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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/10/18

By:
Bob Mason
Published: Oct 29, 2018, 04:16 UTC

It's a mixed start to the day for the majors, while holding within tight ranges, the broader market looking to Bitcoin for inspiration.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/10/18

Bitcoin Cash Finds Support

Bitcoin Cash gained 0.59% on Sunday, partially reversing Saturday’s 0.90% fall to end the week down 2.94% at $442.8, with Sunday’s gain only the second of the week, the first being Monday’s 0.07% rise.

Range bound by historical standards, a morning high $442.5 failed to gather momentum, with Bitcoin Cash pulling back to a late in the day intraday low $438.1 before a late rally to an intraday high $443.4. The moves through the day left the day’s major support and resistance levels left untested, with the highlight of the day being Bitcoin Cash’s recovery to $440 levels.

At the time of writing, Bitcoin Cash was down 0.34% to $441.1, with Bitcoin Cash pulling back from an early morning high $443.2 to a morning low $440.3 before steadying, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a hold on to $441 levels would support a run at the morning high to bring the day’s first major resistance level at $444.7 into play before any pullback, with the second major resistance level at $446.7 unlikely to be tested through the day.

Failure to hold on to $441 levels through the morning could see Bitcoin Cash pullback through the morning low $440.3 to test the day’s first major support level at $439.4, while the second major support level at $436.1 will likely be left untested barring materially negative news hitting the wires.

BCH/USD 29/10/18 Daily Chart

Litecoin Still in the $50s

Litecoin gained just 0.04% on Sunday, following a 0.12% fall on Saturday, to end the week down 1.32% at $51.54. The minor gain saw Litecoin end a run of 4 consecutive days in the red.

Tracking the broader market through the day, Litecoin moved through to an early intraday high $51.66 before hitting reverse, falling to a late in the day intraday low $51.11, Litecoin falling through the first major support level at $51.29 before finding support.

A late recovery saw Litecoin move back through to $51.5 levels, the day’s major resistance levels left untested in a particularly range bound day.

At the time of writing, Litecoin was up just 0.04% to $51.55, with the start of the day seeing Litecoin move to a morning high $51.63 only to fall to a morning low $51.43 before recovering, the tight ranges early on leaving the day’s major support and resistance levels untested.

For the day ahead, holding onto $51.5 levels through the morning would support another run at the first major resistance level at $51.76, with any broad based cryptomarket rally supportive of a run at the second major resistance level at $51.99 to bring $52 levels into play before any pullback.

Failure to hold onto $51.5 levels could see Litecoin fall back through the morning low $51.43 to bring the day’s first major support level at $51.21 into play, with sub-$51 support levels likely to be left untested through the day.

LTC/USD 29/10/18 Daily Chart

Ripple Leads the Way

Ripple’s XRP gained 1.11% on Sunday, reversing most of Saturday’s 1.32% loss, to end the week up 0.11% at $0.465.

A morning dip to an intraday low $0.45822 was the only bearish move of the day, which held above the day’s first major support level at $0.4556. Ripple’s XRP moved within relatively tight ranges through the day, upward momentum through the second half of the day seeing Ripple’s XRP strike a late in the day intraday high $0.468 to test the day’s first major resistance level at $0.4662 before easing back.

At the time of writing, Ripple’s XRP was down 0.11% to $0.4635, with Ripple’s XRP recovering from an early morning low $0.46255 to a morning high $0.4652 before settling, a range bound start to the day leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high would support a run at the day’s first major resistance level at $0.4693 to bring $0.47 levels and the second major resistance level at $0.4735 into play before any pullback, with Ripple’s XRP needing to hold on to $0.463 levels to support a recovery.

Failure to hold onto $0.463 levels could see Ripple’s XRP pullback through the morning low $0.46255 to bring $0.45 levels and the day’s first major support level at $0.4595 into play before any recovery, the day’s second major support level at $0.4540 unlikely to be tested on the day.

XRP/USD 29/10/18 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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