Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/09/18

Bitcoin Cash Tumbles Again

Bitcoin Cash saw its troubles continue on Tuesday, sliding by 5.79% off the back of Monday’s 2.25% fall, to end the day at $439.6.

A positive start to the day saw Bitcoin Cash move through to an early morning intraday high $477.3 before easing back to a relatively range bound morning, the day’s high falling short of the first major resistance level at $485.63.

An early afternoon sell-off saw Bitcoin Cash slide through the day’s first major support level at $454.63 and second major support level at $440.67 to an intraday low and new swing lo $424.8 before recovering to $430 levels.

At the time of writing, Bitcoin Cash was down 3.48% to $424.6, as Tuesday’s sell-off continued into the early hours of this morning, Bitcoin Cash falling to a new swing low $420.5, while holding above the day’s first major support level at $417.17.

For the day ahead, a move back through a start of a day $439.9 high to $440 levels would support a second half of a day recovery, though with the broad market sell-off in full swing, Bitcoin Cash may struggle to take a run at the day’s first major support level at $469.67, a move through $447 needed to signal a possible move later in the day.

Failure to move through to $440 levels later in the morning could see Bitcoin Cash give up further ground later in the day, with the day’s first major support level at $417.17 in play, raising the prospects of Bitcoin Cash pulling back to sub-$400 levels for the first time since last October.

Litecoin Sees Red

Litecoin slid by 4.4% on Tuesday, following Monday’s 0.71% loss, to end the day at $51.91, with a downward trend on the day’s closing prices continuing since late August.

Tracking the broader market, Litecoin moved to an early morning high $54.81 before easing back to sub-$54 levels, with an early afternoon broad based market sell-off seeing Litecoin slide through the day’s first major support level at $52.8 and second major support level at $51.21 to an intraday low $50 before partially recovering to $51 levels.

At the time of writing, Litecoin was down 3.35% to $50.23, with Litecoin falling from a start of a day high $51.99 to a morning low $49.74 before recovering to $50 levels. The sell-off saw Litecoin at sub-$50 levels for the first time since 14^th August, calling on support at the first major support level at $49.67.

For the day ahead, a move back through the morning high $51.99 to $52 levels would raise the prospects of a relief rally in the second half of the day. Sentiment across the broader market will need to materially improve however for Litecoin to have any chance of recovering the morning’s losses, the day’s first major resistance level at $54.48 likely to be out of play for the day.

Failure to move through to $50 levels could see Litecoin pullback through the morning low $49.74 to again test the day’s first major support level at $49.67, with the day’s second major support level at $47.43 in play should sentiment not shift later in the day, Litecoin needing to hold on to $50 levels through the morning to support a partial recovery.

Ripple Tracks the Majors

Ripple’s XRP fell by 2.52% on Tuesday, following on from Monday’s 2.14% decline, to end the day at $0.26309.

A start of a day move saw Ripple’s XRP hit an early morning intraday high $0.275 before hitting reverse, the day’s low falling well short of the first major resistance level at $0.2820.

The day long sell-off saw Ripple’s XRP slide through the day’s first major support level at $0.2595 to an intraday low $0.25211 before partially recovering to $0.26 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 1.88% to $0.25835, as Tuesday’s late reversal continued into the early hours, Ripple’s XRP falling from a start of a day high $0.26457 to a morning low $0.25474 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.26457 would support a run at $0.27 levels to bring the day’s first major support level at $0.2747 into play, though for Ripple’s XRP to move back into positive territory and test resistance levels, the broader market will need to bounce back through the late morning.

Failure to move back through the morning high $0.26457 could see Ripple’s XRP slide back through the morning low $0.25474 to bring the day’s first major support level at $0.2518 and sub-$0.25 levels into play later in the day.

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