Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/11/18

It’s a positive start to the day, with Ripple’s XRP leading the way, though holding will be down to the news wires later in the day.
Bob Mason
ETH/USD daily chart, May 29, 2018
Visual representation of Bitcoin and Litecoin virtual money, cryptocurrency

Bitcoin Cash Hits Reverse

Bitcoin Cash tumbled by 6.7% on Thursday, following on from a 2.04% fall on Wednesday, to end the day at $579, a second consecutive day in the red seeing Bitcoin Cash give up $600 levels after just 2-days.

A bearish start to the day saw Bitcoin Cash slide from a start of a day intraday high $625 to morning low $580, Bitcoin Cash falling through the first major support level at $603.67 and second major support level at $586.83 before moving back through to $600 levels by late morning.

A second sell-off late in the daw saw Bitcoin Cash fall back through the second major support level to an intraday low $574.3 before steadying.

At the time of writing, Bitcoin Cash was up by just 0.24% to $580.4, with Bitcoin Cash reversing from a start of a day morning high $586.8 to an early morning low $570.3 before steadying, the moves through the morning leaving the major support and resistance levels untested.

For the day ahead, a move through the morning high $586.8 would support a break back through to $590 levels to bring $600 levels and the day’s first major resistance level at $611.23 into play, a hold onto $600 levels, in the event of a rally, dependent upon sentiment across the broader market later in the day.

Failure to move back through the morning high to $590 levels could see Bitcoin Cash hit reverse later in the day, with a pullback through the morning low $586.8 likely to see Bitcoin Cash fall through to $570 levels before any recovery, the day’s first major support level at $560.53 unlikely to be tested barring negative news hitting the wires.

 

Litecoin Slides Again

Litecoin fell by 3.29% on Thursday, following on from a 3.69% slide on Wednesday, to end the day at $52.04.

Bearish throughout the day, Litecoin fell from a start of a day intraday high $54.45 to a late in the day intraday low $51.9, the reversal seeing Litecoin fall through the first major support level at $52.61 before finding support to move back through to $52 levels by the day’s end.

At the time of writing, Litecoin was up 0.56% to $52.33 in what’s been a relatively range bound start to the day, Litecoin moving from a morning low $52 to a morning high $52.53 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $52.53 to $52.8 would support a run at $53 levels to bring the day’s first major resistance level at $53.69 into play, while we would expect Litecoin to come up short of the second major resistance level at $55.35, with $54 levels as good as it will likely get through the day.

Failure to move through to $52.8 by early afternoon could see Litecoin give up the early gains, a pullback through the morning low $52 bringing the day’s first major support level at $51.14 into play before any recovery.

Ripple Takes a Hit

Ripple’s XRP tumbled by 8.14% on Thursday, following on from a 2.57% fall on Wednesday, to end the day at $0.49684, marking a first sub-$0.50 level end to the day since 4th November.

Sliding from a start of a day intraday high $0.5463, Ripple’s XRP tumbled through the first major support level at $0.5277 and second major support level at $0.5145 to a morning low $0.50964 before a 2nd sell-off in the late afternoon. The second sell-off saw Ripple’s XRP slide to an intraday low $0.4935 before steadying, the reversal attributed to fake news of a possible partnership between Ripple and Swift.

At the time of writing, Ripple’s XRP was up 4.41% to $0.51876, with a bullish start to the day seeing Ripple’s XRP rally from a start of a day morning low $0.49616 to a morning high $0.52163, before easing back to $0.51 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.52163 would support another run at $0.53 levels to bring the first major resistance level at $0.5309 into play, while Ripple’s XRP will need to break through the 38.2% FIB Retracement Level of $0.5225 on the way, which could provide to be a challenge in the early part of the day.

Failure to move through the morning high to take a run at $0.53 levels could see Ripple’s XRP give up some of the day’s gains, with any fall to sub-$0.5122 likely to see Ripple’s XRP pullback to test sub-$0.50 support levels before any recovery.

Buy & Sell Cryptocurrency Instantly

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US