Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/09/18

Bitcoin Cash Sees Red

Bitcoin Cash fell by 3.4% on Saturday, partially reversing Friday’s 10.28% rally, to end the day at $485.5.

A bullish start to the day saw Bitcoin Cash hit an intraday high $512 before hitting reverse, the day’s high falling short of the first major resistance level at $527.97.

Pulling back through the morning, Bitcoin Cash fell to an intraday low $469.7, steering clear of the first major support level at $463.87 before partially recovering late in the day.

At the time of writing, Bitcoin Cash was down 0.78% to $482.3, an early move to an intraday high $488.1 coming up short of the day’s first major resistance level at $508.43 before hitting reverse, Bitcoin Cash falling to an early morning low $477.3, steering clear of the day’s first major support level at $466.13, to move back through to $470 levels.

For the day ahead, a move back through the morning high and a hold on to $490 levels through the late morning would support another run at $500 levels to bring the day’s first major resistance level at $508.43 into play, with minor losses early on supporting an upward move.

Failure to move through to $490 levels could see Bitcoin Cash take a bigger hit later in the day, with a fall through the morning low $477.3 bringing $460 levels and the day’s first major support level at $466.13 into play, heavier losses unlikely barring materially negative news hitting the crypto wires.

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Litecoin Holds On

Litecoin slipped by just 0.43% on Saturday, following Friday’s 7.69% rally, to end the day at $60.57.

Tracking the broader market trend, Litecoin slid to late morning intraday low $58.11 before finding support, the day’s major support levels left untested. An afternoon recovery saw Litecoin break back through to $61 levels before easing back, a start of a day intraday high $61.68 coming up short of the day’s first major resistance level at $63.67.

At the time of writing, Litecoin was up 1.06% to $61.17, with Litecoin recovering from an early morning low $59.83 to $61 levels and a morning high $61.2, sub-$60 support levels kicking in, while the day’s major support and resistance levels were left untested in the early hours.

For the day ahead, holding on to $61 levels through the morning would support a run at $62 levels to bring the day’s first major resistance level at $62.13 into play, though we can expect Litecoin to face plenty of resistance on the way through to pin back any attempts of break out from there.

Failure to hold onto $61 levels through the morning could see Litecoin hit reverse later in the day, with a pullback through to sub-$60 levels bringing the day’s first major support level at $58.56 into play before any recovery, Litecoin expected to hold on to $60 levels by the day’s end, barring materially negative news hitting the wires.

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Ripple Bucks the Trend

Ripple’s XRP gained 2.12% on Saturday, following on from its 26.4% rally on Friday, to end the day at $0.57748.

A choppy start to the day saw Ripple’s XRP slide to an early morning intraday low $0.49211 before recovering, the early slide a continuation from Friday afternoon’s profit taking.

Ripple’s XRP rallied back to a morning intraday high $0.627 before easing through the afternoon to sub-$0.60 levels, the moves through the day leaving the day’s major support and resistance levels untested.

At the time of writing, Ripple’s XRP was up 2.76% to $0.58997, with Ripple’s XRP recovering from an early dip to a morning low $0.55921 to strike a morning high $0.5967, before easing back, the day’s moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.5967 would support another day of strong gains, with the first major resistance level at $0.639 in play should the news wires remain crypto friendly, the only question being whether Ripple’s XRP can hold onto $0.60 levels by the day’s end, in the event of another rally, late in the day profit taking having led pullbacks to sub-$0.60 level closes on Friday and Saturday.

Failure to move back through the morning high $0.5967 to $0.60 levels could see Ripple’s XRP take a hit later in the day, with a pullback through the morning low $0.55921 bringing $0.54 levels into play, though we would expect Ripple’s XRP to steer clear of the day’s first major support level at $0.5041 and sub-$0.50 levels, barring particularly negative news hitting the wires.

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This article was originally posted on FX Empire

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