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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/10/18

It’s back to a range bound start to the day as the crypto majors settle after Monday’s price action, the day ahead unlikely to be too eventful.
Bob Mason
Crypto00 567

Bitcoin Cash Up for Now

Bitcoin Cash gained 5.7% on Monday, reversing Sunday’s 2.67% slide, to end the day at $468.9.

A range bound start to the day saw Bitcoin Cash recover from an early morning low $435.5 to $440 levels ahead of a mid-morning broad based market rally that drove Bitcoin Cash to an intraday high $528 before easing, the morning move seeing Bitcoin Cash break through the day’s major resistance levels, before pulling back through the third major resistance level at $482.23 by the day’s end.

The broad based rally was attributed to USDT, which fell below $0.95, with news hitting the wires of Binance delisting all USDT pairs from its platform forcing investors to jump out of USDT and into the major cryptos. It wasn’t just news of Binance’s delisting that weighed, a crypto whale buying an estimated $500m worth of Bitcoin with USDT, adding to the spike in Bitcoin and the fall in USDT.

At the time of writing, Bitcoin Cash was down 0.17% to $469 in what’s been a particularly range bound start to the day, a morning high $471.3 and morning low $466.6 seeing Bitcoin Cash steer clear of the day’s major support and resistance levels.

For the day ahead, a move back through the morning high to $477 would support a run at $500 levels, though in the wake of Monday’s spike and reversal, we can expect Bitcoin Cash to face plenty of resistance on any run through to $480 levels to pin Bitcoin Cash back from a run at the first major resistance level at $519.43.

Failure to move back through the morning high to $477 by the early afternoon could see Bitcoin Cash take a bigger hit later in the day, with a pullback through the morning low $466.6 bringing $450 levels into play before any recovery, the day’s first major support level at $426.93 unlikely to be tested barring materially negative news hitting the wires.

Litecoin Recovers

Litecoin gained 4.17% on Monday, reversing Sunday’s 3.24% fall, to end the day at $53.51.

Tracking the broader market, Litecoin recovered from a start of a day intraday low $51.01 ahead of the mid-morning spike that saw Litecoin break through the day’s major resistance levels to an intraday high $56.77, before easing back through the third major resistance level at $56.43 and second major resistance level at $54.18 by the day’s end.

At the time of writing, Litecoin was down 0.6% to $53.23, with Litecoin easing back from a start of a day morning high $53.55 to a morning low $53.14 before steadying, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move through the morning high to $53.8 would support a run at $54 levels, with any broad based market rally likely to see Litecoin hit $55 levels before any pullback, the day’s first major resistance level at $56.52 likely to be left untested as the cryptomarket returns to normal volatility after Monday’s price action.

Failure to move back through the morning high to $53.8 could see Litecoin decline further later in the day, with a fall through the morning low $53.14 to $52 levels bringing sub-$52 levels into play before any recovery, while we expect the day’s first major support level at $50.76 to be left untested, barring materially negative news hitting the wires.

Ripple Gives up $0.50

Ripple’s XRP rallied by 12.32% on Monday, following a 4.06% slide on Sunday, to end the day at $0.46.

Recovering from a start of a day intraday low $0.39822, Ripple’s XRP rallied to a mid-morning intraday high $0.525, breaking through the major resistance levels to test selling pressure at the 38.2% FIB Retracement Level of $0.5225 before easing back through the third major resistance level at $0.473 by the day’s end.

At the time of writing, Ripple’s XRP was down 0.25% to $0.45933, moves through the early morning seeing Ripple’s XRP ease from a start of a day morning high $0.46134 to a morning low $0.45474 before steadying, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high would support a run at $0.47 levels to bring $0.48 levels into play, while we will expect Ripple’s XRP to fall short of $0.50 levels and the day’s first major resistance level at $0.5239, barring particularly positive news hitting the wires.

Failure to move back through the morning high could see Ripple’s XRP take a bigger hit later in the day, with a fall through the morning low $0.45474 bringing $0.44 levels into play, any broad based reversal likely to see Ripple’s XRP hit $0.43 levels before any recovery.

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