Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/09/18

Bitcoin Cash Sees Red

Bitcoin Cash gained just 0.29% on Saturday, following Friday’s 3.84% slide, to end the day at $448.3, the minor gain leaving Bitcoin Cash still deep in the red for the week.

A relatively range bound day by recent standards saw Bitcoin Cash move through to an early afternoon intraday high $462.5, before easing back to a late in the day intraday low $443, the moves through the day leaving the major support and resistance levels left untested.

At the time of writing, Bitcoin Cash was down 1.51% to $441.6, with Saturday’s late in the day reversal continuing into the early hours, Bitcoin Cash falling from an early morning high $449.1 to a morning low $438.1, testing the day’s first major support level at $440.03 before moving back to $440 levels.

For the day ahead, a move back through the morning high to $450 levels would support a run at the day’s first major resistance level at $459.54 to bring $460 level back into play, following Saturday’s $462.5 high, though Bitcoin Cash will need to move back through to $450 levels by the early afternoon to support a late weekend rally.

Failure to move back through to $450 levels could see Bitcoin Cash fall deeper into the red for the week, with a pullback through the morning low $438.1 bringing the second major support level at $431.77 into play, though we would expect Bitcoin Cash to find sufficient support at sub-$440 levels to avoid testing the second major resistance level, barring materially negative news hitting the wires.

Litecoin Tracks the Majors

Litecoin gained 0.57% on Saturday, following on from Friday’s 2.99% rise, to end the day at $56.65.

Friday’s afternoon rally provided support in the early hours of Saturday, with Litecoin rising through the morning to an early afternoon intraday high $58.73 before pulling back late in the day to an intraday low $55.55, the day’s major support and resistance levels left untested through the day.

At the time of writing, Litecoin was down 1.24% to $55.64, with Saturday evening’s reversal weighing in the early hours, Litecoin falling to a morning low $55.13 to call on support at the first major support level at $55.22 before steadying.

For the day ahead, a move back through a start of a day morning high $56.65 to $57 levels would be needed to support a run at $58 levels and the day’s first major resistance level at $58.4, with direction through the late morning likely to provide some guidance on whether the early losses were a spill over or due to a shift in sentiment that could lead to heavier losses later in the day.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day, a pullback through the morning low $55.13 bringing sub-$55 levels and the day’s second major support level at $53.8 into play before any recovery.

Ripple Plays Catch-Up

Ripple’s XRP gained 1.49% on Saturday, reversing Friday’s 1.18% fall, to end the day at an 8-day closing high  $0.28012, the early weekend gain taking Ripple’s XRP into positive territory for the current week.

A relatively choppy start to the day saw Ripple’s XRP pullback to a mid-morning intraday low $0.27552 before finding support from a broad based market move through the late morning.

Breaking through the day’s first major resistance level at $0.2839, Ripple’s XRP rose to an early afternoon intraday high $0.28505 before easing back through the first major resistance level, a late in the day broad based crypto sell-off pinning back more material gains on the day.

At the time of writing, Ripple’s XRP was down 0.39% to $0.27921, downward pressure from the broader market weighing on Ripple’s XRP in the early hours.

Ripple’s XRP moved through to an early morning high $0.28169 before pulling back to a morning low $0.2778, the day’s major support and resistance levels left untested early on.

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 $0.2849, with sentiment across the broader market to dictate whether a break out through the day’s second major resistance level at $0.29 levels is on the cards, though Ripple’s XRP will need to move back through to $0.28 levels early to support a late weekend rally.

Failure to move back through to $0.28 levels could see Ripple’s XRP fall back through the morning low $0.2778 to test the day’s first major support level at $0.2754, with the second major support level at $0.2707 in play, though the broader market will need to be under significant pressure for the second major support level to be tested.

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