Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/10/18

It’s a positive start to the day, with the majors looking set to recover some of the previous week’s losses, a hold through the morning key.
Bob Mason
Cryptocurrencies investments

Bitcoin Cash on the Move

Bitcoin Cash gained 1.99% on Saturday, following a 0.04% rise on Friday, to end the day at $455.4.

A bearish start to the day saw Bitcoin Cash slide to an intraday low $442.3 before finding support, Bitcoin Cash steering clear of the day’s first major support level at $439.3.

Recovering through the rest of the day, Bitcoin Cash moved through to a late in the day intraday high $459, breaking through and holding above the first major resistance level at $453.7 by the day’s end.

At the time of writing, Bitcoin Cash was up 1% to $460, with a bullish start to the day seeing Bitcoin Cash move from a morning low $455.2 to a morning high $463.1 before easing back, Bitcoin Cash breaking through the first major resistance level at $462.17 early in the day.

For the day ahead, a move back through the first major resistance level at $462.17 would support a run at the second major resistance level at $468.93 to bring $470 levels into play for the first time since Thursday, though sentiment across the broader market will need to improve to support a breakout.

Failure to move back through to $462 could see Bitcoin Cash cough up the morning gains, with a fall back through to $450 levels likely to lead to a fall through to $440 levels to bring the first major resistance level at $445.47 into play before any recovery.

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Litecoin Makes Ground

Litecoin gained 0.59% on Saturday, following a 1.51% rise on Friday, to end the day at $52.81.

Tracking the broader market, Litecoin fell to an early morning intraday low $52.08 before making a move back into positive territory and a late in the day intraday high $53. A relatively range bound day left the day’s major support and resistance levels untested.

At the time of writing, Litecoin was up 0.3% to $52.99, with Litecoin rising from a start of a day morning low $52.76 to a morning high $53.11 before easing back, moves through the morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $53 levels would support a break through the first major resistance level at $53.18 to bring the day’s second major resistance level at $53.55 into play, while Litecoin will likely continue to fall short of $54 levels, barring positive news hitting the crypto wires.

Failure to move back through to $53 levels could see Litecoin hit reverse later in the day, with a pullback through $52.6 likely to see Litecoin fall through the first major support level at $52.26 to bring $51 levels and the second major support level at $51.71 into play before any recover.

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Ripple Struggles to Break Out

Ripple’s XRP gained 1.43% on Saturday, reversing most of Friday’s 1.63% fall, to end the day at $0.46722.

Bucking the market trend, an early morning breakout saw Ripple’s XRP move from a start of a day intraday low $0.45617 to $0.47 levels, breaking through the first major resistance level at $0.4695 before easing back to a relatively range bound day that left Ripple’s XRP shy of $0.47 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.61% to $0.4709, moves through the early morning seeing Ripple’s XRP rally from a start of a day morning low $0.46704 to a morning high $0.47809 before easing back, the early bounce seeing Ripple’s XRP break through the day’s first major resistance level at $0.4745 before the pullback.

For the day ahead, a move back through the first major resistance level at $0.4745 would support a run at $0.48 levels to bring the second major resistance level at $0.4818 into play before, with $0.50 levels likely to remain out of reach for a 6th consecutive day.

Failure to move back through the first major resistance level could see Ripple’s XRP take a hit later in the day, with a pullback through the morning low $0.46704 bringing $0.45 levels and the day’s first major support level at $0.4581 into play. We would expect Ripple’s XRP to steer clear of sub-$0.45 support levels on the day.

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