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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/09/18

By:
Bob Mason
Published: Sep 10, 2018, 04:19 UTC

It was a positive start to the day, but holding on to key levels through the morning will be key to avoid a reversal later in the day.

Cryptocurrencies Portfolio

Bitcoin Cash Steadies

Bitcoin Cash gained 1.65% on Sunday, partially reversing Saturday’s 4.79% slide, to end the day at $481.5. The day’s gain brought to an end 6 consecutive days in the red that left Bitcoin Cash down 26.1% for the week.

An early pullback to an intraday low $463 saw Bitcoin Cash steer clear of the day’s first major support level at $455.33, with a late morning rally leading Bitcoin through to an early afternoon intraday high $495 before easing back to $480 levels. The first major resistance level at $498.93 was left untested on the day to leave the extended bearish trend firmly intact following Saturday’s low and new swing lo $463.

At the time of writing, Bitcoin Cash was up 0.98% to $484.1 in what’s been a relatively choppy start to the day, Bitcoin Cash moving from a morning low $477.1 to an early high $488.7 before pulling back, the day’s major support and resistance levels left untested.

For the day ahead, holding on to $480 levels through the morning would support another run at $490 levels to bring the day’s first major resistance level at $496.67 and $500 levels into play, though the weekend news could pin Bitcoin Cash back ahead of Thursday’s EU Finance Ministers’ meeting.

Failure to hold on to $480 levels through the morning could see Bitcoin Cash give up the early gains, with a pullback through the morning low $477.1 bringing sub-$470 levels and the day’s first major support level at $464.47 into play, with any slide to sub-$460 levels dependent upon market sentiment later in the day.

BCH/USD 10/09/18 Daily Chart

Litecoin Bounces Back

Litecoin gained 3.2% on Sunday, reversing most of Saturday’s 4.25% slide, to end the day at $54.9. Sunday’s gains reduced Litecoin’s losses to 17.1% for the week.

Tracking the broader market, Litecoin slipped to an early morning intraday low $52.17, holding above the day’s first major support level at $50.89. A late morning broad based crypto rally supported a move through to a late afternoon intraday high $56.74, Litecoin testing the day’s first major resistance level at $56.4 before easing back to sub-$55 levels.

At the time of writing, Litecoin was up 1.72% to $55.65, the early gains coming off the back of a move from a start of a day morning low $54.63 to a morning high $56.49 before easing back, the moves leaving the day’s major support and resistance levels untested.

For the day ahead, a hold on to $55 levels would support a run at the morning high $56.49 to bring $57 levels and the day’s first major resistance level at $57.04 into play, though we can expect Litecoin to face plenty of resistance with the bears firmly in control.

Failure to hold on to $55 levels could see Litecoin pullback through the morning low $54.63 to $53 levels, with any broad based market sell-off likely to bring the day’s first major support level at $52.47 into play, Litecoin likely to be on the receiving end following a solid gain on Sunday.

LTC/USD 10/09/18 Daily Chart

Ripple Struggles

Ripple’s XRP gained just 0.13% on Sunday, following Saturday’s 3.58% slide, to end the day at $0.27713, with Ripple’s XRP ending the week down 18.97%.

Following the broader market through the early part of the day, Ripple’s XRP recovered from an early intraday low $0.27075 to break through the day’s first major support level at $0.2897, with an early afternoon intraday high $0.2910 before hitting reverse.

While the broader market faced some selling pressure late in the day, Ripple’s XRP stumbled back to sub-$0.28 levels, wiping out the gains for the day.

At the time of writing, Ripple’s XRP was up 0.33% to $0.27686, with Ripple’s XRP moving from a start of a day morning low $0.27459 to a morning high $0.28245 before hitting reverse, the morning’s high falling short of the first major resistance level at $0.2885.

For the day ahead, a move back through to $0.28 levels would support another run at the day’s first major resistance level at $0.2885 to bring $0.29 levels into play, though with sentiment across the cryptomarket continuing to be on the bearish side, holding on to $0.29 levels could prove to be a challenge in the event of a breakout.

Failure to move back through to $0.28 levels will likely see Ripple’s XRP take a hit later in the day, with the first major support level at $0.2683 very much in play, the crypto news wires having been particularly unfriendly of late, with regulatory jitters pinning Ripple’s XRP and the rest of the majors back.

XRP/USD 10/09/18 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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