Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/09/18

Bitcoin Cash Bounces Back

Bitcoin Cash rallied by 7.42% on Thursday, following 3 consecutive days of losses, to end the day at $464.6, the relief rally staving off a possible pullback to sub-$400 levels.

A relatively range bound morning saw Bitcoin Cash easing back from a start of a day $443 morning high to a mid-morning intraday low $431, leaving the day’s major support and resistance levels untested. A second half of a day broad based market rally saw Bitcoin Cash break through the first major resistance level at $445 and second major resistance level at $457.4 to an intraday high $477.1, before easing back to $460 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.76% to $466.9, with upward momentum from Thursday continuing into the early hours of this morning. Bitcoin Cash moved from a start of a day low $458.6 to a morning high $472.6 before easing back, the day’s major support and resistance levels left untested in the early hours.

For the day ahead, holding on to $460 levels through the morning would support move back through the morning high $472.6 to bring $480 levels and the day’s first major resistance level at $484.13 into play, though sentiment will need to remain positive across the majors to support another move.

Failure to hold on to $460 levels through the morning could see Bitcoin Cash pullback through the morning low $458.6 to bring sub-$450 levels into play, while the day’s major support level at $438.03 will likely remain untested barring materially negative news hitting the wires ahead of the weekend.

Litecoin Finds Support

Litecoin gained 5.83% on Thursday, following a 0.52% fall on Wednesday, to end the day at $54.61.

A start of a day intraday low $51.6 steered clear of the first major support level at $48.57, with support from a broad based market recovery, coming off the back of heavy losses in the first half of the week, kicking in. Litecoin broke through the day’s first major resistance level at $53.46 and second major resistance level at $55.21 to an intraday high $55.6 before easing back to $54 levels by the day’s end.

At the time of writing, Litecoin was up 0.99% to $55.2, Litecoin recovering from a start of a day dip to a morning low $53.89 to hit a morning high $55.83 before easing back, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high would support a run at $56 levels and the day’s first major resistance level at $56.27, with sustained momentum bringing the second major resistance level at $57.94 into play, though we would expect Litecoin to struggle to hold on to $57 levels by the day’s end.

Failure to move back through the morning high $55.83 could see Litecoin pullback through the morning low $53.89 to bring sub-$53 levels and the day’s first major support level at $52.27 into play, while we would expect sub-$50 levels to be avoided barring dire news hitting the crypto wires.

Ripple Makes It 2 In A Row

Ripple’s XRP gained 3.5% on Thursday, following on from a 2.62% rise on Wednesday, to end the day at $0.27932.

A choppy start to the day saw Ripple’s XRP pull back from a morning high $0.276 to an intraday low $0.27194 before a broad based market rally kicked in. Ripple’s XRP broke through the day’s first major resistance level at $0.2781 to come within range of the second major resistance level at $0.2863 with an intraday high $0.2858, before easing back to $0.27 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.87% to $0.2819, with Ripple’s XRP tracking the broader market through the early hours, moving from a start of a day low $0.2774 to a morning high $0.28523 before easing back, the days major support and resistance levels left untested.

For the day ahead, a move back through the morning high $0.28523 would support another run at the day’s first major resistance level at $0.2877 to bring $0.29 levels into play before any late in the day consolidation going into the weekend.

Failure to move back through the morning high could see Ripple’s XRP hit reverse later in the day, with a fall through the morning low $0.2774 bringing sub-$0.27 levels and the day’s first major resistance level at $0.2691 into play, a fall through to $0.25 levels unlikely unless there is more negative regulatory chatter to shake the markets.

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