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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/09/18

Bitcoin Cash Sees Red

Bitcoin Cash fell by 0.6% on Wednesday, partially reversing Tuesday’s 3.64% gain, to end the day at $430.

A particularly choppy day saw Bitcoin Cash slide through the first major support level at $412.77 to an early afternoon intraday low and new swing lo $407.9 before recovering. An early afternoon bounce back to an intraday high $444.5 fell short of the first major resistance level at $451.97, with Bitcoin Cash pulling back to $430 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 0.91% to $426, with Wednesday’s late in the day pullback continuing into the early hours, Bitcoin falling from a start of a day morning high $433.1 to a morning low $425, the early moves leaving the day’s major support and resistance levels untested.

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For the day ahead, a move back through to $430 levels would support a run at $440 levels to bring the day’s first major resistance level at $447.03 into play, though Bitcoin Cash will need to move through to $430 levels and hold by early afternoon to support a 2nd half of a week recovery.

Failure to move back through to $430 levels could see Bitcoin Cash take a bigger hit later in the day, with a pullback to sub-$420 levels bringing the day’s first major support level at $410.43 and sub-$400 levels into play, the bearish sentiment towards Bitcoin Cash have led to two new swing los this week.

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Litecoin Holds On

Litecoin gained 0.7% on Wednesday, following on from Tuesday’s 3.71% rally, to end the day at $54.3.

A positive start to the day was short lived, with negative sentiment across the broader market pulling Litecoin back to $51 levels with a late afternoon intraday low $51.7 before recovering, Litecoin steering clear of the first major support level at $51.19.

An afternoon recovery saw Litecoin move through to an intraday high $54.98, falling short of the day’s first major resistance level at $56.13, before easing back.

At the time of writing, Litecoin was down 0.9% to $53.79, with Litecoin falling from a start of a day morning high $54.53 to a morning low $53.37 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $53.66 would support a move back through the morning high $54.53 to bring $55 levels and the day’s first major resistance level at $55.62 into play, though we will expect Litecoin to continue to face plenty of resistance on the way through to $55 levels to limit gains on the day.

Failure to hold above $53.66 through the morning could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $53.37 bringing $52 levels and the day’s first major support level at $52.34 into play, any further declines dependent upon the news wires on the day.

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Ripple Consolidates

Ripple’s XRP gained 2.54% on Wednesday, following on from Tuesday’s 18.19% rally, to end the day at $0.32712.

Tracking the broader market, Ripple’s XRP pulled back from an early morning intraday high $0.33563 to an early evening intraday low $0.31059 before finding support, the moves through the day leaving the major support and resistance levels untested as Ripple’s XRP looked to consolidate Tuesday’s rally.

At the time of writing, Ripple’s XRP was down 0.58% to $0.32467, with Ripple’s XRP falling from a start of a day morning high $0.3297 to a morning low $0.3215 before steadying, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $0.3244 through the morning would support another run at $0.33 levels to bring the day’s first major resistance level at $0.3383 into play, though sentiment across the broader market will need to improve to support a 2nd half of a day rally.

Failure to hold above $0.3244 through the morning could see Ripple’s XRP fall back through the morning low $0.3215 to $0.31 levels to bring the first major support level at $0.3133 into play, Ripple’s XRP unlikely to test sub-$0.31 support levels barring materially negative news hitting the wires.

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This article was originally posted on FX Empire

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