Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/10/18

Bob Mason

Updated Tue, Oct 2, 2018, 9:44 PM

Bitcoin Cash Back in the Red

Bitcoin Cash fell by 0.38% on Tuesday, partially reversing Monday’s 0.84% gain, to end the day at $531.3.

A particularly choppy day saw Bitcoin Cash hit an early morning intraday high $554.2 before hitting reverse, Bitcoin Cash breaking through the first major resistance level at $546.8, while falling short of the second major resistance level at $557.9.

The sell-off through the morning and afternoon saw Bitcoin Cash fall to an intraday low $521.6, calling on support at the first major support level at $521.8, before recovering to $540 levels only to be hit by a second pullback at the end of the day to $530 levels.

At the time of writing, Bitcoin Cash was down 2.59% to $518.6, with Tuesday’s late reversal continuing into the early hours of this morning, Bitcoin Cash falling from an early morning high $534, through the first major support level at $517.2, to a morning low $514.9 before steadying.

For the day ahead, a move through the morning high to $535 levels would support a run at $540 levels to bring the day’s first major resistance level at $549.8 into play, while $550 levels will likely remain out of reach in the event of a reversal of the early losses.

Failure to move back through the morning high could see Bitcoin Cash take a bigger hit by early afternoon, with a fall through to sub-$510 levels bringing the second major support level at $503.1 into play before any recovery.

Litecoin Hits Reverse

Litecoin fell by 1.69% on Monday, following on from Monday’s 1.39% loss, to end the day at $59.19, the fall marking a 5^th consecutive day in the red and 9 days in the red out of the last 11.

Tracking the broader market, Litecoin rallied to an early morning intraday high $61.3 before a broad based market sell-off hit, the day’s high coming within range of the first major resistance level at $61.59.

The reversal saw Litecoin slide through the day’s first major support level at $59.01 to a late afternoon intraday low $58.6 before recovering to $59 levels, Litecoin failing to break back through to $60 levels by the day’s end.

At the time of writing, Litecoin was down 4.1% to $56.77, with Tuesday’s sell-off continuing into the early hours, Litecoin falling from a start of a day morning high $59.32 to a morning low $56.62, Litecoin falling through the first major support level at $58.09 and second major support level at $57.

For the day ahead, while it’s looking particularly bearish, a move back through to $58 levels would signal a possible afternoon rebound, any break through to $59 levels likely to bring the day’s first major resistance level at $60.79 into play, though we can expect plenty of resistance on the way back through $59 to $60 levels.

Failure to move back through to $58 levels could see Litecoin take a bigger hit later in the day, with a fall through to $55 levels bringing the day’s third major support level at $54.3 into play before any recovery, Litecoin unlikely to see sub-$50 levels on the day.

Ripple Slides Again

Ripple’s XRP tumbled by 10.59% on Tuesday, following Monday’s 0.69% fall, to end the day at $0.51663.

Bucking the trend through the early part of the morning, Ripple’s XRP failed to join the early cryptomarket rally, Ripple’s XRP range bound ahead of the broad based market sell-off. Ripple’s XRP slid through the day to a late in the day intraday low $0.51, the reversal seeing Ripple’s XRP fall through the first major support level at $0.5374, with no end of day recovery to ease the pain.

Ripple’s XRP lost ground to Ethereum on the day, the market cap gap widening to close to $3bn as a result of the day’s tumble, investors locking in profits following xRapid going live and in spite of anticipated adoption across the financial sector.

At the time of writing, Ripple’s XRP was down 1.2% to $0.5111, an early morning high $0.53204 falling short of the first major resistance level at $0.5618, before reversing. Ripple’s XRP slid to a morning low $0.50673, steering clear of the first major support level at $0.4908, before recovering.

For the day ahead, a move back through to $0.52 levels would raise the prospects of a recovery, while sentiment across the broader market will need to materially improve for the day’s first major resistance level at $0.5618 to come into play.

Failure to move through to $0.52 levels could see Ripple’s XRP hit reverse later in the day, a move back through the morning low $0.5111 bringing sub-$0.50 levels and the first major support level at $0.4908 into play.