Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/09/18

Bob Mason
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Bitcoin Cash Back at $500

Bitcoin Cash rallied 10.28% on Friday, following on from Thursday’s 6.16% gain, to end the day at $503, the Friday rally supporting an 11.6% gain for the current week.

A bullish start to the day saw Bitcoin Cash break through the first major resistance level at $476.37 and second major resistance level at $496.33 to an early morning high $497 before a late in the day rally to an intraday high $513.8.

In spite of the week’s gains, Bitcoin Cash continued to fall short of the 23.6% FIB Retracement Level formed at early May’s swing hi $1,849.9, leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was down 3.06% to $487, with Bitcoin Cash pulling back from a start of a day $512 high to a morning low $480.1, the moves through the morning leaving the major support and resistance levels untested.

For the day ahead, a move back through to the morning high $512 would support a run at the day’s first major resistance level at $527.97, though we can expect Bitcoin Cash to face plenty of resistance at $500 should sentiment across the broader market not improve through the day.

Failure to move back through the morning high could see Bitcoin Cash take a bigger hit later in the day, with a fall through the morning low $480.1 bringing the day’s first major resistance level at $463.87 into play before any recovery.

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Litecoin Back in the $60s

Litecoin gained 7.69% on Friday, following Thursday’s 4.33% rise, to end the day at $60.91, with 4 consecutive days in positive territory giving Litecoin a 7.16% gain for the week.

Tracking the broader market, Litecoin broke through the day’s first major resistance level at $58.19 in the early part of the day before a late in the day rally that saw Litecoin break through second major resistance level at $59.75 to hit an intraday high $62.75 before easing back.

While moving back through to $60 levels, Litecoin continued to fall short of the 23.6% FIB Retracement Level of $79, leaving the extended bearish trend formed at early May’s $182.35 intact.

At the time of writing, Litecoin was down 1.15% to $60.13, with Litecoin falling from a start of a day morning high $61.68 to a morning low $59.29 before recovering to $60 levels, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $61.68 would support a run at $62 levels, while the day’s first major resistance level at $63.67 will likely be left untested, barring particularly positive news hitting the crypto wires.

Failure to move back through to $61 levels could see Litecoin retreat further later on in the day, with a pullback through the morning low $59.29 bringing $58 levels and the day’s first major support level at $57.24 into play before any recovery.

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Ripple Continues to Make Waves

Ripple’s XRP surged by 26.4% on Friday, following on from Thursday’s 38% rally, to end the day at $0.56734, the rallies through the week giving Ripple’s XRP a 101.8% gain for the current week.

Driving sentiment across the broader market, Ripple’s XRP rallied through the day to an intraday high $0.69587, with Ripple’s XRP breaking out from the 23.6% FIB Retracement Level of $0.4164 to move through the 38.2% FIB Retracement level of $0.5225 to test selling pressure at the 62% FIB Retracement Level of $0.6941, leading to a pullback to sub-$0.60 levels by the day’s end.

Holding above the 38.2% FIB Retracement Level of $0.5225 through the weekend would affirm the formation of a near-term bullish trend.

At the time of writing, Ripple’s XRP was down 9.63% to $0.51055, with Ripple’s XRP sliding from a start of a day high $0.57142 to a morning low $0.49211 before recovering to $0.50 levels, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $0.57142 would support a run at $0.60 levels, though sentiment across the broader market will need to materially improved for Ripple’s XRP to take a run at the day’s first major resistance level at $0.7001, profit taking contributing to the early pullback.

Failure to move back through to $0.57 levels could see Ripple’s XRP fall further through the afternoon, with a fall through the morning low $0.49211 likely to bring $0.47 levels into play before any recovery, the day’s first major support level at $0.4303 unlikely to be tested, barring particularly negative news hitting the wires.

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This article was originally posted on FX Empire

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