Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/10/18

Bitcoin Cash Struggles Continue

Bitcoin Cash fell by 1.51% on Tuesday, following a 0.07% rise on Monday, to end the day at $449.5.

A bearish start to the day saw Bitcoin Cash slide from an early morning intraday high $458.2 to a late morning intraday low $444, the morning reversal seeing Bitcoin Cash fall through the first major support level at $449.7 to come within range of the second major support level at $443 before steadying.

Bitcoin Cash failed to hold on to $450 levels hit late in the day, with $450 the line in the sand for the bulls and the bears.

At the time of writing, Bitcoin Cash was up 0.99% to $454, with a bullish start to the day seeing Bitcoin Cash rise from a start of a day morning low $449.5 to a morning high $458 before easing back, Bitcoin Cash testing the day’s first major resistance level at $457.13 in the early hours.

For the day ahead, a hold on to $450 levels through the morning would support another run at the day’s first major resistance level at $457.13, with a break through to $460 levels in play should sentiment hold across the broader market through the afternoon, while the day’s second major resistance level at $464.77 will likely be out of play for the day.

Failure to hold on to $450 levels could see Bitcoin Cash fall back through the morning low $444.9 to call on support at the day’s first major support level at $442.93, a more material reversal unlikely barring materially negative news hitting the crypto wires.

Litecoin Steadies

Litecoin gained 0.83% on Tuesday, partially reversing Monday’s 1.05% loss, to end the day at $52.11.

While relatively choppy through the day, Litecoin fell through the day’s first major support level at $51.66 to a late morning intraday low $51.4 before finding support to rally to an intraday high $52.49. Litecoin broke through the first major resistance level at $52.1 to come within range of the second major resistance level at $52.51 before a late afternoon sell-off and recovery back to $52 levels by the day’s end.

At the time of writing, Litecoin was up 0.17% to $52.19, with a relatively range bound start to the day seeing Litecoin’s morning high $52.22 and morning low $52.04 leave the day’s major support and resistance levels untested.

For the day ahead, a hold onto $52 levels through the morning would support a run at the day’s first major resistance level at $52.6 to bring $53 levels into play for the first time since Sunday, while the day’s second major resistance level at $53.09 will likely pin Litecoin back from any run at $54 levels on the day.

Failure to hold onto $52 levels could see Litecoin pullback to sub-$52 levels to test the day’s first major support level at $51.51, while sub-$51 support levels will likely be out of play barring materially negative news hitting the wires in the day.

Ripple Looking to Lead the Way

Ripple’s XRP gained 1.86% on Tuesday, reversing Monday’s 0.69% loss, to end the day at $0.4703.

A bearish start to the day saw Ripple’s XRP slide through the day’s first major support level at $0.4551 and second major support level at $0.4488 to a late morning intraday low $0.4447 and a range bound afternoon before finding support late in the day.

Bucking the trend across the broader market, a late recovery saw Ripple’s XRP rally to an intraday high $0.48534, breaking through the day’s first major resistance level at $0.4679 and second major resistance level at $0.4744 before easing back.

At the time of writing, Ripple’s XRP was up 0.29% to $0.47096, moves through the early hours seeing Ripple’s XRP hit an early morning high $0.47581 off the back of a start of a day morning low $0.4696, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.47 levels through the morning would support a move through the morning high $0.47581 to bring $0.48 levels and the day’s first major resistance level at $0.4889 into play, though sentiment across the broader market will need to improve through the day to support a Ripple’s XRP rally off the back of Tuesday’s gains.

Failure to hold on to $0.47 levels could see Ripple’s XRP pullback through $0.46 levels to bring sub-$0.45 levels and the day’s first major support level at $0.4482 into play before any recovery, sub-$0.44 support levels unlikely to be tested barring particularly negative news hitting the crypto wires.

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