Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/10/18

Can the crypto majors break out of the current rut without any news driven catalysts? It’s not looking good for the day…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash Has a Bad Week

Bitcoin Cash fell by 0.9% on Saturday, following on from a 0.2% decline on Friday, to end the day at $440.1.

A relatively range bound start to the day saw Bitcoin Cash ease from a start of a day intraday high $444.3 to $442.1 by the middle of the day before hitting reverse, with a bearish second half of the day seeing Bitcoin Cash fall through the first major support level at $439.73 to a late intraday low $436.3 before recovering to $440 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.11% to $440.0, with moves through the early morning seeing Bitcoin Cash fall from a start of a day morning high $440.8 to a morning low $439.1, the range bound start to the day becoming customary across the broader market.

For the day ahead, a move back through the morning high $440.8 would support a run at the day’s first major resistance level at $444.17, while the day’s second major resistance level at $448.23 will likely be out of reach, barring a pickup in trading volume.

Failure to move back through the morning high could see Bitcoin Cash pullback to sub-$440 levels to bring the day’s first major support level at $436.17 into play, while the day’s second major support level at $432.23 will likely be left untested on the day.

 

Litecoin Stuck in a Rut

Litecoin slipped by 0.12% on Saturday, following a 0.25% fall on Friday, to end the day at $51.54. It was a 5th day in a row that Litecoin ended the day at $51 levels and a 4th consecutive day in the red.

A particularly range bound day saw Litecoin fail to break out from $51 levels, a morning intraday high $51.82 and early afternoon intraday low $51.3 leaving the day’s major support and resistance levels untested, as volatility continued to ease off across the broader market.

At the time of writing, Litecoin was down 0.16% to $51.49, a particularly range bound start to the day seeing Litecoin’s $51.56 morning high and $51.34 morning low leave the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high and hold above $51.56 would support a run at the day’s first major resistance level at $51.81 to bring $52 levels and the day’s second major resistance level at $52.07 into play before any pullback.

Failure to move through the morning high would likely see Litecoin pullback through the morning low $51.34 to bring the day’s first major support level at $51.29 into play, with the day’s second major support level at $51.03 in play should the broader market see red through the day.

Ripple Hits Reverse

Ripple’s XRP fell by 1.32% on Saturday, reversing a 0.54% gain on Friday, to end the day at $0.46041.

A bearish start to the day saw Ripple’s XRP slide through the first major support level at $0.4597 to an early morning intraday low $0.45655 before finding support. The second half of the day was not much better, with Ripple’s XRP pulling back to $0.45 levels to call on support at the first major support level to prevent heavier losses on the day.

At the time of writing, Ripple’s XRP was down 0.16% to $0.4598, Ripple’s XRP pulling back from a start of a day morning high $0.46153 to a morning low $0.45823 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $0.46 levels and hold above $0.4614 by late morning would support a run at the day’s first major resistance level at $0.4662 to bring $0.47 levels and the day’s second major resistance level at $0.472 into play before any reversal, with support from the broader market needed for Ripple’s XRP to break through to $0.47 levels later in the day.

Failure to move through to $0.46 levels and hold above $0.4614 will likely see Ripple’s XRP pullback through the morning low $0.45823 to test the day’s first major support level at $0.4556 before any recovery, the day’s second major support level at $0.4507 unlikely to be tested unless materially negative news hits the crypto wires.

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