Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/10/18

Bitcoin Cash in the Red Again

Bitcoin Cash fell by 0.4% on Wednesday, following on from Tuesday’s 1.51% slide, to end the day at $447.7.

A bullish start to the day saw Bitcoin Cash rally to an early morning intraday high $458 before hitting reverse, the day’s first major resistance level at $457.13 pinning Bitcoin Cash back in the early hours.

The almost day long reversal saw Bitcoin Cash fall to a late in the day intraday low $444.1 to come within range of the first major support level at $441.87 before steadying, as Bitcoin Cash continued to struggle at around the $450 level.

At the time of writing, Bitcoin Cash was down 0.27% to $446, with moves through the early part of the morning seeing Bitcoin Cash fall to an early morning low $441.7 to call on support at the day’s first major support level at $441.87 before recovering, a start of a day morning high $449.5 seeing Bitcoin Cash fall short of the first major resistance level at $455.77.

For the day ahead, a move back through the morning high $449.5 would be needed to bring $450 levels and the day’s first major resistance level at $455.77 into play, while we will expect Bitcoin Cash to continue to struggle at $450 levels to leave $460 levels and the day’s second major resistance level at $463.83 out of play on the day.

Failure to move back through the morning high to $450 levels could see Bitcoin Cash fall back through the morning low $441.7 and the day’s first major resistance level at $441.87 to bring sub-$441 support levels into play, while we would expect Bitcoin Cash to avoid sub-$440 levels barring materially negative news hitting the wires.

Litecoin Holds on to the $50s

Litecoin fell by 0.46% on Wednesday, partially reversing Tuesday’s 0.83% gain, to end the day at $51.86.

Tracking the broader market, Litecoin moved through to a mid-morning intraday high $52.59 to come up against the day’s first major resistance level at $52.59 before hitting reverse, Litecoin falling through the late morning and afternoon to an intraday low $51.7 before steadying. In spite of the reversal, Litecoin managed to hold above the first major support level at $51.51.

At the time of writing, Litecoin was down 0.15% to $51.77, with a start of a day move through to a morning high $51.93 seeing Litecoin come up short of $52 levels and the first major resistance level at $52.4 before pulling back to a morning low $51.56 to call on support at the first major support level at $51.51.

For the day ahead, a move back through the morning high to $52 levels would be needed to support a bullish second half of a day, with any morning rally bringing the day’s first major resistance level at $52.4 and second major resistance level at $52.94 into play, while we will expect Litecoin to fall short of $53 levels on the day.

Failure to move through to $52 levels will likely see Litecoin pullback through the first major support level at $51.51 to call on support at the second major support level at $51.16 before any recovery, sub-$51 support levels unlikely to be tested on the day.

 

Ripple Hits Reverse

Ripple’s XRP slid by 1.32% on Wednesday, reversing most of Tuesday’s 1.86% gain, to end the day at $0.46341.

An early morning move through to an intraday high $0.4781 saw Ripple’s XRP come up short of $0.48 levels and the day’s first major resistance level at $0.4889, with a broad based market reversal kicking in to pull Ripple’s XRP back to a late in the day intraday low $0.4611 before steadying, Ripple’s XRP steering clear of the first major support level at $0.4482 on the day.

At the time of writing, Ripple’s XRP was down 0.66% to $0.46086, with Ripple’s XRP falling from a start of a day morning high $0.467 to morning low $0.45745 to find support at the first major support level at $0.457.

For the day ahead, a move back through the morning high and hold through the late morning would support a run at $0.47 levels to bring the day’s first major resistance level at $0.474 into play, with sentiment across the broader market needing to materially improve for Ripple’s XRP to take a run at $0.48 levels later in the day.

Failure to move back through the morning high $0.467 could see Ripple’s XRP take a bigger hit later in the day, a pullback through the morning low $0.45745 likely to see Ripple’s XRP fall through the first major support level to test the second major support level at $0.4505 before any recovery.

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