Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/10/18

It’s positive start to the day, while Ripple’s XRP gives up some ground early, investors locking in profits from the September rally.
Bob Mason
Cryptocurrencies Portfolio

Bitcoin Cash Sees an Early Rally

 

Bitcoin Cash gained 0.83% on Monday, partially reversing Sunday’s 1.32% fall, to end the day at $535.7.

 

An early move through to an intraday high $544 was the only bullish move of the day, the day’s high coming up short of the first major resistance level at $550.7, before easing back. Holding on to $530 levels through the rest of the morning, Bitcoin Cash was hit by an early afternoon sell-off that saw Bitcoin Cash fall to an intraday low $519 before recovering to $530 levels, the day’s low steering clear of the first major support level at $514.6.

 

At the time of writing, Bitcoin Cash was up 2.68% to $547.5, a bullish start to the day seeing Bitcoin Cash rally through the first major resistance level at $550.7 to an early morning high $554.2 before easing back.

 

For the day ahead, a move back through to $550 levels would support a run at the day’s second major resistance level at $557.9 to bring $560 levels into play, though for any break through the second major resistance level, the news wires will need to be crypto friendly.

 

Failure to move back through to $550 levels could see Bitcoin Cash hit reverse later in the day, a fall through $533 bringing a morning low $528.7 into play, while we would expect Bitcoin Cash to steer clear of the first major support level at $521.8 barring materially negative news hitting the wires.

 

Litecoin on the Move

 

Litecoin fell by 1.39% on Monday, following on from Sunday’s 0.6% loss, to end the day at $60.2, the fall marking a 4th consecutive day in the red and 8 days in the red out of the last 10.

 

Tracking the broader market, Litecoin fell from a start of a day intraday high $61.8 to an early afternoon intraday low $59.22 before finding support at the day’s first major support level at $59.57, Litecoin managing to break back through to $60 levels by the day’s end.

 

At the time of writing, Litecoin was up 1.36% to $61.04, with Litecoin recovering from an early morning low $59.91 to a morning high $61.3, the early moves leaving the major support and resistance levels untested.

 

For the day ahead, a move back through the morning high would bring the first major resistance level at $61.59 into play, with a hold on to $61 levels through to the early afternoon raising the prospects of a break back through to $62 levels later in the day before any pullback.


Failure to hold on to $61 levels through the morning could see Litecoin give up the morning gains, a move back through $60.4 likely to bring sub-$60 levels and the day’s first major support level at $59.01 into play, any more material decline in the hands of the news wires on the day.

 

Ripple Sees More Red

 

Ripple’s XRP fell by 0.69% on Monday, partially reversing Sunday’s 2.14% gain, to end the day at $0.5778.

 

An early morning intraday high $0.60588 came up short of the first major resistance level at $0.6178, pressure from the broader market leading to Ripple’s XRP sliding through the first major support level at $0.5522 to an early afternoon intraday low $0.53116 before recovering. A late in the day rally seeing Ripple’s XRP hit a 2nd half of a day high $0.596 before easing back to $0.57 levels by the day’s end.

 

At the time of writing, Ripple’s XRP was down 0.98% to $0.57219, the early moves seeing Ripple’s XRP buck the broader market trend, pulling back from a start of a day high $0.581 to an early morning low $0.563 before steadying, to leave the major support and resistance levels untested.

 

For the day ahead, holding above $0.5716 would support a move back through the morning high $0.581 to bring $0.60 levels into play, while we would expect the day’s first major resistance level at $0.6121 to be left untested barring materially positive news hitting the wires.

 

Failure to hold above $0.5716 could see Ripple’s XRP take a bigger hit later in the day, a fall through to $0.56 levels likely to see Ripple’s XRP slide through to $0.53 levels to test the first major support level at $0.5374 before any recovery.

 

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