Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/09/18

Monday’s sell-off continued into the early hours and things could go from bad to worse if there’s no late morning recovery.
Bob Mason
Crypto00 567

Bitcoin Cash Slides

Bitcoin Cash slid by 5.78% on Monday, reversing Sunday’s 0.99% gain, to end the day at $461.7.

A bearish start to the day saw Bitcoin Cash slide from an early morning intraday high $493.1 to a morning low $461.3, Bitcoin Cash falling through the day’s first major support level at $474.87 on the way, before steadying through the early afternoon.

Tracking the broader market, Bitcoin Cash took a second tumble late in the day, falling through the second major support level at $459.73 to an intraday low $455.9 before partially recovering to $450 levels.

At the time of writing, Bitcoin Cash was down 2.03% to $453.3, with Monday’s late sell-off continuing into the early hours, Bitcoin Cash sliding from a start of a day $462.9 high to a morning low $448 to hold just above the day’s first major support level at $447.37.

For the day ahead, a move back through the morning high $462.9 to $470 levels would bring $480 levels and the day’s first major resistance level at $484.57 into play, though holding above the day’s first major support level and a move through to $460 levels by late morning would be needed to support an afternoon move.

Failure to move back through to $460 levels could see Bitcoin Cash slide through the first major support level at $447.37 to bring sub-$440 levels and the day’s second major support level at $433.03 into play, with the news wires capable of delivering a blow at any time.

Litecoin back in the $50s

Litecoin fell by 5.42% on Monday, reversing Sunday’s 1.24% gain, to end the day at $57.98.

Tracking the broader market, Litecoin fell from an early morning intraday high $61.4 to a late morning intraday low $57.07. The slide saw Litecoin fall through the first major support level at $59.6 and second major support level at $57.89 before finding support through the early afternoon, though not enough for Litecoin to move back through the first major support level at $59.6 to $60 levels by the day’s end.

At the time of writing, Litecoin was down 1.43% to $57.11, with Monday’s late sell-off spilling into the early hours of this morning, Litecoin falling from a start of a day high $58.08 to a morning low $55.55. The moves saw Litecoin fall through the first major support level at $56.23 before recovering to $57 levels.

For the day ahead, a move back through the morning high $58.08 to $58.8 would support a run at $60 levels to bring the day’s first major resistance level at $60.56 into play, with Litecoin needing to recover the morning’s losses ahead of the afternoon session to support a rebound.

Failure to move back through to $58 levels could see Litecoin take a hit later in the day, a pullback through the first major support level at $56.23 bringing sub-$56 levels and the day’s second major support level at $54.49 into play before any recovery.

Ripple Tanks

Ripple’s XRP tumbled 14.2% on Monday, following on from Sunday’s 0.47% gain, to end the day at $0.49037.

Pulling back from an early morning intraday high $0.58418, Ripple’s XRP slide through the day’s first major support level at $0.5509 and second major support level at $0.5311 to a morning low $0.5101 before steadying.

A range bound afternoon saw Ripple’s XRP hold on to $0.52 levels before a late in the day sell-off saw Ripple’s XRP slide through the third major support level at $0.4868 to an intraday low $0.48273, the day’s moves also seeing Ripple’s XRP pullback through the 38.2% FIB Retracement Level of $0.5225 to leave the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 4.91% to $0.468, the Monday night sell-off continuing into the early hours of this morning, Ripple’s XRP sliding from a start of a day morning high $0.49239 to a morning low $0.451 before steadying.

The early moves saw Ripple’s XRP call on support at the day’s first major support level at $0.454, while the day’s major resistance levels were left untested.

For the day ahead, a move back through the morning high $0.49239 would support a run at $0.50 levels, whilst we would expect the day’s first major resistance level at $0.5555 to be left untested, barring materially positive news hitting the wires.

Failure to recover the morning’s losses and move back through to $0.50 levels could see Ripple’s XRP take another tumble later in the day, a pullback through the day’s first major support level at $0.454 likely to see Ripple’s XRP fall to $0.43 levels before any recovery, the day’s second major support level at $0.4176 unlikely to be tested barring materially negative news hitting the wires.

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