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