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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/09/18

Bob Mason
Updated

Bitcoin Cash Up Again

Bitcoin Cash rallied for a 2nd consecutive day on Thursday, gaining 10.14% off the back of Wednesday’s 15.2% surge, to end the day at $567.

A relatively benign start to the day saw Bitcoin Cash pull back from early gains to $513 levels before a late morning rally kicked in, Bitcoin Cash breaking through the first major resistance level at $568.37 to an early afternoon intraday high $590. Range bound through the rest of the day, the day’s major support levels were left untested, with a start of a day intraday low $512.8 steering clear of the first major support level at $447.17.

At the time of writing, Bitcoin Cash was down 0.78% to $561.6, with Bitcoin Cash easing from a start of a day morning high $577 to a morning low $556.6 before moving back through to $560 levels, the early moves leaving the day’s major support and resistance levels untested.

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For the day ahead, a hold on to $560 levels would support a run at the start of the day $577 high, which could see Bitcoin Cash target Thursday’s $590 high to bring $600 levels and the day’s first major resistance level at $600.4 into play. Sentiment across the broader market would need to materially improve however, with Bitcoin Cash having last touched $600 levels back in the 1st week of September.

Failure to hold on to $560 levels through the morning could see Bitcoin Cash slide through the morning low $556.6 to bring the day’s first major support level at $523.2 into play, any reversal likely to lead to investors locking in profits in fear of a major sell-off.

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Litecoin Inspires

Litecoin joined the crypto party on Thursday, rallying 10.29% to reverse Wednesday’s 0.61% decline, ending the day at $63.11.

Tracking the broader market, Litecoin slipped to a late morning intraday low $56.68 before the cryptomarket rally kicked in, Litecoin breaking through the day’s major resistance levels to an intraday high $65.6.

A late in the day pullback saw Litecoin slip back through the third major resistance level at $64.61, while managing to hold on to $60 levels by the day’s end.

At the time of writing, Litecoin was up 0.14% to $63.2, Litecoin moving to an early morning high $64.3 before falling to a morning low $62.73, the moves through the early morning leaving the major support and resistance levels untested before moving back though to $63 levels.

For the day ahead, a hold on to $63 levels would support another run at $64 levels later in the day to bring the first major resistance level at $66.91 into play, though Litecoin will need to break through to $64 levels by late morning to support another afternoon rally.

Failure to hold on to $63 levels could see Litecoin fall through the morning low $62.73 to sub-$62 levels, with any fall below $61.8 likely to bring sub-$60 levels and the day’s first major support level at $57.99 into play before any recover.

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Ripple Lags the Leaders

Ripple’s XRP gained 5.8% on Thursday, reversing Wednesday’s 2.16% fall, to end the day at $0.54301, the moves through the day trailing the front runners.

A pullback through the early morning saw Ripple’s XRP fall to a late morning intraday low $0.50671 before finding support, the first major support level at $0.4736 left untested on the day.

A broad based market rally in the late morning left Ripple’s XRP behind, Ripple’s XRP struggling for direction through the middle of the day before a late in the day recovery seeing Ripple’s XRP move through to an intraday high 0.5571, the day’s high falling short of the first major resistance level at $0.5645.

At the time of writing, Ripple’s XRP was down -0.91% to $0.53841, with Ripple’s XRP falling back from a start of a day morning high $0.54961 to a morning low $0.53112 before steadying, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a move back through to $0.54 levels and the morning high $0.54961 would support a run at $0.55 levels, while $0.56 levels and the day’s first major resistance level at $0.5636 may be out of reach going into the weekend.

Failure to move back through to $0.54 levels could see Ripple’s XRP pullback through the morning low $0.53112 to bring $0.52 levels and the day’s first major support level at $0.5146 into play, a hold above $0.535 needed to avoid a more material sell-off later in the day.

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This article was originally posted on FX Empire

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