Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/11/18

Bitcoin Cash Steadies

Bitcoin Cash fell by just 0.04% on Tuesday, following a 2.78% slide on Monday, to end the day at $520.4, with Bitcoin Cash down in 6 of the last 7 days.

A particularly choppy day saw Bitcoin Cash fall to an early morning intraday low $508.5, holding above the day’s first major support level at $502.2 before a mid-morning rally kicked in, driving Bitcoin Cash through the day’s first major resistance level at $541.5 to an intraday high $557.5.

Unable to hold on, a late pullback saw Bitcoin Cash fall back to $520 levels by the day’s end, the volatility coming off the back of market sentiment towards tomorrow’s hard fork.

At the time of writing, Bitcoin Cash was up 1.93% to $530.5, with Bitcoin Cash moving from a start of a day morning low $518.8 to a morning high $531.3, the morning moves leaving the day’s major support and resistance levels untested.

For the day ahead, a hold onto $530 levels through the morning would support a run at $540 levels to bring the day’s first major resistance level at $549.1 into play, though for Bitcoin Cash to continue in its recovery mode, Bitcoin Cash hard fork chatter will need to be favourable, any talk of disruption to Bitcoin Cash likely to weigh heavily.

Failure to hold onto $530 levels through the morning could see Bitcoin Cash slide through the morning low $518.8 to sub-$510 levels, with the day’s first major support level at $500.1 in play should a sell-off kick in in later in the day.

Litecoin Back in the $40s

Litecoin slid by 2.94% on Tuesday, following a 0.93% fall on Monday, to end the day at $48.84, Litecoin’s first sub-$50 day’s end since the end of October.

Bearish through the day, Litecoin fell from an early morning intraday high $50.43 to a late in the day intraday low $48.31, the reversal seeing Litecoin fall through the first major support level at $49.77 and second major support level at $49.22 before finding support, though not enough to break back through the support levels by the day’s end.

At the time of writing, Litecoin was up 0.8% to $49.23, moves through the early morning seeing Litecoin rise from a start of a day morning low $48.78 to a morning high $49.25, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $49 levels through the morning would support a run at $50 levels and the day’s first major resistance level at $50.08, while we can expect plenty of resistance on the way through to $50 levels to pin Litecoin back from a run at $51 levels on the day.

Failure to hold onto $49 levels through the morning could see Litecoin give up the early gains, with a slide through the morning low $48.78 likely to bring sub-$48 levels and the day’s first major support level at $47.96 into play before any recovery.

Ripple Sees Red

Ripple’s XRP fell by 1.26% on Tuesday, partially reversing Monday’s 2.77% gain, to end the day at $0.51738.

A bullish start to the day saw Ripple’s XRP move through to a late morning intraday high $0.53429, falling just shy of the first major resistance level at $0.5378 before hitting reverse.

The 2^nd half of a day reversal saw Ripple’s XRP fall to an intraday low $0.51147 before steadying, with Ripple’s XRP holding above the day’s first major support level at $0.5077.

At the time of writing, Ripple’s XRP was down 0.16% to $0.51654, with a bearish start to the day seeing Ripple’s XRP fall to a morning low $0.51252 before finding support to move through to a morning high $0.52, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.52 levels and hold through to the early afternoon would support a run at $0.53 levels and the day’s first major resistance level at $0.5306, while we would expect Ripple’s XRP to fall short of $0.54 levels on the day, with Ripple’s XRP needing to hold onto $0.53 levels by the day’s end to support a bullish move through the 2^nd half of the week.

Failure to move back through to $0.52 levels could see Ripple’s XRP pullback through the morning low $0.51252 to $0.50 levels, with the day’s first major support level at $0.5078 very much in play in the event of a reversal, sub-$0.50 support levels unlikely to be tested barring particularly negative news hitting the wires.

Buy & Sell Cryptocurrency Instantly