Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/09/18

Bitcoin Cash On the Move

Bitcoin Cash gained 0.61% on Friday, partially reversing Thursday’s 3.01% fall, to end the day at $541.9, the moves through the week leaving Bitcoin Cash down 30.29% for the month of August, whilst up 3.38% for the current week.

Following 2 consecutive days of losses, Friday was a relatively uneventful day, Bitcoin Cash moving within some relatively tight ranges through, an early intraday low $533.4 steering clear of the day’s first major support level at $523.13, with a late afternoon intraday high $548.5 falling short of the day’s first major resistance level at $555.13.

At the time of writing, Bitcoin Cash was up 2.32% to $555, with Friday’s 2^nd half of the day recovery spilling into the early hours of this morning, Bitcoin Cash breaking through the first major resistance level at $549.13 to test the second major resistance level at $556.37, with a morning high $556.2.

For the day ahead, a break out from the day’s second major resistance level at $556.37 would support a run at $560 levels, while we would expect Bitcoin Cash to fall short of the day’s third major resistance level at $571.47, Bitcoin Cash needing to hold on to $550 levels through the morning to support a run a $560 levels.

Failure to break through to $560 levels could see Bitcoin Cash give up some of the day’s gains, with a hold above $542 needed to avoid a pullback through to $530 levels that would bring the day’s first major support level at $534.03 into play.

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Litecoin Breaks Free

Litecoin gained 3.1% on Friday, reversing Thursday’s 2.05% loss, to end the day at $62.13, the moves through the week leaving Litecoin down 21.4% for the month of August, whilst up 8.8% for the current week.

An early dip to an intraday low $59.55% steered clear of the day’s first major support level at $58.65, with support at $60 leading to a second half of a day rally, Litecoin breaking through the first major resistance level at $61.82 to a late afternoon intraday high $62.8, before steadying.

For the crypto bulls, holding on to $62 levels was the positive of the day, though Litecoin continues to fall well short of the 23.6% FIB Retracement Level of $81, leaving the extended bearish trend firmly intact.

At the time of writing, Litecoin was up 2.48% to $63.67, Friday’s afternoon rally continuing into the early hours of this morning, Litecoin breaking through the day’s first major resistance level at $63.44 to a morning high $63.84.

For the day ahead, a holding on to $63 levels through the morning would support a move back through the morning high $63.84 to bring $64 levels and the day’s second major resistance level at $64.74 into play, the lack of materially negative news at the end of the week supporting this morning’s moves.

Failure to hold on to $63 levels could see Litecoin pullback to sub-$62 levels, though we would expect Litecoin to steer clear of the day’s first major support level at $60.19, barring materially negative news hitting the wires.

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Ripple Flat on the Day

Ripple’s XRP gained just 0.09% on Friday, following Thursday’s 2.9% fall, to end the day at $0.3351, the moves through the week leaving Ripple’s XRP down 23% for the month of August, whilst up 3.84% for the current week.

A relatively range bound morning saw Ripple’s XRP pullback to an intraday low $0.3273, holding above the day’s first major support level at $0.323, before rallying to a late afternoon intraday high $0.34108, the day’s high falling short of the first major support level at $0.3465.

Unable to hold on to $0.34 levels for a 2^nd consecutive day, Ripple’s XRP trailed the majors on the day, with the extended bearish trend firmly intact, Ripple’s XRP sitting well short of the 23.6% FIB Retracement Level of $0.4164 and $0.50 levels needed to begin forming a bearish trend reversal.

At the time of writing, Ripple’s XRP was up 1.81% to $0.34103, support coming from the broader market, with Ripple’s XRP breaking through the day’s first major resistance level at $0.3417 to a morning high $0.34366.

For the day ahead, a hold on to $0.34 levels through the morning would support a move back through the first major resistance level at $0.3417 to bring the day’s second major resistance level at $0.3483 into play, Ripple’s XRP likely to play catchup should the positive sentiment hold through the morning.

Failure to move back through the morning high $0.3483 could see Ripple’s XRP pullback through a start of a day morning low $0.33478 to bring sub-$0.33 levels and the day’s first major support level at $0.3279 into play before any recovery.

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This article was originally posted on FX Empire

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