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