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

It’s back in the red for the majors as the BCH hard fork nears, with a late Saturday reversal spilling over to the early hours of this morning.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash Finds Support

Bitcoin Cash gained 2.27% on Saturday, partially reversing a 5.71% slide, to end the day at $558.6, with the day’s gain reducing the current week’s deficit to 2.34%.

In a relative range bound morning, Bitcoin Cash eased to a late morning intraday low $534.2, holding above the first major support level at $513.93 before a late morning recovery to $550 levels. Bitcoin Cash’s move back into positive territory and a late afternoon intraday high $567.9, fell short of the first major resistance level at $591.13 before easing back to $550 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 2.26% to $546, with moves through the early part of the morning seeing Bitcoin Cash fall from a start of a day morning high $558.4 to a morning low $541.6 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $554 and the morning high would support a run at the day’s first major resistance level at $572.93 before any pullback, the second major resistance level at $587.27 unlikely to be in play on the day, as 15th November hard fork looms, pinning back any major rallies.

Failure to move back through $554 by the early afternoon could see Bitcoin Cash fall through the morning low $541.6 to test the day’s first major support level at $539.23, with any heavier losses dependent upon the news wires through the day, any more rhetoric between the two sides of the BCH hard fork camp likely to bring the second major support level at $519.87 into play.

Litecoin Steadies

Litecoin gained 0.41% on Saturday, partially reversing Friday’s 0.75% fall, to end the day at $51.86, the day’s gain reducing the week’s deficit to 3.75%.

A particularly range bound start to the day saw Litecoin fall to an early morning intraday low $51.45 before finding support, the day’s low holding well above the first major support level at $50.98.

Upward momentum through the late morning and afternoon saw Litecoin move to an intraday high $52.23 before easing back in the final hours, the day’s high coming up short of the first major resistance level at $52.44.

At the time of writing, Litecoin was down 0.69% to $51.5, with moves in the early hours seeing Litecoin fall from a start of a day morning high $51.99 to a morning low $51.32 before steadying, the early pullback calling on support at the first major support level at $51.46.

For the day ahead, a move back through $51.85 would support another run at $52 levels and the day’s first major resistance level at $52.24, with any rebound in Bitcoin Cash through the day supportive of a run at the second major resistance level at $52.63, while we would expect $53 levels to remain out of reach.

Failure to move back through $51.85 could see Litecoin pullback through the first major support level and the morning low $51.32 to call on support at the second major support level at $51.07 before any recovery, sub-$51 support levels unlikely to be in play.

Ripple Bucks Up Again

Ripple’s XRP gained 0.99% on Saturday, following on from a 1.41% rise on Sunday, to end the day at $0.5095, the day’s rise extending the week’s gain to 8.39%.

A relatively range bound morning saw Ripple’s XRP pullback to late morning intraday low $0.50316 before making a move, the day’s low holding above the first major support level at $0.4930.

Tracking the broader market, Ripple’s XRP moved through to a late afternoon intraday high $0.51776, coming within range of the first major resistance level at $0.5188 before easing back to $0.50 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.36% to $0.50769, with Ripple’s XRP pulling back from an early morning high $0.5121 to a morning low $0.506 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.51 levels would support a run at the first major resistance level at $0.5171, with any run at $0.52 levels dependent upon sentiment across the broader market, though with Ripple’s XRP having seen some decent gains through the week, there may well be a limit any upside in any rebound later in the day.

Failure to move back through to $0.51 levels could see Ripple’s XRP pullback through the morning low $0.506 to test the day’s first major support level at $0.5025 before any recovery, sub-$0.50 support levels unlikely to be tested barring a material sell-off across the broader market that would weigh more heavily on Ripple’s XRP.

Buy & Sell Cryptocurrency Instantly

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US