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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/12/18

It’s back into the red for the majors this morning, with Sunday’s gains providing little respite to the negative bias plaguing the market.
Bob Mason
Cryptos

Bitcoin Cash – ABC back in the $100s

Bitcoin Cash ABC gained 7.11% on Sunday, reversing Saturday’s 4.29% fall, to end the day at $105.72. The Sunday partial recovery left Bitcoin Cash ABC down 37.72% for the week.

Bullish through much of the day, Bitcoin Cash ABC recovered from an early morning intraday low $97.71, breaking through the first major resistance level at $107.14 to strike a late afternoon intraday high $110 before easing back.

Bitcoin Cash ABC managed to hold above the first major support level at $93.15 with the day’s $97.71 low, a second day of steering clear of major support levels after some heavy losses earlier in the week.

At the time of writing, Bitcoin Cash ABC was down 1.6% to $104.04, with a bullish start to the day hitting reverse, Bitcoin Cash ABC falling from a morning high $107.89 to a morning low $103.2 before finding support, the major support and resistance levels left untested early on.

For the day ahead, a move back through to $104.5 and hold by the early afternoon would support an afternoon recovery to bring the morning’s $107.89 high into play, while sentiment across the broader market will need to materially improve for Bitcoin Cash ABC to take a run at the first major resistance level at $111.24.

Failure to move back through to $104.5 and hold by the afternoon could see Bitcoin Cash ABC pullback deeper into the red, with a fall through the morning low $103.2 bringing sub-$100 levels and the day’s first major support level at $98.95 into play before any recovery.

Litecoin Finds Support

Litecoin gained 4.63% on Sunday, reversing Saturday’s 2.34% loss, to end the week down 24.12% at $25.3.

Tracking the broader market, Litecoin rallied from a start of a day intraday low $24.06 to a late afternoon intraday high $26.62 before easing back to $25 levels by the day’s end.

The moves through the day saw Litecoin break through the first major resistance level at $26.28, while leaving the first major support level at $22.53 untested on the day.

At the time of writing, Litecoin was down 1.5% to $24.92, with Litecoin falling from an early morning high $25.65 to a morning low $24.82, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $25.65 would bring $26 levels and the day’s first major resistance level at $26.69 into play before any pullback. Barring a broad based market rally, Litecoin will likely struggle beyond Sunday’s high $26.62 to pin back a break out from the first major resistance level.

Failure to move through $25.33 to this morning’s high could see Litecoin fall back further through the day, with a fall through the morning low $24.82 bringing the first major support level at $24.03 and $23 levels into play before any recovery.

The day’s second major support level at $22.77 could be tested later in the day should the negative bias persist.

Ripple Avoids sub-$0.30s

Ripple’s XRP rose by 2.05% on Sunday, following on from a 1.65% gain on Saturday, to end the day at $0.31697. Upward momentum through the weekend saw Ripple’s XRP cut the weekly deficit to 14.77%.

Bucking the trend from the broader market Ripple’s XRP, a relatively range bound morning saw Ripple’s XRP ease to a late morning intraday low $0.30476, steering well clear of the first major support level at $0.2896.

An early afternoon bounce back saw Ripple’s XRP rally to an intraday high $0.3295, falling short of the first major resistance level at $0.3363, before easing back to $0.31 levels.

At the time of writing, Ripple’s XRP was down 0.37% to $0.3158, a morning high $0.32178 and morning low $0.3148 leaving the major support and resistance levels left untested early on.

For the day ahead, a move back through $0.3171 would signal another run at $0.32 levels to bring the day’s first major resistance level at $0.3294 and $0.33 levels into play before any pullback, with Sunday’s high $0.3295 likely to limit upside in the day, barring a broad based cryptomarket bounce.

Failure to move back through and hold above $0.3171 could see Ripple’s XRP pullback through the morning low $0.3148 to bring $0.30 levels and the day’s first major support level at $0.3047 into play before any recovery, sub-$0.30 support levels unlikely to be tested barring materially negative news hitting the wires.

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