FXEMPIRE
All

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/10/18

It’s a positive start to the day as the cryptobulls look to reverse Monday’s losses, the sell-off having come off the back of another crypto theft.
Bob Mason
Crypto00 567

Bitcoin Cash Slides

Bitcoin Cash slid by 5.49% on Monday, adding to the previous week’s losses, to end the day at $418.3, its lowest day ending price since 17th September’s $416.9.

A range bound start to the day saw Bitcoin Cash hit an early morning intraday high $443.2, falling well short of the day’s first major resistance level at $458.13 before easing back. A late morning broad based cryptomarket sell-off saw Bitcoin Cash slide through the day’s major support levels to an intraday low $414.2 before steady to a relatively range bound afternoon.

The sell-off came off the back of news hitting the wires of MapleChange becoming the latest victim of a crypto theft, albeit of a smaller size.

At the time of writing, Bitcoin Cash was up 0.56% to $420.7, with another range bound start to the day seeing Bitcoin Cash rise from a start of a day morning low $418.3 to a morning high $421, the day’s major support and resistance levels left untested.

For the day ahead, a move through to $425.23 would support a run at $430 levels to bring the first major resistance level at $436.27 into play, with the crypto bulls looking to recovery Monday’s news driven loss, while we would expect Bitcoin Cash to fall short of $440 levels on the day.

Failure to move through to $425.23 could see Bitcoin Cash hit reverse later in the day, a pullback through the morning low $418.3 bring sub-$410 levels and the day’s first major support level at $407.27 into play before any recovery.

Litecoin into the $40s…

Litecoin fell by 6.03% on Monday, following last week’s 1.32% decline, to end the day at $48.3, the first sub-$50 close since 12th September’s swing lo $47.19.

Tracking the broader market, a range bound start to the day saw Litecoin ease back from a start of a day intraday high $51.63, which came up short of the first major resistance level at $51.76. The late morning news driven sell-off saw Litecoin slide through the day’s major support levels to an intraday low $47.34, holding just above 12th September’s swing lo $47.19 before steadying, Litecoin unable to break back through the third major support level at $50.34 by the day’s end.

At the time of writing, Litecoin was up 0.66% to $48.76, with Litecoin rising from a start of a day morning low $48.43, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a move through $49.13 would support a run at $50 levels to bring the first major resistance level at $50.93 into play, while we would expect Litecoin to be pinned back from a move through to $51 levels, with Monday’s sell-off a stark reminder of news impact on the market.

Failure to move through $49.13 by the early afternoon could see Litecoin give up the morning gains, with a fall through the morning low $48.43 likely to see Litecoin pullback to $47 levels, while we would expect the first major support level at $46.64 to be left untested barring materially negative news hitting the wires.

Ripple Tracks the Pack

Ripple’s XRP fell by 4.03% on Monday, more than reversing Sunday’s 1.11% gain, to end the day at $0.4456.

In line with the broader market, a range bound start to the day saw Ripple’s XRP ease back from an early morning intraday high $0.4652, while holding onto $0.46 levels ahead of the late morning sell-off, the early moves leaving the day’s major support and resistance levels untested.

The late morning sell-off saw Ripple’s XRP slide through the day’s major support levels to an intraday low $0.43513 before finding support, with Ripple’s XRP breaking back through the third major support level at $0.4442 by the day’s end.

At the time of writing, Ripple’s XRP was up 1.13% to $0.45067, upward momentum through the early hours seeing Ripple’s XRP move from a start of a day morning low $0.44483 to a morning high $0.4513, the day’s major support and resistance levels left untested.

For the day ahead a hold onto $0.45 levels through the morning would support a run at $0.46 levels to bring the first major resistance level at $0.4622 into play before any pullback, $0.47 levels and the second major resistance level at $0.4787 unlikely to be in play through the day.

Failure to hold onto $0.45 levels could see Ripple’s XRP give up some of the early gains, with a pullback through $0.4486 likely to see Ripple’s XRP fall through the morning low $0.44483 to test support at $0.4400 before any recovery, the day’s first major support level at $0.4321 unlikely to be in play on the day.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US