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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/09/18

By:
Bob Mason
Published: Sep 30, 2018, 05:07 UTC

It's a mixed start to the morning, though things could change should sentiment across the broader market not improve to deliver a weekend rally.

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Bitcoin Cash under Pressure

Bitcoin Cash fell by 0.35% on Saturday, following Friday’s 5.15% pullback, to end the day at $537.6, the day’s losses not enough to reverse the gain for the current week, Bitcoin Cash up by 9.71% Monday through Saturday.

A bearish start to the day saw Bitcoin Cash fall to an early morning intraday low $510.6 before finding support, Bitcoin Cash sliding through the day’s first major support level at $520.

Recovering through the morning, Bitcoin Cash broke through to a late morning intraday high $562.6, coming up short of the first major resistance level at $565.9 before easing back to $530 levels and a relatively range bound afternoon.

At the time of writing, Bitcoin Cash was down 1.14% to $532.5, with Saturday’s end of day pullback continuing into the early hours of this morning, Bitcoin Cash falling from a start of a day morning high $538.6 to a morning low $529 before recovering to $530 levels.

For the day ahead, a move back through to the morning high would support a break through to $550 levels, with any afternoon rebound across the broader markets likely to bring the day’s first major resistance level at $563.27 into play, though sentiment will need to materially improve for Bitcoin Cash to be able to break out from $550 levels.

Failure to move back through the morning high to $540 levels could see Bitcoin Cash take another hit later in the day, a pullback through the morning low $529 likely to see Bitcoin Cash fall to sub-$520 levels, while the day’s first major support level at $511.27 may be left untested, barring particularly negative news hitting the wires.

BCH/USD 30/09/18 Daily Chart

Litecoin Sees more Red than Green

Litecoin fell by 0.45% on Saturday, following a 2.38% slide on Friday, to end the day at $61.46. The day’s losses marked the 5th in 6-days, leaving Litecoin up just 0.26% for the current week, Thursday’s 10.3% rally all but wiped out.

Tracking the broader market, Litecoin fell through the day’s first major support level at $59.59 to an intraday low $59.05 before a late morning recovery to an intraday high $62.39, the day’s high falling short of the first major resistance level at $64.15.

A range bound 2nd half of the day saw Litecoin hold on to $61 levels through to the day’s end.

At the time of writing, Litecoin was down 1.3% to $60.65, Litecoin falling from an early morning $61.5 high to a morning low $60.23 before finding support, the day’s major support and resistance levels left untested.

For the day ahead, a move back through to $61 levels and the morning high would support a run at $62 levels to bring the first major resistance level at $62.88 into play, though Litecoin will need to move through to $62 levels by early afternoon to support a late weekend rally.

Failure to move back through to $61 levels could see Litecoin take a bigger hit later in the day, a fall to sub-$60 to test the day’s first major support level at $59.54 on the cards should Litecoin fail to move through and hold on to $61 levels by early afternoon.

LTC/USD 30/09/18 Daily Chart

Ripple Makes up Ground

Bucking the broader market trend, Ripple’s XRP rallied 5.17% on Saturday, following a 0.55% fall on Friday, to end the day at $0.56792.

Easing back to an early morning $0.523 low, Ripple’s XRP steered clear of the first major support level at $0.5174 before a broad based market rally kicked in. A late morning rally saw Ripple’s XRP break through the first major resistance level at $0.5575 and the second major resistance level at $0.5751 to an intraday high $0.5973.

Pulling back to $0.55 levels in the early afternoon, a late pickup saw Ripple’s XRP break back to $0.57 levels before ending the day at $0.56 levels.

At the time of writing, Ripple’s XRP was up 0.35% to $0.57112, recovering from a start of a day morning low $0.56182 to a morning high $0.57577 before steadying, the days major support and resistance levels left untested.

For the day ahead, holding on to $0.57 levels through the morning would support a move through $0.585 to bring $0.59 levels into play, while support from the broader market would be needed for Ripple’s XRP to break through to $0.60 levels to test the first major support level at $0.6025.

Failure to hold on to $0.57 levels through the morning could see Ripple’s XRP pullback through the morning low $0.56182 to bring $0.54 levels into play, a broad based market sell-off capable of pulling Ripple’s XRP back through towards Saturday’s low $0.523 to test the first major support level at $0.5282 before any recovery.

XRP/USD 30/09/18 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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