Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/10/18

Bitcoin Cash Finds Support

Bitcoin Cash rose by just 0.04% on Friday, following a 3.32% slide on Thursday to end the day at $446.5, the moves through the week seeing Bitcoin Cash up 0.65% Monday through Friday.

A bearish start to the day saw Bitcoin Cash slide to an intraday low $439.3 before finding support, with an early afternoon rally taking Bitcoin Cash to an intraday high $453.7, only to pullback to $440 levels by the day’s end. The moves through the day left the major support and resistance levels untested.

At the time of writing, Bitcoin Cash was up 0.01% to $446.9, with a range bound start to the day seeing Bitcoin Cash recover from an early morning low $442.3 to a morning high $448.8 before steadying, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $445 through the morning would support a run through the morning high $448.8 to $450 levels to bring the first major resistance level at $453.7 into play, with $460 levels and the day’s second major resistance level at $460.9 in play should support come from a broader market rally kick in.

Failure to hold above $445 through the morning could see Bitcoin Cash hit reverse, with a pullback through the morning low $442.2 bringing $430 levels and the first major support level at $439.3 into play, heavier losses unlikely barring materially negative news hitting the wires.

Litecoin Makes Ground

Litecoin gained 1.51% on Friday, reversing most of Thursday’s 2.06% slide, to end the day at $52.51 and give Litecoin a 2.22% gain for the current week.

An early pullback saw Litecoin fall to a late morning intraday low $51.47 before support kicked in, Litecoin steering clear of the day’s first major support level at $50.69. An early afternoon rally saw Litecoin hit an intraday high $53.12 to test the day’s first major resistance level at $53.07 before pulling back to $52 levels by the day’s end.

At the time of writing, Litecoin down 0.29% to $52.35, with Litecoin recovering from an early morning low $52.08 to a morning high $52.65 before easing back further into the red, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $52.65 would support a run at $53 levels to bring the day’s first major resistance level at $53.26 into play, while sentiment across the broader market will need to materially improve for Litecoin to take a run at $54 levels and the second major resistance level at $54.02.

Failure to move back through the morning high could see Litecoin take a heavier hit later in the day, with a pullback through the morning low $52.08 bring the day’s first major support level at $51.61 into play, with the second major support level at $50.72 very much in play should sentiment fail to improve.

Ripple in the Hunt for $0.50

Ripple’s XRP slipped by 1.63% on Friday, following on from a 2.95% fall on Thursday, to end the day at $0.46056, moves through the week giving Ripple’s XRP a 12.45% gain for the current week.

Tracking the broader market through the early part of the day, Ripple’s XRP slipped from a start of a day intraday high $0.47215 to a late morning intraday low $0.45701, before finding support, the moves leaving the day’s major support and resistance levels untested.

Bucking the trend through the afternoon, Ripple’s XRP failed to move through the start of a day intraday high $0.47215 in the early afternoon, leading to a reversal through the late afternoon and heavier losses on the day.

At the time of writing, Ripple’s XRP was up 1.41% to $0.46708, a bullish start to the day seeing Ripple’s XRP rally from a morning low $0.45617 to a morning high $0.47099 to test the day’s first major resistance level at $0.4695 before pulling back, the day’s major support levels left untested early on.

For the day ahead, a move back through the first major resistance level at $0.4695 would support a run at the day’s resistance major support level at $0.4784, though Ripple’s XRP will need to move back through to $0.47 levels by late morning to support a bullish run through the afternoon.

Failure to move back through the first major resistance level at $0.4695 could see Ripple’s XRP take a hit later in the day, a pullback through the morning low $0.45617 likely to see Ripple’s XRP call on support at the first major support level at $0.4543, with sub-$0.45 support levels in play should the broader market hit reverse later in the day.

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