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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/10/18

By:
Bob Mason
Published: Oct 14, 2018, 03:06 UTC

Range bound again in the early hours as investors prepare for some defining moments for the broader market in the weeks ahead.

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Bitcoin Cash Flattens

Bitcoin Cash gained just 0.71% on Saturday, following a 2.47% rise on Friday, to end the day at $453.1.

A particularly range bound day saw Bitcoin Cash fall to an early morning intraday low $443.8 before recovering to $450 levels by late morning, only to reverse through the afternoon back to $440 levels.

A late in the day rally saved the day for Bitcoin Cash, which moved back through to $450 levels and an intraday high $456, the major support and resistance levels left untested through the day.

At the time of writing, Bitcoin Cash was down 0.15% to $453.3, in what’s been another relatively uneventful start to the day, Bitcoin Cash hitting a start of a day morning low $451.6 and an early morning high $453.9, leaving the major support and resistance levels left untested early on.

For the day ahead, holding on to $450 levels through the morning would support some upside later in the day, with the first major resistance level at $458.13 very much in play, while we would expect $460 levels and the second major resistance level at $463.17 to be out of reach, barring particularly positive news hitting the wires.

Failure to hold on to $450 levels through the morning could see Bitcoin Cash take a hit later in the day, with a fall through to sub-$450 levels bringing the first major support level at $445.94 into play before any recovery, sub-$440 levels unlikely to be hit barring particularly negative news hitting the wires.

BCH/USD 14/10/18 Daily Chart

 

Litecoin Range Bound

Litecoin gained 0.08% on Saturday, following a 4.63% rally on Friday, to end the day at $53.07.

A bearish start to the day saw Litecoin pullback from a start of a day intraday high $53.85 to an early morning intraday low $52.52 before steadying to a relatively range bound afternoon, with Litecoin struggling to hold on to $53 levels through the day.

The moves through the day left the major support and resistance levels untested.

At the time of writing, Litecoin was down 0.36% to $52.86, with Saturday’s tight ranges being seen in the early hours, Litecoin pulling back from a start of a day high $53.07 to a morning low $52.78, the moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high to $53.15 would support a run at the day’s first major resistance level at $53.77, while we would expect Litecoin to come up against strong resistance at $54 to pin Litecoin back from a break out to test the second major resistance level at $54.48.

Failure to move back through to $53 levels could see Litecoin call on support at the first major support level at $52.44, with sub-$52 levels and the second major support level at $51.82 in play should sentiment across the broader market not improve in the event of a reversal.

LTC/USD 14/10/18 Daily Chart

Ripple Consolidates

Ripple’s XRP gained 0.46% on Saturday, following Friday’s 9.8% relief rally, to end the day at $0.42268.

A range bound day, by recent standards, saw Ripple’s XRP pullback at the start of the day to an intraday low $0.41695 before recovering to a late morning intraday high $0.43163, the moves through the morning leaving the day’s major support and resistance levels untested.

With little movement through the afternoon, Ripple’s XRP recovered from a 2nd half of a day low $0.41706 to back through to $0.42 levels late in the day.

At the time of writing, Ripple’s XRP was down just 0.04% to $0.42235, a range bound start to the day seeing Ripple’s XRP move from a start of a day morning low $0.42027 to a morning high $0.42365 before steadying, a hold on to $0.42 levels key early in the day.

For the day ahead, a move through $0.4238 would support a run at $0.43 levels to bring the day’s first major resistance level at $0.4306 into play, with any broad based market rally likely to see Ripple’s XRP test the day’s second major resistance level at $0.4384 before any pullback.

Failure to move through $0.4238 by late morning could see Ripple’s XRP hit reverse later in the day, with a pullback through the morning low $0.42027 bringing $0.41 levels and the first major support level at $0.4149 into play. It’s been a particularly choppy time for Ripple’s XRP and any reversal across the broader market could see Ripple’s XRP take a bigger hit than most that would bring the second major support level at $0.4091 into play, while sub-$0.40 levels will unlikely be in play through the day.

XRP/USD 14/10/18 Daily Chart

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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.

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