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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/09/18

By:
Bob Mason
Published: Sep 24, 2018, 04:59 UTC

It's a mixed start to the day for the majors, with Sunday's afternoon reversal weighing on sentiment in the early morning, Ripple's XRP bucking the trend.

Cryptocurrencies July

Bitcoin Cash Back in the Red

Bitcoin Cash gained 0.99% on Sunday, partially reversing Saturday’s 3.4% fall, to end the week at $490, marking an 8.72% gain for the week.

A bullish first half of the day saw Bitcoin Cash recover from an early intraday low $477.3 to a late morning intraday high $510, before pulling back, resistance at the first major resistance level at $508.43 doing the damage, while Bitcoin Cash managed to steer clear of the day’s first major support level at $466.13.

Another run at $500 levels late in the day came up short, with $500 the new line in the sand for the bulls.

At the time of writing, Bitcoin Cash was down 0.2% to $488.9 in what’s been a relatively range bound start to the day, a morning high $493.1 and low $486.4 leaving the day’s major support and resistance levels untested, Sunday’s afternoon reversal leading to a bearish start to the week.

For the day ahead, a move back through to $492 would support another run at $500 levels, to bring the day’s first major resistance level at $507.57 into play, though Bitcoin Cash will need to make a move by late morning to support a bullish afternoon.

Failure to move through to and hold above $492 through the late morning could see Bitcoin Cash take a hit later in the day, with a pullback through the morning low $486.4 likely to bring $470 levels and the day’s first major support level at $474.87 into play, any further decline dependent upon the news wires.

BCH/USD 24/09/18 Daily Chart

Litecoin on the Slide

Litecoin gained 1.24% on Sunday, reversing Saturday’s 0.43% fall, to end the week up 7.85% at $61.3.

In line with the broader market, Litecoin recovered from an early morning intraday low $59.83 to a late morning intraday high $63.47, the morning rally seeing Litecoin break through the first major resistance level at $62.13 to come within range of the second major resistance level at $63.69 before pulling back through the afternoon to $60 levels.

A late in the day move saw Litecoin move back through to $61 levels by the day’s end.

At the time of writing, Litecoin was down 1.14% to $60.61, with Sunday’s bearish second half of the day continuing into the early hours of this morning, Litecoin falling from a morning high $61.4 to a low $60.22 before steadying.

For the day ahead, a move back through to $61 levels would support a run at $62 levels to bring the day’s first major resistance level at $63.24 into play, though sentiment across the broader market will need to materially improve and a move through $61.53 would be needed by the early afternoon to support a bullish afternoon.

Failure to move back through to $61 levels and the morning high by late morning could see Litecoin take a bigger hit later in the day, with a sub-$60 levels and the day’s first major support level at $59.6 very much in play. While we don’t expect the day’s second major support level at $57.89 to be tested, a sell-off on any negative news would certainly bring sub-$58 levels into play.

LTC/USD 24/09/18 Daily Chart

Ripple Holds On

Ripple’s XRP slipped 0.47% on Sunday, following Saturday’s 2.12% gain, to end the week up a whopping 102.96% at $0.57072.

A relatively range bound day by historical standards saw Ripple’s XRP move through to an early morning high $0.60 before pulling back to a midday low $0.55567, the day’s moves leaving the major support and resistance levels untested.

Unable to break back through the 62% FIB Retracement Level of 0.6941, the extended bearish trend remained intact, with a move through to and hold above $0.60 needed to affirm the formation of a bearish trend reversal.

At the time of writing, Ripple’s XRP was up 0.24% to $0.57265, with Ripple’s XRP moving through to a morning high $0.58418 before easing back to a low $0.567, the tight range through the early morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move through to $0.5755 would bring the day’s first major resistance level at $0.5953 and $0.60 levels into play but, with Ripple’s XRP having been unable to hold on to $0.60 levels to take another run at the 62% FIB Retracement Level of $0.6941 since Friday’s high, we can expect resistance on any attempted breakout from $0.60 levels.

Failure to move through to $0.5755 by late morning could see Ripple’s XRP cough up the morning gain, with a pullback through the morning low $0.567 likely to bring the day’s first major support level at $0.5509 into play before any recovery, sub-$0.55 support levels unlikely to be tested barring materially negative news hitting the wires.

XRP/USD 24/09/18 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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