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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/11/18

By:
Bob Mason
Published: Nov 5, 2018, 03:19 GMT+00:00

The crypto majors hit reverse early in the day, as investors lock in profits off a bullish Sunday. An afternoon rebound could be on the cards.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/11/18

Bitcoin Cash Rallies Again

Bitcoin Cash surged by 18.76% on Sunday, following on from a 3.33% rise on Saturday, to end the day at $571.6, with 3 consecutive days of hard fork driven moves taking Bitcoin Cash to a 29.15% gain for the week.

A particularly bullish day saw Bitcoin Cash rally from a start of a day intraday low $480.4 to a late afternoon intraday high $593.8, breaking through the day’s major resistance levels and holding above the third major resistance level at $533.43 by the day’s end, with the gains coming off the back of anticipated support for BCH on 15th November hard fork.

At the time of writing, Bitcoin Cash was down 4.53% to $545.8, with Bitcoin Cash falling from a start of a day intraday high $572 to an early morning low $542, the day’s major support and resistance levels left untested as investors lock in some of last week’s profits.

For the day ahead, a move back through to $550 levels would support a move back into positive territory to bring $600 levels and the day’s first major resistance level at $616.8 into play, though much will depend on hard fork chatter through the day.

Failure to move back through $550 by the early afternoon could see Bitcoin Cash take a bigger hit later in the day, with a fall through the morning low $542 bringing the first major support level at $503.4 and sub-$500 levels into play before any recovery.

BCH/USD 05/11/18 Daily Chart

Litecoin Gets a Boost

Litecoin rallied by 6.46% on Sunday, reversing Saturday’s 1.02% loss with interest, to end the day at $53.88, Sunday’s rally taking Litecoin into positive territory and a gain of 4.54% for the week.

Tracking the broader market, Litecoin rallied from a start of a day intraday low $50.47 to a late afternoon intraday high $55.94, breaking through day’s major resistance levels and holding above the third major resistance level at $52.67 by the day’s end.

At the time of writing, Litecoin was down 1.19% to $53.24, with moves through the early morning seeing Litecoin fall from an early morning high $54.7 to a morning low $52.75 before steadying, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through $53.43 would support a run at $54 levels, with any bounce across the broader markets bringing $55 levels into play before any reversal, the day’s first major resistance level at $56.39 unlikely to be tested on the day.

Failure to move back through $53.43 could see Litecoin fall back further later in the day, with a pullback through the morning low $52.75 bringing sub-$52 levels into play, while we would expect Litecoin to steer clear of the first major support level at $50.92, barring materially negative news hitting the wires.

LTC/USD 05/11/18 Daily Chart

Ripple Lagged the Majors

Ripple’s XRP gained 2.79% on Sunday, reversing Saturday’s 1.12% fall, to end the day at $0.47008, with the day’s recovery giving Ripple’s XRP a 1.24% gain for the week.

A bearish start to the day saw Ripple’s XRP fall through the first major support level at $0.4535 to call on support at the second major support level at $0.4497 with a mid-morning intraday low $0.44929.

Tracking the broader market, Ripple’s XRP rallied through the day’s major resistance levels to an intraday high $0.47854 before falling back through the third major resistance level at $0.4776 late in the day, some volatility returning to the cryptomarket through the weekend.

At the time of writing, Ripple’s XRP was down 0.52% to $0.46764, with moves through the early morning seeing Ripple’s XRP fall from an early morning high $0.47155 to a morning low $0.46500 before steadying, the days major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.47 levels and the morning high $0.47155 would support a run at $0.48 levels and the day’s first major resistance level at $0.4827, though we would expect Ripple’s XRP to face plenty of resistance on any move through to $0.48 levels to pin Ripple’s XRP back to $0.47 levels by the day’s end, in the event of an afternoon rally.

Failure to move back through to $0.47 levels could see Ripple’s XRP fall deeper into the red, with a fall through the morning $0.46500 bringing $0.45 levels and the first major support level at $0.4534 into play, heavier losses in the day unlikely barring particularly negative news hitting the wires.

XRP/USD 05/11/18 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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