Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/09/18

Bitcoin Cash Finds Support

Bitcoin Cash fell by just 0.37% on Tuesday, following Monday’s 3.51% slide, to end the day at $626.6.

A choppy day saw Bitcoin Cash fall to a morning low $624.1 before rallying to a mid-day intraday high $652, Bitcoin breaking through the day’s first major resistance level at $648.67, before sliding back to a late in the day intraday low $619.6.

While the day’s low steered clear of the first major resistance level at $615.47, the pullback from $650 levels though the afternoon reflected the bears’ grip on Bitcoin Cash and the broader market.

At the time of writing, Bitcoin Cash was up 0.54% to $630, with Bitcoin Cash falling from an early morning $633 high to a morning low $624.6 before steadying, the moves through the early hours leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to the morning high $633 would support a run at $640 levels and the day’s first major resistance level at $645.87, with $650 levels in play should the news wires continue to remain crypto friendly, though Bitcoin Cash will continue to face plenty of resistance on any run at $650 levels.

Failure to move back through to $633 levels through the morning could see Bitcoin Cash take a hit later in the day, with a fall through the morning low $624.6 likely to lead to sub-$620 levels to bring the day’s first major support level at $613.47 into play, Bitcoin Cash unlikely to pullback to sub-$610 levels barring materially negative news hitting the wires.

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Litecoin Bucks the Trend

Litecoin gained 3.66% on Tuesday, reversing Monday’s 1.28% loss with interest, to end the day at $67.76.

A morning rally set the scene for the day, with Litecoin breaking through the day’s major resistance levels to a late morning high $68.78. Sub-$68 support saw Litecoin hold on to $68 levels, leading to a late afternoon intraday high $69.44 before selling pressure across the broader market kicked in, Litecoin falling back to $67 levels by the day’s end.

At the time of writing, Litecoin was up 0.09% to $67.81, Litecoin rising from a start of a day morning low $67.61 to an early morning high $68.35 before easing back to $67 levels, moves through the early hours leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $67.51 through the morning would support another run at $68 levels, with Litecoin needing to move through the morning high $68.35 to bring $69 levels and the day’s first major resistance level at $69.69 into play.

Failure to hold above $67.51 through the morning could see Litecoin slide back through to $66 levels to bring the day’s first major support level at $65.57 into play, though there will need to be a broad based market selloff for Litecoin to give up Tuesday’s gains and test sub-$66 support levels later in the day.

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Ripple Sees More Red

Ripple’s XRP fell by 1.12% on Tuesday, following on from Monday’s 2.3% slide, to end the day at $0.33038.

Recovering from an early fall to a morning low $0.33168, Ripple’s XRP rallied through to a mid-day intraday high $0.34108, coming within reach of the day’s first major resistance level at $0.3414 before pulling back to $0.33 levels.

A late afternoon reversal saw Ripple’s XRP pullback to an intraday low $0.32771, calling on support at the day’s first major support level at $0.3297 before moving back through to $0.33 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.25% to $0.33121, with Ripple’s XRP recovering from a start of a day morning low $0.33037 to a morning high $0.33352 before easing back, the moves through the early hours leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through $0.3331 would support a run at the day’s first major resistance level at $0.3384 to bring the day’s second major resistance level at $0.3464 into play, 3 consecutive days in the red likely to see Ripple’s XRP play catchup should sentiment remain positive through the day.

Failure to move back through $0.3331 to take a run at the day’s first major resistance level at $0.3384 could see Ripple’s XRP hit reverse later in the day, with Ripple’s XRP likely to pull back to sub-$0.33 levels to bring the day’s first major support level at $0.3250 into play before any recovery, sub-$0.32 support levels unlikely to be tested barring materially negative news hitting the wires.

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This article was originally posted on FX Empire

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