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