Bitcoin Cash, Litecoin and Ripple Daily Analysis – 31/10/18

Bitcoin Cash Finds Support

Bitcoin Cash gained 1.24% on Tuesday, partially reversing Monday’s news driven 5.49% slide, to end the day at $423.5.

A relatively bullish start to the day saw Bitcoin Cash move to a morning high $423.5 before easing back to sub-$420 levels, with an early afternoon reversal seeing Bitcoin Cash fall to a late in the day intraday low $416.8.

A late recovery saw Bitcoin Cash move back into positive territory in the final hours, with a move through to an intraday high $425.8. Relatively tight ranges left the major support and resistance levels untested on the day.

At the time of writing, Bitcoin Cash was down 0.14% to $422.9, with Bitcoin Cash easing back from a start of a day morning high $424.6 to a morning low $422.5 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, holding onto $422 levels through the morning would support a move back through the morning high $424.6 to bring the first major resistance level at $427.27 into play before any pullback, though the broader market will need to see a pickup in volumes to support a move.

Failure to hold onto $422 levels could see Bitcoin Cash pullback to sub-$420 levels to bring the first major support level at $418.27 into play, with the second major support level at $413.03 unlikely to be tested baring materially negative news hitting the wires.

Litecoin still in the $40s…

Litecoin gained 0.95% on Tuesday, partially reversing Monday’s 6.03% slide, to end the day at $48.91.

A bullish morning saw Litecoin rise to a late morning intraday high $49.15, falling short of the first major resistance level at $50.93, before a broad based crypto sell-off kicked in. Litecoin fell through the afternoon to an intraday low $48.36 before finding support to move back into positive territory by the day’s end, the day’s major support levels left untested.

At the time of writing, Litecoin was up 0.14% to $49.02, a range bound start to the day seeing Litecoin move from a morning low $48.85 to a morning high $49.18 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, holding above the morning low through the morning would support another run at the day’s first major resistance level at $49.25 to bring the second major resistance level at $49.6 into play, while Litecoin will likely continue to fall short of $50 levels on the day.

Failure to hold above the morning low $48.85 could see Litecoin take a bigger hit on the day, with a pullback through the morning low bringing the first major support level at $48.46 into play. We would expect Litecoin to steer clear of sub-$48 levels on the day, with the second major support level at $48.02 likely to prevent heavier losses in the event of a broad based cryptomarket sell-off.

Ripple Flat

Ripple’s XRP gained just 0.38% on Tuesday, following Monday’s 4.03% fall, to end the day at $0.44728.

Leading the broader market in the early hours, Ripple’s XRP rallied to an intraday high $0.45346 before easing back to $0.44 levels, the day’s high falling short of the first major resistance level at $0.4622.

Tracking the broader market through the afternoon, Ripple’s XRP fell back to an intraday low $0.44388 before finding support and a move back into positive territory, Ripple’s XRP steering clear of the first major support level at $0.4321.

At the time of writing, Ripple’s XRP was down 0.27% to $0.44605, with Ripple’s XRP recovering from an early morning low $0.44483 to a morning high $0.44729 before easing back, the range bound start to the day leaving the major support and resistance levels untested.

For the day ahead, a move through the morning high to $0.4482 would support a run at $0.45 levels to bring the day’s first major resistance level at $0.4525 into play, with the broader market needing a material pickup in volumes to support a run at the second major resistance level at $0.4578.

Failure to move through to $0.4482 by the late morning could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.44483 bringing the day’s first major support level at $0.4430 into play, with any deterioration in market sentiment likely to see Ripple’s XRP call on support at the second major support level at $0.4386 before any recovery.

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