Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/09/18

Bob Mason

Updated Tue, Sep 25, 2018, 10:21 PM

Bitcoin Cash Slides Again

Bitcoin Cash fell by 3.42% on Tuesday, following on from Monday’s 5.78% slide, to end the day at $446.7.

Following on from Monday’s late slide, Bitcoin Cash slid through the morning and afternoon to an intraday low $423.7, the reversal seeing Bitcoin Cash fall through the day’s first major support level at $447.37 and second major support level at $433.03 before a late partial recovery to $440 levels.

At the time of writing, Bitcoin Cash was down 2.77% to $434.3, with Tuesday’s late partial recovery reversing in the early hours, Bitcoin Cash falling from a start of a day morning high $447.3 to a morning low $433.8, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $440 levels and a hold above $444 through the late morning would support a run at $450 levels, while the day’s first major resistance level at $465.17 will likely be out of reach on the day, barring particularly positive news hitting the wires.

Failure to move back through to $440 levels could see Bitcoin take a bigger hit later in the day, with a pullback through the morning low $433.8 bringing sub-$430 levels and the day’s first major support level at $425.97 into play before any recovery.

Litecoin Hits Reverse

Litecoin fell by just 0.79% on Tuesday, following a 5.42% slide on Monday, to end the day at $57.53.

Tracking the broader market, Monday’s late sell-off continued through the morning, with Litecoin sliding through the day’s first major support level at $56.23 to an intraday low $54.33, calling on support at the second major support level at $54.49.

Bucking the trend through the afternoon, Litecoin moved back through to a second half of a day high $57.94 before easing back.

At the time of writing, Litecoin was down 1.48% to $56.71, with the late pullback continuing into the early hours of this morning, Litecoin falling from a start of a day high $57.66 to a morning low $56.37, the day’s moves leaving the major support and resistance levels untested.

For the day ahead, a move back through to $57 levels and the morning high would support a run at $58 levels to bring the day’s first major resistance level at $58.96 into play, though for Litecoin to make a move, holding above $56.65 through the morning will be key.

Failure to hold above $56.65 through the morning could see Litecoin take heavier losses, with a pullback through the morning low $56.37 bringing sub-$56 levels and the day’s first major resistance level at $56.23 into play, any negative news raising the possibility of a return to $54 levels to test the second major resistance level at $54.49 before any recovery.

Ripple Heads South

Ripple’s XRP rallied 6.62% on Tuesday, partially reversing Monday’s 14.2% gain, to end the day at $0.525.

It was bearish for most of the day, with Ripple’s XRP sliding to a mid-morning intraday low $0.4355, Ripple’s XRP falling through the day’s first major support level at $0.4540 before support kicked in.

Bucking the trend late in the day, Ripple’s XRP rallied to a late in the day intraday high $0.54798, before easing back to $0.52 levels, the day’s high falling short of the first major resistance level at $0.5555, while Ripple’s XRP broke through the 38.2% FIB Retracement Level of $0.5225.

At the time of writing, Ripple’s XRP was down 6.33% to $0.49206, the morning reversal wiping out Tuesday’s late rally fueled by noise of Coinbase changing its listing policy that raised the prospects of Ripple’s XRP being included on the exchange.

Moves through the early morning saw Ripple’s XRP slide from a start of a day $0.52933 to a morning low $0.48367 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $0.50 levels would support another move northwards, with a recovery to $0.52 levels on the cards should Ripple’s XRP break back through to $0.50 levels and hold above $0.5028 through the late morning. We will expect the first major resistance level at $0.5702 to remain untested through the day.

Failure to move back through to $0.50 levels could see Ripple’s XRP pullback through the morning low $0.48367 to $0.46 levels, while we would expect Ripple’s XRP to find sufficient support to steer clear of the day’s first major support level at $0.4577, barring materially negative news hitting the wires.