Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/11/18

Bitcoin Cash Back in the Red

Bitcoin Cash gained 0.83% on Wednesday, following on from Tuesday’s 1.24% rise, to end the day at $427, 2 consecutive days of gains leaving Bitcoin Cash down 19.63% for the month of October.

A bearish start to the day saw Bitcoin Cash fall through the first major support level at $418.27 and second major support level at $413.03 to an early afternoon intraday low $410.1 before bouncing back. An early afternoon rebound saw Bitcoin Cash rally to an intraday high $433.9, breaking through the first major resistance level at $427.27 and second major resistance level at $431.03 before easing back to $420 levels.

At the time of writing, Bitcoin Cash down 0.17% to $426.3, with Bitcoin Cash easing back from a start of a day morning high $428.4 to a morning low $426.1, in what’s been another range bound start to the day that’s left support and resistance levels untested.

For the day ahead, a hold above $424 through the morning would support a move back through the morning high $428.4 to bring $430 levels and the day’s first major resistance level at $437.23 into play, though a material shift in market sentiment is going to be needed to support a move out of the current ranges, Bitcoin Cash likely to face plenty of resistance at $430.

Failure to hold above $424 through the morning 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 $413.43 into play before any recovery, the day’s second major support level at $399.87 unlikely to be tested barring particularly negative news hitting the wires.

Litecoin Eyes $50

Litecoin rose by 1.06% on Wednesday, following on from Tuesday’s 0.95% gain, to end the day at $49.47, with 2 consecutive gains leaving Litecoin down 18.97% for October.

Tracking the broader market, Litecoin slipped through the morning to an early afternoon intraday low $47.6, Litecoin falling through the first major support level at $48.46 and second major support level at $48.02 before finding support from a broad based market rebound.

Litecoin rallied through the first major resistance level at $49.25 and second major resistance level at $49.6 to an intraday high $50.32 before easing back to sub-$50 levels.

At the time of writing, Litecoin was up 0.22% to $49.58, with a range bound start to the day seeing a morning low $49.4 and morning high $49.72 leave the major support and resistance levels untested.

For the day ahead, holding above $49.13 through the morning would support another run at $50 levels to bring the first major resistance level at $50.66 into play, while we would expect Litecoin to fall short of $51 levels and the second major resistance level at $51.85, barring a news driven event.

Failure to hold above $49.13 through the morning could see Litecoin slide back to call on support at the first major support level at $47.94 before any recovery, sub-$47 support levels unlikely to be tested barring materially negative news hitting the wires.

Ripple on the Back Foot

Ripple’s XRP gained 1.46% on Wednesday, following a 0.38% rise on Tuesday, to end the day at $0.45382, the day’s gain leaving Ripple’s XRP down 22% for October.

Off the back of a range bound morning, Ripple’s XRP slid through the first major support level at $0.443 and second major support level at $0.4386 to an early afternoon intraday low $0.43774 before rebounding.

The early afternoon rebound saw Ripple’s XRP break through the first major resistance level at $0.4525 and second major resistance level at $0.4578 to hit an intraday high $0.46127 before easing back to sub-$0.46 levels.

At the time of writing, Ripple’s XRP was down 0.12% to $0.45327, with a range bound start to the day seeing a morning high $0.45513 and morning low $0.45010 leave the major support and resistance levels untested.

For the day ahead, holding onto $0.45 levels through the morning would support a move through the morning high $0.45513 to bring $0.46 levels and the day’s first major resistance level at $0.4641 into play before any pullback, $0.47 levels unlikely to be in play on the day.

Failure to hold onto $0.45 levels through the morning could see Ripple’s XRP take a bigger hit later in the day, with a slide back through to $0.44 levels bringing the day’s first major support level at $0.4406 into play before any recovery, sub-$0.44 support levels unlikely to be tested barring particularly negative news hitting the wires.

Buy & Sell Cryptocurrency Instantly