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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/09/18

Bob Mason

Bitcoin Cash Resumes Recovery

Bitcoin Cash fell by 3.84%, partially reversing Thursday’s 7.42% relief rally, to end the day at $445.9, the moves through the week leaving Bitcoin Cash down 7.39%, Monday through Friday.

 

A positive start to the day saw Bitcoin Cash move through to an intraday high $476.2, before pulling back, the day’s high falling short of the first major resistance level at $484.13. A sell-off through the late morning led Bitcoin Cash to an early afternoon intraday low $439.2, steering clear of the day’s first major support level at $438.03 before a partial recovery.

 

At the time of writing, Bitcoin Cash was up 0.55% to $449.5, with Bitcoin moving from a start of a day low $445.9 to a morning high $457.4 before easing back, the day’s major support and resistance levels left untested.

 

For the day ahead, moving back through the morning high would support a run at $460 levels to bring the day’s first major resistance level at $468.33 into play, though Bitcoin Cash will need to move through and hold above $453 in the early part of the day to support the beginnings of a weekend rally.

 

Failure to move back through to $450 levels could see Bitcoin Cash hit reverse later in the day, with a pullback through the morning low $445.9 brining sub-$440 levels and the day’s first major support level at $431.33 into play, though we would expect Bitcoin Cash to steer clear of the day’s major support levels barring materially negative news hitting the wires.

 

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Litecoin Bucks the Trend

Litecoin gained 2.99% on Friday, following Thursday’s 5.83% rally, to end the day at $56.23, two consecutive days of gains leading Litecoin into positive territory for the week, Litecoin up 2.42% Monday through Friday.

 

A relatively choppy start to the day saw Litecoin pullback from a morning high $55.01 to an early afternoon intraday low $52.92 before finding support, the day’s low steering clear of the first major support level at $52.27. Litecoin rebounded through afternoon, breaking through the day’s first major resistance level at $56.27 and second major resistance level at $57.94 to an intraday high $58.9, before easing back to $56 levels, Litecoin bucking the trend across the broader market on the day.

 

At the time of writing, Litecoin was up 0.37% to $56.54, with Litecoin tracking the broader market in the early hours, rising to a morning high $57.82 before easing back, the morning’s low $56.05 coming at the start of the day.

 

For the day ahead, holding on to $56 levels through the morning would support another run at $58 levels, to bring the day’s first major resistance level at $59.11 into play, though we would expect Litecoin to struggle to break through to $59 levels on the day.

 

Failure to hold on to $56 levels through the morning could see Litecoin pullback through the morning low $56.05 to bring sub-$55 levels into play, while Litecoin will likely steer clear of the day’s first major support level at $53.13, barring particularly negative news hitting the wires.

 

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Ripple on the Defensive

Ripple’s XRP slipped by 1.18% on Friday, partially reversing Thursday’s 3.5% gain, to end the day at $0.27618, the Friday pullback leaving Ripple’s XRP down 0.34% for the week, Monday through Friday.

A bullish start to the day saw Ripple’s XRP move through to an early morning intraday high $0.28523, the day’s high coming within reach of the day’s first major resistance level at $0.2877 before pulling back, a late morning reversal seeing Ripple’s XRP fall to an early afternoon intraday low $0.271.

 

Recovering to an afternoon high $0.28213, Ripple’s XRP was unable to hold on to gains by the day’s end, with Ripple’s XRP now having failed to close out at $0.28 levels since 7th September.

 

At the time of writing, Ripple’s XRP was up 0.53% to $0.27745. Moves through the early morning left the day’s major support and resistance levels untested, with Ripple’s XRP hitting a morning high $0.28 before easing back to hold just above a start of a day morning low $0.27599.

 

For the day ahead, holding above $0.275 through the morning would support another run at $0.28 levels to bring the first major resistance level at $0.2839 into play, with any broad based market rally likely to support a run at $0.29 levels, though we would expect Ripple’s XRP to struggle to hold on to $0.29 levels in the event of a move.

 

Failure to hold above $0.275 could see Ripple’s XRP hit reverse later in the day, with the day’s first major support level at $0.2697 certainly in play, though we would expect plenty of support at sub-$0.27 levels for Ripple’s XRP to avoid the day’s major support levels, unless the broader market gets hit with dire news from regulators.

 

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This article was originally posted on FX Empire

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