Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/09/18

Bitcoin Cash Slides

Bitcoin Cash slid by 5.78% on Monday, reversing Sunday’s 0.99% gain, to end the day at $461.7.

A bearish start to the day saw Bitcoin Cash slide from an early morning intraday high $493.1 to a morning low $461.3, Bitcoin Cash falling through the day’s first major support level at $474.87 on the way, before steadying through the early afternoon.

Tracking the broader market, Bitcoin Cash took a second tumble late in the day, falling through the second major support level at $459.73 to an intraday low $455.9 before partially recovering to $450 levels.

At the time of writing, Bitcoin Cash was down 2.03% to $453.3, with Monday’s late sell-off continuing into the early hours, Bitcoin Cash sliding from a start of a day $462.9 high to a morning low $448 to hold just above the day’s first major support level at $447.37.

For the day ahead, a move back through the morning high $462.9 to $470 levels would bring $480 levels and the day’s first major resistance level at $484.57 into play, though holding above the day’s first major support level and a move through to $460 levels by late morning would be needed to support an afternoon move.

Failure to move back through to $460 levels could see Bitcoin Cash slide through the first major support level at $447.37 to bring sub-$440 levels and the day’s second major support level at $433.03 into play, with the news wires capable of delivering a blow at any time.

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Litecoin back in the $50s

Litecoin fell by 5.42% on Monday, reversing Sunday’s 1.24% gain, to end the day at $57.98.

Tracking the broader market, Litecoin fell from an early morning intraday high $61.4 to a late morning intraday low $57.07. The slide saw Litecoin fall through the first major support level at $59.6 and second major support level at $57.89 before finding support through the early afternoon, though not enough for Litecoin to move back through the first major support level at $59.6 to $60 levels by the day’s end.

At the time of writing, Litecoin was down 1.43% to $57.11, with Monday’s late sell-off spilling into the early hours of this morning, Litecoin falling from a start of a day high $58.08 to a morning low $55.55. The moves saw Litecoin fall through the first major support level at $56.23 before recovering to $57 levels.

For the day ahead, a move back through the morning high $58.08 to $58.8 would support a run at $60 levels to bring the day’s first major resistance level at $60.56 into play, with Litecoin needing to recover the morning’s losses ahead of the afternoon session to support a rebound.

Failure to move back through to $58 levels could see Litecoin take a hit later in the day, a pullback through the first major support level at $56.23 bringing sub-$56 levels and the day’s second major support level at $54.49 into play before any recovery.

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Ripple Tanks

Ripple’s XRP tumbled 14.2% on Monday, following on from Sunday’s 0.47% gain, to end the day at $0.49037.

Pulling back from an early morning intraday high $0.58418, Ripple’s XRP slide through the day’s first major support level at $0.5509 and second major support level at $0.5311 to a morning low $0.5101 before steadying.

A range bound afternoon saw Ripple’s XRP hold on to $0.52 levels before a late in the day sell-off saw Ripple’s XRP slide through the third major support level at $0.4868 to an intraday low $0.48273, the day’s moves also seeing Ripple’s XRP pullback through the 38.2% FIB Retracement Level of $0.5225 to leave the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 4.91% to $0.468, the Monday night sell-off continuing into the early hours of this morning, Ripple’s XRP sliding from a start of a day morning high $0.49239 to a morning low $0.451 before steadying.

The early moves saw Ripple’s XRP call on support at the day’s first major support level at $0.454, while the day’s major resistance levels were left untested.

For the day ahead, a move back through the morning high $0.49239 would support a run at $0.50 levels, whilst we would expect the day’s first major resistance level at $0.5555 to be left untested, barring materially positive news hitting the wires.

Failure to recover the morning’s losses and move back through to $0.50 levels could see Ripple’s XRP take another tumble later in the day, a pullback through the day’s first major support level at $0.454 likely to see Ripple’s XRP fall to $0.43 levels before any recovery, the day’s second major support level at $0.4176 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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