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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/10/18

Bob Mason
Updated

Bitcoin Cash Finds Support

Bitcoin Cash fell by 1.32% on Sunday, following a 0.35% decline on Saturday, to end the week up 8.47% at $531.5, the week’s gains limiting September’s loss to 1.92%, while Bitcoin Cash slumped 28.92% in the 3rd quarter.

A move through to a late morning intraday high $553 was the only bullish move of the day, Bitcoin Cash falling short of the first major resistance level at $563.27. An afternoon sell-off saw Bitcoin Cash slide to an intraday low $516.9, holding above the first major support level at $511.27 to recover to $530 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.42% to $533.6, with Bitcoin Cash moving from a start of a day morning low $531.3 to a morning high $537.8 before easing back, the range bound moves through the early morning leaving the day’s major support and resistance levels untested.

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For the day ahead, holding on to $533 through the morning would support a move through the morning high $537.8 to $540 levels, which could see Bitcoin Cash take a run at $550 levels and the day’s first major resistance level at $550.7, though Bitcoin Cash will need the support of the broader market for a breakout.

Failure to hold on to $533 levels through the morning could see Bitcoin Cash hit reverse, with a fall through the morning low $531.3 bringing $520 levels and the day’s first major support level at $514.6 into play should the broader cryptomarket move in reverse.

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Litecoin Looking to Make a Move

Litecoin fell by 1.32% on Sunday, following a 0.35% decline on Saturday, to end the week down 0.34% at $61.09. The week’s minor loss limited September’s loss to 1.67%, while Litecoin slumped 24.59% in the 3rd quarter.

Recovering from an early morning dip, Litecoin rallied to a late morning intraday high $62.99, testing the day’s first major resistance level at $62.88 before hitting reverse through the early afternoon.

The afternoon reversal saw Litecoin fall to an intraday low $59.76, calling on support at the first major support level at $59.54 to recover to $61 levels by the day’s end.

At the time of writing, Litecoin was up 0.66% to $61.45, a relatively range bound start to the day seeing Litecoin move from a morning low $61.04 to a morning high $61.8 before easing back, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $61.8 would support a run at $62 levels to bring the first major resistance level at $62.8 into play, with sentiment across the broader market to dictate whether Litecoin can break out to $63 levels.

Failure to move back through the morning high $61.8 could see Litecoin hit reverse later in the day, with a fall through $61.28 likely to bring $60 levels and the first major support level at $59.57 into play before any recovery, more heavy losses unlikely barring materially negative news hitting the wires.

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Ripple Makes up Ground

Ripple’s XRP gained 2.14% on Sunday, following a 5.17% rally on Saturday, to end the week up 1.92% at $0.58169, the week’s gains supporting September’s 73.59% rally, with Ripple’s XRP ending the 3rd quarter with a 24.16% gain.

A choppy day saw Ripple’s XRP break through the first major resistance level at $0.6025 to a late morning intraday high $0.62435 before being hit by a broad based cryptomarket sell-off.

An afternoon reversal saw Ripple’s XRP fall to a late in the day intraday low $0.55879, steering clear of the first major support level at $0.5282, with a late recovery leading to a move back to $0.58 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 1.65% to $0.59158, Ripple’s XRP moving from a start of a day morning low $0.58122 to an early high $0.60588 before easing back to sub-$0.60 levels, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $0.60 levels by late morning would support further gains for Ripple’s XRP to bring $0.61 levels and the day’s first major resistance level at $0.6178 into play, with a return to $0.62 levels possible should sentiment across the broader market improve through the day.

Failure to move back through to $0.60 levels could see Ripple’s XRP pullback through the morning low $0.58122 to bring $0.57 levels into play, with any deterioration in market sentiment bringing Sunday’s intraday low $0.55879 and the day’s first major support level at $0.5522 into play before any recovery.

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This article was originally posted on FX Empire

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