Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/09/18

Bitcoin Cash Steadies

Bitcoin Cash gained 0.6% on Sunday, following Saturday’s 0.29% rise, to end the day at $450.7, with the weekend’s minor recovery leaving Bitcoin Cash down 6.4% for the week.

A particularly choppy day saw Bitcoin Cash take a tumble through the day’s first major support level at $440.03 and second major support level at $431.77 to an intraday low $425.1 before bouncing back to $440 levels. A boost late in the day saw Bitcoin Cash move through to an intraday high $452, coming up short of the day’s first major resistance level at $459.53 before easing back to $450.

At the time of writing, Bitcoin Cash was up 1.8% to $458.7, with Bitcoin Cash rallying at the start of the day to a morning high $463.4 before easing back. The moves through the early part of the day saw Bitcoin Cash test the first major resistance level at $460.1, while leaving the first major support level at $433.2 left untested.

For the day ahead, holding on to $450 levels would support another run at $460 levels and the day’s first major resistance, with a breakout to test the second major resistance level at $469.5 in play should Bitcoin Cash avoid a late in the day reversal.

Failure to hold on to $450 levels could see Bitcoin Cash fall pullback to $440 levels, while we would expect the day’s first major support level at $433.2 to be left untested barring materially negative news hitting the wires,

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Litecoin Up for a 4^th Consecutive Day

Litecoin gained 0.87% on Sunday, following Saturday’s 0.57% rise, to end the day at $56.84, the weekend moves giving Litecoin a 3.53% gain for the week.

Tracking the broader market, Litecoin fell through the day’s first major support level at $55.22 to an early morning intraday low $54.45 before recovering. Support through the rest of the day saw Litecoin move to a late in the day intraday high $57.45 before easing back to $56 levels, the day’s high falling short of the first major resistance level at $58.4.

At the time of writing, Litecoin was up 0.11% to $56.84, with an early move to a morning high $57.85 hitting reverse, Litecoin sitting just above a start of a day $56.8 low, the moves through the early hours leaving the major resistance and support levels untested.

For the day ahead, a move back through to $57 levels would support another run at the day’s first major resistance level at $58.04, while we would expect Litecoin to fall short of $59 levels and the second major resistance level at $59.25, resistance expected to materially build on any moves through $58 levels.

Failure to move back through to $57 levels and the morning high could see Litecoin hit reverse later in the day, with any pullback through $56.25 bringing sub-$56 levels and the day’s first major support level at $55.04 into play, more material declines dependent upon the news wires on the day.

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Ripple Up for the Week

Ripple’s XRP gained 0.33% on Sunday, following Saturday’s 1.49% rise, to end the day at $0.2812. The upward momentum through the weekend led to a 1.47% gain for the week.

In line with the broader market, Ripple’s XRP slid through the day’s first major support level at $0.2754 to an intraday low $0.27348 before support kicked in. A second sell-off in the early afternoon tested the first major support level for a 2^nd time before breaking back through to $0.28 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.2%, with Ripple’s XRP moving through to an early morning high $0.28355 before taking a hit, falling to a morning low $0.28, the morning moves leaving the day’s major support and resistance levels left untested.

For the ahead, holding above $0.279 through the morning would support another run at the day’s first major resistance level at $0.2845, with any extended broad based market rally bringing the second major resistance level at $0.2879 into play.

Failure to hold above $0.279 could see Ripple’s XRP pullback through the day’s first major support level at $0.2757 to test the second major support level at $0.2701, with direction at $0.27 levels dependent upon the news wires later in the day, anything negative likely to lead Ripple’s XRP back to $0.26 levels.

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This article was originally posted on FX Empire

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