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

By:
Bob Mason
Published: Sep 18, 2018, 04:39 UTC

It's a choppy start to the day as investors dust themselves off from Monday's sell-off, the risk of more losses likely to test resolve through the day.

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

Bitcoin Cash Slumps

Bitcoin Cash tumbled by 7.46% on Monday, adding to the previous week’s 6.4% slide, to end the day at $416.9.

Sunday’s late recovery continued into the early hours of Monday, with Bitcoin Cash breaking through the first major resistance level at $460.1 to a start of a day intraday high $463.4 before hitting reverse.

A day long sell-off saw Bitcoin Cash slide through the first major support level at 433.2 and second major support level at $415.7 to a late intraday low and new swing lo $408.4 before finding support, the day’s reversal reaffirming the extended bearish trend formed at early May’s swing hi $1,849.9.

At the time of writing, Bitcoin Cash was down 0.12% to $416.7, with late Monday support continuing into the early hours of this morning, Bitcoin Cash moving through to an early morning high $423 before easing back to a morning low $414, the major support and resistance levels left untested early on.

For the day ahead, a move through the morning high $423 to $430 levels would support a run at $440 levels to bring the day’s first major resistance level at $450.73 into play, though Bitcoin will likely face plenty of resistance on a move through to $440 levels in the event of a breakout from current levels.

Failure to move through to $430 levels could see Bitcoin Cash hit reverse later in the day, with a fall through the morning low $414 bringing sub-$400 levels and the day’s first major support level at $395.73 into play, the news wires needing to play a lending hand to the crypto bulls for Bitcoin Cash to avoid facing more selling pressure on the day.

BCH/USD 18/09/18 Daily Chart

Litecoin Takes a Hit

Litecoin slid by 8.43% on Monday, reversing the previous week’s 3.53% gain with interest, to end the day at $52.03.

Tracking the broader market, Litecoin hit a start of a day intraday high $57.85 before hitting reverse, the day’s high falling short of the first major resistance level at $58.04.

Sliding through the day, Litecoin fell through the first major support level at $55.04 and second major support level at $53.25 to an intraday low $51.44 before recovering to $52 levels, the day’s sell-off reaffirming the extended bearish trend formed at early May’s swing hi $182.35.

At the time of writing, Litecoin was down 2.13% to $50.94, with an early morning reversal pulling Litecoin to a morning low $50.55, the moves through the morning leaving the day’s major support and resistance levels untested, Litecoin’s $52.3 high coming at the start of the day.

For the day ahead, a move through the morning high $52.3 to $53.5 would support a partial recovery of Monday’s losses, though we would expect Litecoin to be pinned back from a run at the day’s first major resistance level at $56.11 on the day.

Failure to move through to $53 levels could see Litecoin go deeper into the red later in the day, with a fall back through the morning low $50.55 bringing sub-$50 levels and the day’s first major support level at $49.7 into play before any possible recovery to $50 levels.

LTC/USD 18/09/18 Daily Chart

Ripple Does Better Than Most

Ripple’s XRP fell by 4.01% on Monday, wiping out the previous week’s 1.47% gain, to end the day at $0.26992.

An early morning move through to an intraday high $0.28355 saw Ripple’s XRP fall short of the first major resistance level at $0.2845 and, while easing back, held off from a slide through the morning, while struggling to hold on to $0.28 levels through the first half of the day.

Succumbing to pressure from the broader market, Ripple’s XRP slid through the day’s first major support level at $0.2757 and second major support level at $0.2701 to an intraday low $0.26648 before finding support, the losses modest relative to the broader market.

At the time of writing, Ripple’s XRP was up 0.47% to $0.27168, with Ripple’s XRP bucking the trend across the broader market in the early hours, moving through to a start of a day morning high $0.27337, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $0.27337 would support another run at the first major resistance level at $0.2802, though sentiment across the broader market will need to improve for Ripple’s XRP to hold on to $0.28 levels in the event of a recovery of Monday’s losses.

Failure to move back through the morning high $0.27337 could see Ripple’s XRP hit reverse later in the day, with a fall through a start of a day morning low $0.26886 bringing the day’s first major support level at $0.2631 into play, sub-$0.26 levels a possibility.

XRP/USD 18/09/18 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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