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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/10/18

The majors are in the red early on, with some recovery expected as Thursday’s reversal washes out through the early hours.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash Looks to Avoid Another Loss

Bitcoin Cash fell by 0.54% on Thursday, following on from Wednesday’s 0.4% decline, to end the day at $444.9, the loss marking a 3rd consecutive day in the red.

A bearish start to the day saw Bitcoin Cash fall to an early intraday low $441.7 to test the day’s first major support level at $441.87 leading to a move through the morning to an early afternoon intraday high $451.3. Falling short of the day’s first major resistance level at $455.77, Bitcoin Cash eased back into the red in a late in a day reversal.

At the time of writing, Bitcoin Cash was down 0.43% to $443.3, with Thursday’s afternoon reversal continuing into the early hours of this morning, Bitcoin Cash falling to a morning low $443.3 from a start of a day morning high $446.6, the narrow moves through the morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to the morning high $446.6 would support a run at $450 levels and the day’s first major resistance level at $450.23, with a pickup in trading volume and volatility needed to support a run at the second major resistance level at $455.57, while $460 levels will likely remain out of touch.

Failure to move back through to the morning high $446.6 by late morning could see Bitcoin Cash take a bigger hit later in the day, with the day’s first major support level at $440.63 in play should sentiment deteriorate, while we would expect Bitcoin Cash to steer clear of sub-$440 support levels barring materially negative news hitting the wires.

Litecoin Moves in the Ranges

Litecoin fell by 0.35% on Thursday, following on from a 0.46% decline on Wednesday, to end the day at $51.68.

A bearish first half of the day saw Litecoin fall to a mid-day intraday low $51.54 to call on support at the first major support level at $51.51 before hitting an early afternoon intraday high $51.96, the day’s high falling well short of the first major resistance level at $52.4, Litecoin moving within particularly tight ranges through the day.

At the time of writing, Litecoin was down by just 0.06% to $51.68, with Litecoin falling from a start of a day morning high $51.88 to a morning low $51.54 before steadying, the moves through the early hours leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through $51.73 and hold would support a run at the day’s first major resistance level at $51.91 to bring $52 levels and the day’s second major resistance level at $52.15 into play, though with the current ranges, a breakout looks unlikely barring a news driven event through the day.

Failure to move back through $51.73 could see Litecoin take a bigger hit through the day, with a fall back through the morning low $51.54 bringing the day’s first major support level at $51.49 into play, with the second major support level at $51.31 there to prevent a pullback to sub-$51 levels in the event of a broad based market sell-off.

Ripple Holds

Ripple’s XRP gained just 0.03% on Thursday, following Wednesday’s 1.32% slide, to end the day at $0.46408.

A start of a day pullback to an early intraday low $0.45745 saw Ripple’s XRP call on support at the first major support level at $0.457 in what was the only bearish move of the day, with Ripple’s XRP finding upward momentum through to a late afternoon intraday high $0.47288, coming within range of the first major resistance level at $0.474 before easing back to $0.46 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.37% to $0.46180, with Ripple’s XRP pulling back from a start of a day morning high $0.4676 to a morning low $0.46035 before steadying, the early moves seeing the day’s major support and resistance levels left untested.

For the day ahead, a move back through $0.4648 to the morning high would support a run another run at $0.47 levels and the day’s first major resistance level at $0.4722, with $0.48 levels likely to remain elusive for Ripple’s XRP through the day, barring particularly positive news hitting the wires.

Failure to move through $0.4648 by the early afternoon could see Ripple’s XRP take a bigger loss on the day, with a pullback through the morning low $0.46035 bringing $0.45 levels and the day’s first major support level at $0.4567 into play, sub-$0.45 support levels unlikely to be tested barring materially negative news hitting the wires.

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