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

Bitcoin Cash Hits a Wall

Bitcoin Cash fell by 2.18% on Tuesday, reversing Monday’s 2.09% rise, to end the day at $520.5

It was yet another day of Bitcoin Cash being unable to hold on to consecutive days of gains, with a bearish first half of the day seeing Bitcoin Cash slide from a start of a day intraday high $532.1 to an early afternoon intraday low $516.4, the reversal seeing Bitcoin Cash fall through the first major support level at $521.7 before steadying.

A partial recovery through the second half of the day saw Bitcoin Cash move back through to $520 levels to avoid heavier losses on the day, the major resistance levels left untested on the day.

At the time of writing, Bitcoin Cash was down 0.54% to $517.7, with Tuesday’s reversal continuing into the early hours, Bitcoin Cash falling from a start of a day morning high $520.5 to a morning low $517.6, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move through to $523 would be needed to support a run at the day’s first major resistance level at $529.6 to bring $530 levels back into play, with Bitcoin Cash needing to break through to $520 levels by the early afternoon to support a 2^nd half of a day move.

Failure to break back through to $520 levels could see Bitcoin Cash take a bigger hit later in the day, with any slide through the first major support level at $513.9 likely to bring the second major support level at $507.3 into play before any recovery.

Litecoin Sees Red

Litecoin fell by 1.37% on Tuesday, partially reversing Monday’s 2.33% gain, to end the day at $58.44.

Tracking the broader market, Litecoin fell from a start of a day intraday high $59.4 to a late afternoon intraday low $58.02 before steadying, the moves through the day seeing the day’s major support and resistance levels left untested.

Support through the late afternoon saw Litecoin move recover some of the day’s losses, while Litecoin failed to break back through to $59 levels by the day’s end, the hopes of a return to $60 gone for now.

At the time of writing, Litecoin was down 0.68% to $58.03, with Litecoin tracking the broader market in the early hours, falling from a start of a day morning high $58.46 to a morning low $58.03, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high to $58.6 would support a run at $59 levels to bring the first major resistance level at $59.22 into play, whilst any break through to $60 levels will likely be held back by the second major resistance level at $60.

Failure to move back through the morning high $58.46 could see Litecoin take a bigger hit later in the day, with a pullback through to sub-$58 levels bringing the day’s first major support level at $57.84 into play, with sentiment across the broader market to play a hand in whether the second major support level at $57.24 will be tested before any recovery.

Ripple Finally Finds Support

Ripple’s XRP slid by 2.46% on Tuesday, reversing Monday’s 2.1% gain, to end the day at $0.48092.

In line with the broader market, Ripple’s XRP slid through the first major support level at $0.4807 to an early afternoon intraday low $0.46921, the second major support level at $0.4686 providing Ripple’s XRP with support through the afternoon, recovering to $0.48 levels late in the day to limit the day’s losses.

At the time of writing, Ripple’s XRP was down 1.71% to $0.47362, the downward trend through Tuesday continuing into the early hours, Ripple’s XRP falling from a start of a day morning high $0.48181 to a morning low $0.47277, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.48181 would support a run at $0.49 levels later in the day to bring the first major resistance level at $0.4933 into play, with a move back through to $0.48 levels needed by the early afternoon needed to support a rebound.

Failure to move back through to $0.48 levels could see Ripple’s XRP take a bigger hit through the day, with the day’s first major support level at $0.4689 very much in play, while we would expect sub-$0.46 levels and the second major support level at $0.4568 to be left untested barring negative news hitting the wires.

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