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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/11/18

By:
Bob Mason
Published: Nov 1, 2018, 04:34 UTC

It's a range bound start to the day, skewed to the negative following some heavy losses in October. Some higher volumes are going to be needed...

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/11/18

Bitcoin Cash Back in the Red

Bitcoin Cash gained 0.83% on Wednesday, following on from Tuesday’s 1.24% rise, to end the day at $427, 2 consecutive days of gains leaving Bitcoin Cash down 19.63% for the month of October.

A bearish start to the day saw Bitcoin Cash fall through the first major support level at $418.27 and second major support level at $413.03 to an early afternoon intraday low $410.1 before bouncing back. An early afternoon rebound saw Bitcoin Cash rally to an intraday high $433.9, breaking through the first major resistance level at $427.27 and second major resistance level at $431.03 before easing back to $420 levels.

At the time of writing, Bitcoin Cash down 0.17% to $426.3, with Bitcoin Cash easing back from a start of a day morning high $428.4 to a morning low $426.1, in what’s been another range bound start to the day that’s left support and resistance levels untested.

For the day ahead, a hold above $424 through the morning would support a move back through the morning high $428.4 to bring $430 levels and the day’s first major resistance level at $437.23 into play, though a material shift in market sentiment is going to be needed to support a move out of the current ranges, Bitcoin Cash likely to face plenty of resistance at $430.

Failure to hold above $424 through the morning could see Bitcoin Cash take a bigger hit later in the day, with a pullback to sub-$420 levels bringing the day’s first major support level at $413.43 into play before any recovery, the day’s second major support level at $399.87 unlikely to be tested barring particularly negative news hitting the wires.

BCH/USD 01/11/18 Daily Chart

Litecoin Eyes $50

Litecoin rose by 1.06% on Wednesday, following on from Tuesday’s 0.95% gain, to end the day at $49.47, with 2 consecutive gains leaving Litecoin down 18.97% for October.

Tracking the broader market, Litecoin slipped through the morning to an early afternoon intraday low $47.6, Litecoin falling through the first major support level at $48.46 and second major support level at $48.02 before finding support from a broad based market rebound.

Litecoin rallied through the first major resistance level at $49.25 and second major resistance level at $49.6 to an intraday high $50.32 before easing back to sub-$50 levels.

At the time of writing, Litecoin was up 0.22% to $49.58, with a range bound start to the day seeing a morning low $49.4 and morning high $49.72 leave the major support and resistance levels untested.

For the day ahead, holding above $49.13 through the morning would support another run at $50 levels to bring the first major resistance level at $50.66 into play, while we would expect Litecoin to fall short of $51 levels and the second major resistance level at $51.85, barring a news driven event.

Failure to hold above $49.13 through the morning could see Litecoin slide back to call on support at the first major support level at $47.94 before any recovery, sub-$47 support levels unlikely to be tested barring materially negative news hitting the wires.

LTC/USD 01/11/18 Daily Chart

Ripple on the Back Foot

Ripple’s XRP gained 1.46% on Wednesday, following a 0.38% rise on Tuesday, to end the day at $0.45382, the day’s gain leaving Ripple’s XRP down 22% for October.

Off the back of a range bound morning, Ripple’s XRP slid through the first major support level at $0.443 and second major support level at $0.4386 to an early afternoon intraday low $0.43774 before rebounding.

The early afternoon rebound saw Ripple’s XRP break through the first major resistance level at $0.4525 and second major resistance level at $0.4578 to hit an intraday high $0.46127 before easing back to sub-$0.46 levels.

At the time of writing, Ripple’s XRP was down 0.12% to $0.45327, with a range bound start to the day seeing a morning high $0.45513 and morning low $0.45010 leave the major support and resistance levels untested.

For the day ahead, holding onto $0.45 levels through the morning would support a move through the morning high $0.45513 to bring $0.46 levels and the day’s first major resistance level at $0.4641 into play before any pullback, $0.47 levels unlikely to be in play on the day.

Failure to hold onto $0.45 levels through the morning could see Ripple’s XRP take a bigger hit later in the day, with a slide back through to $0.44 levels bringing the day’s first major support level at $0.4406 into play before any recovery, sub-$0.44 support levels unlikely to be tested barring particularly negative news hitting the wires.

XRP/USD 01/11/18 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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