Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/08/18

Bitcoin Cash Back to $600

Bitcoin Cash gained 3.3% on Thursday, partially reversing Wednesday’s 10.27 tumble, to end the day at $608.6.

A relatively range bound start to the day saw Bitcoin Cash struggle to break back through $600, leading to an intraday low $577 that steered clear of the first major support level at $550.46 to support an early afternoon recovery.

Bitcoin Cash broke through to $600 levels, with an intraday high $620, Bitcoin Cash managing to hold on to $600 levels through the afternoon, while falling short of the first major resistance level at $626.73.

At the time of writing, Bitcoin Cash was down 2.16% to $595.1, with Thursday’s late pullback continuing into the early hours of this morning, Bitcoin Cash falling to a morning low $594, before steadying, the morning low steering clear of the first major support level at $583.73.

For the day ahead, a move back through to $600 levels and $601.87 would support a run at the first major resistance level at $626.73, with any second relief rally likely to bring the second major resistance level at $644.87 into play before any pullback, though sentiment will need to materially improve through the morning.

Failure to break back through to $600 levels could see Bitcoin Cash fall through the first major support level at $583.73 to bring Thursday’s low $577 into play, market sentiment at the time to then dictate whether the day’s second major support level at $558.87 will come into play.

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Litecoin Finds Support

Litecoin gained 1.48% on Thursday, partially reversing Wednesday’s 7.57% slump, to end the day at $63.2.

Bucking the trend in the early part of the day, Litecoin moved through to a morning high $64.14 before sliding to an intraday low and new swing lo $60.25 in the early afternoon, a hold above the first major support level at $59.7 supporting an afternoon rebound to an intraday high $65.14.

The day’s high may have fallen short of the first major resistance level at $66.12, but averting a pullback to sub-$60 levels was of greater significance on the day.

At the time of writing, Litecoin was down 0.59% to $62.71, with Thursday’s late pullback weighing in the early hours of this morning, Litecoin falling to a morning low $62.5, the moves through the early hours leaving the major support and resistance levels untested.

For the day ahead, a move back through a start of a day $63.36 high would support a run at the first major resistance level at $65.48, though sentiment will need to materially improve for Litecoin to break through to $64 levels later in the day to support a break out.

Failure to move back through to $63 levels and the morning high could see Litecoin reverse Thursday’s gains, with any sell-off likely to bring the day’s first major support level at $60.59 and sub-$60 levels into play.

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Ripple Back in Reverse

Ripple’s XRP gained 3.95% on Thursday, partially reversing Wednesday’s 12.73% slide, to end the day at $0.34405.

A particularly choppy day saw Ripple’s XRP rally through the early morning to an intraday high 0.35765, before sliding to an early afternoon intraday low $0.32646, the moves leaving the day’s major support and resistance levels untested.

An afternoon recovery, tracking the broader market, saw Ripple’s XRP move back through to $0.35 levels, but was unable to hold on with investors looking to lock in any profits early.

At the time of writing, Ripple’s XRP was down 2.45% to $0.33561 in what’s been another choppy start to the day, with Ripple’s XRP easing back from a start of a day $0.34802 high to a morning low $0.33214 before steadying.

For the day ahead, a move back through to $0.34 levels would support a run back through to $0.35 levels to bring the day’s first major resistance level at $0.3590 into play, with any afternoon rebound likely to see Ripple’s XRP take a run at $0.37 levels before easing back.

Failure to break back through to $0.34 levels would likely see Ripple’s XRP slide through the day’s first major support level at $0.3278 to bring sub-$0.32 levels into play before any recovery, Ripple’s XRP expected to continue to hold on to $0.30 levels through the day.

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