Advertisement
Advertisement

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/11/18

By:
Bob Mason
Published: Nov 3, 2018, 02:52 GMT+00:00

It's a red start to the day for the majors, with Bitcoin Cash looking set for a hard fork driven gain to buck the trend across the broader market.

cryptos 8

Bitcoin Cash Rebounds

Bitcoin Cash rallied by 8.98% on Friday, following a 0.09% rise on Thursday, to end the day at $465.8, 4 consecutive days of gains reversing Monday’s sell-off to give Bitcoin Cash a 5.24% gain for the current week.

A range bound first half of the day saw Bitcoin Cash ease back to an intraday low $426.2, holding above the first major support level at $424.5. A mid-day rally drove Bitcoin Cash through the day’s major resistance levels to an intraday high $476 before easing back to $460 levels, with Bitcoin Cash managing to hold above the third major resistance level at $437.8 by the day’s end.

At the time of writing, Bitcoin Cash was down 0.2% to $464.9, with Bitcoin Cash moving from a morning low $462.5 to a morning high $467 before easing back, a range bound start to the day leaving the day’s major support and resistance levels untested.

For the day ahead, holding onto $460 levels through the morning would support an upward move through the morning high to bring $470 levels back into play, while we would expect Bitcoin Cash to fall short of $480 levels and the first major resistance level at $485.8, barring more major crypto exchanges announcing support for BCH in the 15th November hard fork.

BCH/USD 03/11/18 Daily Chart

Litecoin Sees More Gains

Litecoin gained 1.93% on Friday, following on from a 1.43% rise on Thursday, to end the day at $51.13, 4 consecutive days of gains reducing the week’s losses to just 0.8%.

A start of a day intraday low $50.08 saw Litecoin steer clear of the first major support level at $49.58, with an early rally seeing Litecoin break through the first major resistance level at $50.63 with a morning high $50.9 before easing back.

The second half of the day was more bullish, with Litecoin breaking through the first major resistance level at $50.63 and second major resistance level at $51.06 to an intraday high $51.66 before easing back.

At the time of writing, Litecoin was down 0.31% to $50.97, with a range bound start to the day seeing Litecoin’s start of a day morning high $51.3 and morning low $50.94 leave the day’s major support and resistance levels untested.

For the day ahead, holding above sub-$50.9 levels through the morning would support move back through to $51 levels to bring the day’s first major resistance level at $51.83 into play, while we will expect Litecoin to continue falling short of $52 levels on the day.

Failure to hold onto $50.9 through the morning could see Litecoin take a bigger hit later in the day, with the day’s first major support level at $50.25 in play on the day, sub-$50 support levels unlikely to be tested barring negative news hitting the wires.

LTC/USD 03/11/18 Daily Chart

Ripple Struggles

Ripple’s XRP gained 0.35% on Friday, following a 1.49% rise on Thursday, to end the day at $0.46266, the day’s gain reducing the loss for the week to just 0.35%.

A choppier day than normal saw Ripple’s XRP slide to a morning intraday low $0.459, holding above the first major support level at $0.4537 before finding support from the broader market. Ripple’s XRP broke through the first major resistance level at $0.4647 to an intraday high $0.46792 before easing back at the day’s end, while holding on to $0.46 levels.

At the time of writing, Ripple’s XRP was down 0.43% to $0.46067, with a bearish start to the day seeing Ripple’s XRP pullback from a start of a day morning high $0.46455 to a morning low $0.45987, before moving back through to $0.46 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through $0.4632 by late morning would support another run at the first major resistance level at $0.4674, with $0.47 levels and the second major resistance level at $0.4721 in play should Ripple’s XRP make its move earlier in the day, though holding onto $0.47 levels by the day’s end may be a challenge.

Failure to move back through $0.4632 by late morning could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.45987 bringing the day’s first major support level at $0.4585 into play before any recovery, the day’s second major support level at $0.4543 unlikely to be tested.

XRP/USD 03/11/18 Daily Chart

Buy & Sell Cryptocurrency Instantly

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.

Did you find this article useful?

Advertisement