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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/09/18

It’s a sea of red early on with the early moves kicking off a bearish weekend, the cryptomarkets yet again failing to breakout.
Bob Mason
Crypto00 567

Bitcoin Cash Sees Red

Bitcoin Cash fell by 5.15% on Friday, partially reversing Thursday’s 10.14% rally to end the day at $537.4, the moves through the week seeing Bitcoin Cash up 9.67% Monday through Friday.

A slide through the morning saw Bitcoin Cash fall from a start of a day intraday high $577 to a middle of a day intraday low $531.1, the moves through the day leaving the day’s major support levels untested.

A recovery in the early afternoon to $550 levels failed to gather momentum, with Bitcoin Cash easing back to $530 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 3.45% to $520.9, with the downward trend through Friday afternoon continuing into this morning, Bitcoin Cash falling from a start of a day morning high $539.5 to a morning low $510.6 before steadying.

The early sell-off saw Bitcoin Cash fall through the first major support level at $520 before support kicked in.

For the day ahead, a move back through the morning high $539.5 to $540 levels would support a move through to $550 levels later in the day, while the day’s first major resistance level at $565.9 will likely remain untested, barring particularly positive news hitting the wires to spur another rally.

Failure to move back through the morning high to $540 levels could see Bitcoin Cash pullback through the morning low $510.6 to bring the day’s second major support level at $502.6 into play, while we would expect Bitcoin Cash to avoid falling through to sub-$500 levels barring materially negative news hitting the wires.

Litecoin Pinned Back

Litecoin slipped by 2.38% on Friday, partially reversing Thursday’s 10.29% rally, to end the day at $61.6, the moves through the week leading to a 0.49% gain, Monday through Friday.

Upward momentum through the early morning saw Litecoin hit a late morning intraday high $64.68 before hitting reverse, with Litecoin sliding back to call on support at $60. A late afternoon intraday low $60.12 saw Litecoin bounce back to $61 levels by the day’s end, the day’s major support and resistance levels left untested.

At the time of writing, Litecoin was down 3.04% to $59.87, with Litecoin tracking the broader market into the red, falling from a start of a day high $61.75 to a morning low $59.25, calling on support at the first major support level at $59.59 before steadying.

For the day ahead, a move back through to $60 levels would support a run at the morning high $61.75 to bring $62 levels into play later in the day, while the day’s first major support level at $64.15 will unlikely be tested.

Failure to move back through to $60 levels and hold through the morning to take a run at $62 levels could see Litecoin fall back through the first major support level at $59.59 to bring $58 levels and the day’s second major support level at $57.57 before any recovery.

Ripple Falls Back

Ripple’s XRP slipped by just 0.55% on Friday, following Thursday’s 5.8% gain, to end the day at $0.54, the moves through the week leaving Ripple’s XRP lose 5.38% Monday through Friday.

A late morning reversal saw Ripple’s XRP fall to an intraday low $0.51227 before recovering through the afternoon to an intraday high $0.55243. Ripple’s XRP pulled back to $0.52 levels late in the day before breaking back through to $0.54 levels by the day’s end, the moves through the day leaving the major support and resistance levels untested.

At the time of writing, Ripple’s XRP was down 1.98% to $0.52931, a broad based market sell-off seeing Ripple’s XRP fall from a start of a day morning high $0.54101 to a morning low $0.523, Ripple’s XRP managing to steer clear of the first major support level at $0.5174 in the early hours.

For the day ahead, a move back through $0.5349 to $0.54 levels and the morning high would support a run at $0.55 levels to bring the day’s first major resistance level at $0.5575, with any breakout from there needing the support of the broader market, the second major resistance level at $0.5751 out of play should sentiment not materially improve through the morning.

Failure to move back through to and hold above $0.5349 by late morning could see Ripple’s XRP take a bigger hit later in the day, with any pullback through the morning low $0.523 bringing the first major support level at $0.5174 into play, sub-$0.50 support levels unlikely to be tested barring particularly negative news hitting the wires.

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