2% on Wednesday, reversing losses from the early part of the week, to end the day at $514.6.

A bearish start to the day saw Bitcoin Cash fall back to an early morning intraday low $433.5 before recovering to $440 levels and a relatively range bound afternoon, the day’s first major support level at $425.97 left untested on the day.

The bearish trend reversed in the early afternoon, with Bitcoin breaking through the day’s major resistance levels to an intraday high $554.7 before easing back through the third major resistance level at $522.83 by the day’s end.

Wednesday’s afternoon rally came off the back of news of Bitmain filing for its IPO with the Hong Kong Stock Exchange, the crypto mining company’s sizeable holding of Bitcoin Cash leading investors and market leaders to see this as a move by Bitmain to contribute to the development of Bitcoin Cash.

At the time of writing, Bitcoin Cash was up 2.29% at $526.2, with Wednesday’s late in the day rally continuing into the early morning, Bitcoin Cash rallying to a morning high $543 before easing back, moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a hold on to $520 levels through the morning would support another run at $550 levels later in the day, while the day’s first major resistance level at $568.37 will likely remain untested, barring more materially positive news hitting the wires.

Failure to hold on to $520 levels through the morning could see Bitcoin test sub-$500 support levels later in the day, with any pullback through to sub-$500 levels likely to bring the day’s first major support level at $447.17 into play before any recovery.

Litecoin on the Move

Litecoin slipped by 0.61% on Wednesday, following Tuesday’s 0.79% fall, to end the day at $57.22.

A relatively range bound start to the day saw Litecoin recover from an early morning intraday low $56.37 to a late morning high $57.78 before rallying to a late afternoon intraday high $59.78, Litecoin breaking through the day’s first major resistance level at $58.96.

Resistance at $60 led to a late pullback to $57 levels, a much needed shift in sentiment providing support through the second half of the day, the day’s major support levels left untested.

At the time of writing, Litecoin was up 1.73% to $58.2, with Litecoin tracking the broader market in the early part of the day, moving from a start of a day morning low $57.19 to a morning high $58.75, the moves leaving the day’s major support and resistance levels untested.

For the day ahead, a hold on to $58 levels through the morning would support a run at $59 levels to bring the day’s first major resistance level at $59.21 into play, while Litecoin may struggle to break back through to $60 levels last hit on Monday.

Failure to hold on to $58 levels could see Litecoin take a hit later in the day, with a pullback through $57.8 bringing $56 levels into play, while we would expect the day’s first major support level at $55.8 to be avoided barring negative news hitting the crypto wires.

Ripple Looking to Bounce Back

Ripple’s XRP fell by 2.16% on Wednesday, partially reversing Tuesday’s 6.62% relief rally, to end the day at $0.514.

Recovering from an early morning intraday low $0.48367, Ripple’s XRP broke through the 38.2% FIB Retracement Level of $0.5225 and the day’s first major resistance level at $0.5702 to a late morning intraday high $0.57454 before hitting reverse, a late sell-off seeing Ripple’s XRP fall back through the 38.2% FIB Retracement Level by the day’s end.

At the time of writing, Ripple’s XRP was up 1.7% to $0.52186, with Ripple’s XRP breaking back through the 38.2% FIB Retracement Level of $0.5225 to a morning high $0.5419 before easing back, the day’s first major resistance level at $0.5645 left untested early on.

For the day ahead, a move through 0.5250 would support a run at the morning high to bring $0.55 levels into play, though Ripple’s XRP will need to hold on to $0.52 levels to support a bullish afternoon, investors mindful of how quickly the tables can turn.

Failure to move through to $0.525 levels by late morning could see Ripple’s XRP hit reverse later in the day, a pullback through the morning low $0.51266 bringing sub-$0.50 levels into play, while we would expect Ripple’s XRP to steer clear of the first major support level at $0.4736, barring negative news hitting the wires.

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