Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/11/18

It’s a positive start to the day, but key levels will need to be hit to support an afternoon rally, or there could be some red on the board later.
Bob Mason
Crypto00 567

Bitcoin Cash Sees More Red

Bitcoin Cash fell by 5.71%, off the back of Thursday’s 6.7% slide, to end the day at $546.2. For the current week, 4 days of losses left Bitcoin Cash down 4.5% Monday through Friday.

A relatively bullish start to the day saw Bitcoin Cash move back through to $600 levels with an intraday high $603.8 before hitting reverse, the day’s high falling short of the first major resistance level at $611.23. The reversal saw Bitcoin Cash slide through the day’s first major support level at $560.53 and second major support level at $542.07 to a late in the day intraday low $526.6 before steadying.

While crypto exchange support ahead of the hard fork had provided some impressive daily gains, uncertainty ahead of the 15th November hard fork ultimately did the damage through the week.

At the time of writing, Bitcoin Cash was up 0.26% to $547.6, with a range bound start to the day seeing Bitcoin Cash recover from morning low $537.6 to a morning high $551 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $551 to $559 would support a run at the day’s first major resistance level at $591.13 to bring $600 levels back into play, though Bitcoin Cash will need to make a move by late morning and hold above $559 to support an afternoon rally.

Failure to move back through the morning high could see Bitcoin Cash hit reverse later in the day, with a pullback through the morning low $537.6 bringing the first major support level at $513.93 into play, with sub-$500 support levels in play should sentiment deteriorate through the day.

Litecoin Sees Red

Litecoin fell by 0.75% on Friday, following on from Thursday’s 3.29% slide, to end the day at $51.66, 3 consecutive days in the red leaving Litecoin down 4.12% for the current week.

An early morning intraday high $52.53, that fell short of the first major resistance level at $53.69, was the only bullish move of the day, Litecoin falling to an early afternoon intraday low $51.07, calling on support at the first major support level at $51.14 before steadying into a range bound second half of the day.

At the time of writing, Litecoin was down 0.15% to $51.58, with Litecoin recovering from a morning low $51.45 to hit a morning high $51.83 before easing back, the tight ranges leaving the day’s major support and resistance levels untested.

For the day ahead, a move through the morning high $51.83 would support another run at $52 levels to bring the day’s first major resistance level at $52.44 into play, while we will expect Litecoin to fall short of $53 levels for a 2nd consecutive day.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $51.45 bringing the day’s first major support level at $50.98 into play before any recovery, the second major support level at $50.29 and sub-$50 support levels unlikely to be tested barring particularly negative news hitting the wires.

Ripple Bucks the Trend

Ripple’s XRP gained 1.41% on Friday, partially reversing Thursday’s 8.14% slide, to end the day at $0.50448, with moves through the week giving Ripple’s XRP a 7.32% gain for the current week.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.52163 before easing back to an early afternoon intraday low $0.49579. Finding support through the afternoon, Ripple’s XRP managed to reclaim $0.50 levels, while the moves through the day left the major resistance and support levels untested.

At the time of writing, Ripple’s XRP was up 0.56% to $0.50729, with Ripple’s XRP moving from a start of a day morning low $0.50326 to a morning high $0.50926 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.5073 through the morning would support a run at $0.51 levels to bring the day’s first major resistance level at $0.5188 into play, with support from the broader market needed to bring $0.52 levels into play following Friday’s trend bucking gains.

Failure to hold onto $0.5073 through the morning could see Ripple’s XRP hit reverse later in the day, with a fall through the morning low $0.50326 bringing the day’s first major support level at $0.493 into play before any recovery, the second major support level at $0.4815 unlikely to be in play barring particularly negative news hitting the wires.

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