Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 18/09/18
Bitcoin Cash Slumps
Bitcoin Cash tumbled by 7.46% on Monday, adding to the previous week’s 6.4% slide, to end the day at $416.9.
Sunday’s late recovery continued into the early hours of Monday, with Bitcoin Cash breaking through the first major resistance level at $460.1 to a start of a day intraday high $463.4 before hitting reverse.
A day long sell-off saw Bitcoin Cash slide through the first major support level at 433.2 and second major support level at $415.7 to a late intraday low and new swing lo $408.4 before finding support, the day’s reversal reaffirming the extended bearish trend formed at early May’s swing hi $1,849.9.
At the time of writing, Bitcoin Cash was down 0.12% to $416.7, with late Monday support continuing into the early hours of this morning, Bitcoin Cash moving through to an early morning high $423 before easing back to a morning low $414, the major support and resistance levels left untested early on.
For the day ahead, a move through the morning high $423 to $430 levels would support a run at $440 levels to bring the day’s first major resistance level at $450.73 into play, though Bitcoin will likely face plenty of resistance on a move through to $440 levels in the event of a breakout from current levels.
Failure to move through to $430 levels could see Bitcoin Cash hit reverse later in the day, with a fall through the morning low $414 bringing sub-$400 levels and the day’s first major support level at $395.73 into play, the news wires needing to play a lending hand to the crypto bulls for Bitcoin Cash to avoid facing more selling pressure on the day.
Litecoin Takes a Hit
Litecoin slid by 8.43% on Monday, reversing the previous week’s 3.53% gain with interest, to end the day at $52.03.
Tracking the broader market, Litecoin hit a start of a day intraday high $57.85 before hitting reverse, the day’s high falling short of the first major resistance level at $58.04.
Sliding through the day, Litecoin fell through the first major support level at $55.04 and second major support level at $53.25 to an intraday low $51.44 before recovering to $52 levels, the day’s sell-off reaffirming the extended bearish trend formed at early May’s swing hi $182.35.
At the time of writing, Litecoin was down 2.13% to $50.94, with an early morning reversal pulling Litecoin to a morning low $50.55, the moves through the morning leaving the day’s major support and resistance levels untested, Litecoin’s $52.3 high coming at the start of the day.
For the day ahead, a move through the morning high $52.3 to $53.5 would support a partial recovery of Monday’s losses, though we would expect Litecoin to be pinned back from a run at the day’s first major resistance level at $56.11 on the day.
Failure to move through to $53 levels could see Litecoin go deeper into the red later in the day, with a fall back through the morning low $50.55 bringing sub-$50 levels and the day’s first major support level at $49.7 into play before any possible recovery to $50 levels.
Ripple Does Better Than Most
Ripple’s XRP fell by 4.01% on Monday, wiping out the previous week’s 1.47% gain, to end the day at $0.26992.
An early morning move through to an intraday high $0.28355 saw Ripple’s XRP fall short of the first major resistance level at $0.2845 and, while easing back, held off from a slide through the morning, while struggling to hold on to $0.28 levels through the first half of the day.
Succumbing to pressure from the broader market, Ripple’s XRP slid through the day’s first major support level at $0.2757 and second major support level at $0.2701 to an intraday low $0.26648 before finding support, the losses modest relative to the broader market.
At the time of writing, Ripple’s XRP was up 0.47% to $0.27168, with Ripple’s XRP bucking the trend across the broader market in the early hours, moving through to a start of a day morning high $0.27337, the day’s major support and resistance levels left untested.
For the day ahead, a move back through the morning high $0.27337 would support another run at the first major resistance level at $0.2802, though sentiment across the broader market will need to improve for Ripple’s XRP to hold on to $0.28 levels in the event of a recovery of Monday’s losses.
Failure to move back through the morning high $0.27337 could see Ripple’s XRP hit reverse later in the day, with a fall through a start of a day morning low $0.26886 bringing the day’s first major support level at $0.2631 into play, sub-$0.26 levels a possibility.
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This article was originally posted on FX Empire
