Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/11/18

Bitcoin Cash Sees More Red

Bitcoin Cash fell by 5.71%, off the back of Thursday’s 6.7% slide, to end the day at $546.2. For the current week, 4 days of losses left Bitcoin Cash down 4.5% Monday through Friday.

A relatively bullish start to the day saw Bitcoin Cash move back through to $600 levels with an intraday high $603.8 before hitting reverse, the day’s high falling short of the first major resistance level at $611.23. The reversal saw Bitcoin Cash slide through the day’s first major support level at $560.53 and second major support level at $542.07 to a late in the day intraday low $526.6 before steadying.

While crypto exchange support ahead of the hard fork had provided some impressive daily gains, uncertainty ahead of the 15^th November hard fork ultimately did the damage through the week.

At the time of writing, Bitcoin Cash was up 0.26% to $547.6, with a range bound start to the day seeing Bitcoin Cash recover from morning low $537.6 to a morning high $551 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 $551 to $559 would support a run at the day’s first major resistance level at $591.13 to bring $600 levels back into play, though Bitcoin Cash will need to make a move by late morning and hold above $559 to support an afternoon rally.

Failure to move back through the morning high could see Bitcoin Cash hit reverse later in the day, with a pullback through the morning low $537.6 bringing the first major support level at $513.93 into play, with sub-$500 support levels in play should sentiment deteriorate through the day.

Litecoin Sees Red

Litecoin fell by 0.75% on Friday, following on from Thursday’s 3.29% slide, to end the day at $51.66, 3 consecutive days in the red leaving Litecoin down 4.12% for the current week.

An early morning intraday high $52.53, that fell short of the first major resistance level at $53.69, was the only bullish move of the day, Litecoin falling to an early afternoon intraday low $51.07, calling on support at the first major support level at $51.14 before steadying into a range bound second half of the day.

At the time of writing, Litecoin was down 0.15% to $51.58, with Litecoin recovering from a morning low $51.45 to hit a morning high $51.83 before easing back, the tight ranges leaving the day’s major support and resistance levels untested.

For the day ahead, a move through the morning high $51.83 would support another run at $52 levels to bring the day’s first major resistance level at $52.44 into play, while we will expect Litecoin to fall short of $53 levels for a 2^nd consecutive day.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $51.45 bringing the day’s first major support level at $50.98 into play before any recovery, the second major support level at $50.29 and sub-$50 support levels unlikely to be tested barring particularly negative news hitting the wires.

Ripple Bucks the Trend

Ripple’s XRP gained 1.41% on Friday, partially reversing Thursday’s 8.14% slide, to end the day at $0.50448, with moves through the week giving Ripple’s XRP a 7.32% gain for the current week.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.52163 before easing back to an early afternoon intraday low $0.49579. Finding support through the afternoon, Ripple’s XRP managed to reclaim $0.50 levels, while the moves through the day left the major resistance and support levels untested.

At the time of writing, Ripple’s XRP was up 0.56% to $0.50729, with Ripple’s XRP moving from a start of a day morning low $0.50326 to a morning high $0.50926 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.5073 through the morning would support a run at $0.51 levels to bring the day’s first major resistance level at $0.5188 into play, with support from the broader market needed to bring $0.52 levels into play following Friday’s trend bucking gains.

Failure to hold onto $0.5073 through the morning could see Ripple’s XRP hit reverse later in the day, with a fall through the morning low $0.50326 bringing the day’s first major support level at $0.493 into play before any recovery, the second major support level at $0.4815 unlikely to be in play barring particularly negative news hitting the wires.

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