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

By:
Bob Mason
Published: Oct 1, 2018, 03:05 GMT+00:00

It's a positive start to the day for the trio, with Ripple's XRP looking to make an early 4th quarter splash. Hopes are for a 4th quarter rally...

Crypto coins 77

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.

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.

BCH/USD 01/10/18 Daily Chart

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.

LTC/USD 01/10/18 Daily Chart

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.

XRP/USD 01/10/18 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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