Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/10/18

Bob Mason

Updated Mon, Oct 8, 2018, 6:58 PM

Bitcoin Cash Bounces Back

Bitcoin Cash gained 2.09% on Monday, following on from Sunday’s 2.33% rise, to end the day at $532.1.

A relatively range bound start to the day saw Bitcoin Cash pullback to a mid-morning intraday low $518.85 before a broad based market rally kicked in, the day’s low holding well above the first major support level at $509.33.

The 2^nd half of a day rally saw Bitcoin Cash break through the first major resistance level at $533.53 to an intraday high $536.1 before easing back in the final hours.

At the time of writing, Bitcoin Cash was down 0.32% to $530.3, with Monday’s late pullback continuing into the early hours of the morning.

For the day ahead, holding on to $530 levels would support a move through a start of a day morning high $532.1 to take a run at Monday’s high $536.1 to bring the first major resistance level at $539.3 into play, while Bitcoin Cash will likely fall short of the second major resistance level at $546.5, with Bitcoin Cash likely to face plenty of resistance in any break through to $540 levels.

Failure to hold on to $530 levels through the morning could see Bitcoin Cash fall through to $528 levels, with the day’s first major support level at $521.7 very much in play in the event of a reversal, while we would expect Bitcoin Cash to steer clear of sub-$520 levels barring materially negative news hitting the wires.

Litecoin Eyes $60

Litecoin gained 2.33% on Monday, following on from Sunday’s 0.35% gain, to end the day at $59.25.

Mirroring the broader market, Litecoin eased back to a mid-morning intraday low $57.36 before a mid-day rally kicked in, with Litecoin breaking through the first major resistance level at $58.47 and second major resistance level at $59.03 to hit an intraday high $59.79 before easing back, the day’s major support levels left untested.

At the time of writing, Litecoin was up 0.1% to $59.3, with upward momentum in the final hour of Monday continuing into the start of the day.

For the day ahead, a hold on to $59 levels would support a run through Monday’s intraday high $59.79 to bring $60 levels and the day’s first major resistance level at $60.24 into play, with any improved sentiment across the broader market likely to support a run at $61 levels before any pullback.

Failure to hold on to $59 levels could see Litecoin slide through $58.8 to bring sub-$58 levels and the day’s first major support level at $57.81 into play, which should limit Litecoin’s losses for the day, sub-$57 support levels unlikely to be tested barring materially negative news hitting the wires.

Ripple Finally Finds Support

Ripple’s XRP gained 2.1% on Monday, reversing Sunday’s 0.89% fall, to end the day at $0.49287.

It was a mixed day for Ripple’s XRP, which slid to a late morning intraday low $0.47924, before the broad based cryptomarket rally delivered some respite for the struggling crypto, the morning low seeing Ripple’s XRP steer clear of the first major support level at $0.4711. Ripple’s XRP rallied through the late morning to an intraday high $0.50203 before easing back. The late morning moves saw Ripple’s XRP break through the first major resistance level at $0.4943, while falling short of the 38.2% FIB Retracement Level of $0.5225.

At the time of writing, Ripple’s XRP was down 0.58% to $0.49041, with Monday’s late pullback continuing into the early hours of this morning, Ripple’s XRP easing from a start of a day high $0.49365 to a low $0.49 before steadying.

For the day ahead, a move back through the morning high $0.49365 would support a run at $0.50 levels and the day’s first major resistance level at $0.5035, while we can expect Ripple’s XRP to continue to face plenty of resistance that will limit any upward momentum through the day, $0.51 levels likely to be out of reach.

Failure to move back through the morning high could see Ripple’s XRP pullback to $0.48 levels to bring the first major support level at $0.4807 into play, with a slide to call on sub-$0.47 support levels dependent upon direction across the broader market and the news wires through the day, last week’s losses leaving Ripple’s XRP more sensitive to market sentiment and the news wires than some of the other majors.