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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/09/18

By:
Bob Mason
Published: Sep 22, 2018, 03:52 UTC

It's a sea of red in the early hours as investors look to lock in profits, an afternoon recovery dependent upon the news wires through the day.

Cryptocurrencies July

Bitcoin Cash Back at $500

Bitcoin Cash rallied 10.28% on Friday, following on from Thursday’s 6.16% gain, to end the day at $503, the Friday rally supporting an 11.6% gain for the current week.

A bullish start to the day saw Bitcoin Cash break through the first major resistance level at $476.37 and second major resistance level at $496.33 to an early morning high $497 before a late in the day rally to an intraday high $513.8.

In spite of the week’s gains, Bitcoin Cash continued to fall short of the 23.6% FIB Retracement Level formed at early May’s swing hi $1,849.9, leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was down 3.06% to $487, with Bitcoin Cash pulling back from a start of a day $512 high to a morning low $480.1, the moves through the morning leaving the major support and resistance levels untested.

For the day ahead, a move back through to the morning high $512 would support a run at the day’s first major resistance level at $527.97, though we can expect Bitcoin Cash to face plenty of resistance at $500 should sentiment across the broader market not improve through the day.

Failure to move back through the morning high could see Bitcoin Cash take a bigger hit later in the day, with a fall through the morning low $480.1 bringing the day’s first major resistance level at $463.87 into play before any recovery.

BCH/USD 22/09/18 Daily Chart

Litecoin Back in the $60s

Litecoin gained 7.69% on Friday, following Thursday’s 4.33% rise, to end the day at $60.91, with 4 consecutive days in positive territory giving Litecoin a 7.16% gain for the week.

Tracking the broader market, Litecoin broke through the day’s first major resistance level at $58.19 in the early part of the day before a late in the day rally that saw Litecoin break through second major resistance level at $59.75 to hit an intraday high $62.75 before easing back.

While moving back through to $60 levels, Litecoin continued to fall short of the 23.6% FIB Retracement Level of $79, leaving the extended bearish trend formed at early May’s $182.35 intact.

At the time of writing, Litecoin was down 1.15% to $60.13, with Litecoin falling from a start of a day morning high $61.68 to a morning low $59.29 before recovering to $60 levels, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $61.68 would support a run at $62 levels, while the day’s first major resistance level at $63.67 will likely be left untested, barring particularly positive news hitting the crypto wires.

Failure to move back through to $61 levels could see Litecoin retreat further later on in the day, with a pullback through the morning low $59.29 bringing $58 levels and the day’s first major support level at $57.24 into play before any recovery.

LTC/USD 22/09/18 Daily Chart

Ripple Continues to Make Waves

Ripple’s XRP surged by 26.4% on Friday, following on from Thursday’s 38% rally, to end the day at $0.56734, the rallies through the week giving Ripple’s XRP a 101.8% gain for the current week.

Driving sentiment across the broader market, Ripple’s XRP rallied through the day to an intraday high $0.69587, with Ripple’s XRP breaking out from the 23.6% FIB Retracement Level of $0.4164 to move through the 38.2% FIB Retracement level of $0.5225 to test selling pressure at the 62% FIB Retracement Level of $0.6941, leading to a pullback to sub-$0.60 levels by the day’s end.

Holding above the 38.2% FIB Retracement Level of $0.5225 through the weekend would affirm the formation of a near-term bullish trend.

At the time of writing, Ripple’s XRP was down 9.63% to $0.51055, with Ripple’s XRP sliding from a start of a day high $0.57142 to a morning low $0.49211 before recovering to $0.50 levels, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $0.57142 would support a run at $0.60 levels, though sentiment across the broader market will need to materially improved for Ripple’s XRP to take a run at the day’s first major resistance level at $0.7001, profit taking contributing to the early pullback.

Failure to move back through to $0.57 levels could see Ripple’s XRP fall further through the afternoon, with a fall through the morning low $0.49211 likely to bring $0.47 levels into play before any recovery, the day’s first major support level at $0.4303 unlikely to be tested, barring particularly negative news hitting the wires.

XRP/USD 22/09/18 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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