Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/09/18
Bitcoin Cash Recovers
Bitcoin Cash gained 6.16% on Thursday, following a 0.6% fall on Wednesday, to end the day at $456.4.
Following a relatively range bound start to the day, Bitcoin Cash easing to an intraday low $423.3 Bitcoin Cash moved through the day’s first major resistance level at $447.03 to a mid-day $449.9, before easing back to a late afternoon low $423.4. Support kicked in late in the day, with Bitcoin Cash breaking through the first major resistance level at $447.03 and second major resistance level at $464.07 to an intraday high $469.8 before easing back to $450 levels.
At the time of writing, Bitcoin Cash was up 0.41% to $457.9, with Bitcoin Cash recovering from a start of a day morning low $449.7 to an early morning high $465.8 before easing back, the morning moves seeing Bitcoin Cash steer clear of the major support and resistance levels.
For the day ahead, a hold on to $450 levels would support another run at $470 levels later in the day, with the day’s first major resistance level at $476.37 in play should the news wires remain crypto friendly through the day.
Failure to hold on to $450 levels could see Bitcoin Cash pullback to test support at $440, while we would expect Bitcoin Cash to steer clear of the day’s first major support level at $429.87, barring particularly negative news hitting the wires.
Litecoin On the Move
Litecoin gained 4.33% on Thursday, following on from Wednesday’s 0.7% rise, to end the day at $56.63.
Tracking the broader market, Litecoin eased to an early intraday low $53.37 before finding support, with Litecoin moving to a late morning high $54.99 before easing back through the afternoon, the moves through the early part of the day leaving the major support and resistance levels untested.
A broad based market rally late in the day saw Litecoin break through the first major resistance level at $55.62 and second major resistance level at $56.94 to an intraday high $57.34 before easing back to $56 levels at the day’s end.
At the time of writing, Litecoin was up 1.04% to $57.15, with Litecoin moving from a morning low $56.32 to a $57.4 high before easing back, the morning moves leaving the major support and resistance levels untested.
For the day ahead, holding on to $57 levels through the morning would support another run at $58 levels and the day’s first major resistance level at $58.19, with the news wires needing to remain crypto friendly to continue supporting the recent upward momentum.
Failure to hold on to $57 levels could see Litecoin pullback through to $55 levels, with any dip below $55.78 likely to bring the day’s first major support level at $54.22 into play before any recovery.
Ripple Rallies Again
Ripple’s XRP rallied 38% on Thursday, following on from Wednesday’s 2.54% gain, to end the day at $0.45072.
A range bound early part of the day eased concerns of a sell-off following double digit gains earlier in the week, leading to a 2nd major rally of the week, Ripple’s XRP breaking through the day’s major resistance levels to an intraday high $0.50297 before easing back to $0.45 levels by the day’s end.
Of greater significance will have been Ripple’s XRP breakout from the 23.6% FIB Retracement Level of $0.4164 to $0.50 levels before the partial pullback late in the day.
The move came off the back of news from PNC, one of the largest banks in the U.S, the bank announcing that it will be using RippleNet to process international payments. Adding support was anticipation of the roll out of Ripple’s xRapid platform that will make the use of XRP.
At the time of writing, Ripple’s XRP was up 2.75% to $0.46061, moves through the early morning seeing Ripple’s XRP recover from a start of a day low $0.42604 to an early morning high $0.46868 before easing back, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $0.46868 would support another run at $0.50 levels, with the day’s first major support level at $0.5286 and the 38.2% FIB Retracement Level of $0.5225 in play later in the day, any break through the 38.2% FIB Retracement Level considered to be the beginnings of a bearish trend reversal.
Failure to move back through the morning high could see Ripple’s XRP hit reverse later in the day, with a fall through the morning low $0.42604 bringing sub-$0.40 levels into play, while we would expect Ripple’s XRP to steer clear of the day’s first major support level at $0.3472.
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This article was originally posted on FX Empire
