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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/10/18

Bob Mason
Updated

Bitcoin Cash Hits Reverse

Bitcoin Cash fell by 3.32% on Thursday, following on from a 1.68% decline on Wednesday, to end the day at $446.2.

A bullish start to the day saw Bitcoin Cash break through the day’s first major resistance level at $469.93 to an early morning intraday high $471 before going into reverse and a day long sell-off. Bitcoin Cash slid through the day’s first major support level at $455.23 and second major support level at $448.97 to a late in the day intraday low $439.4 before steadying, the losses taking Bitcoin Cash into the red for the week.

At the time of writing, Bitcoin Cash up 0.13% to $446.9, with a move through to a start of a day morning high $449 seeing Bitcoin Cash face plenty of resistance at $450 to pullback to morning low $444 before steadying, the day’s major support and resistance levels left untested early on.

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For the day ahead, a move back through the morning high $449 to $450 levels could see Bitcoin Cash take a run at $460 levels, while we would expect the day’s first major resistance level at $465 to be left untested, barring particularly positive news hitting the wires.

Failure to move back through the morning high to $450 levels could see Bitcoin Cash pullback into the red later in the day, with a fall through the morning low $444 bringing sub-$440 levels and the day’s first major support level  at $433.4 into play, more material declines unlikely in the event of a reversal.

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Litecoin Tracks the Pack

Litecoin fell by 2.06% on Thursday, following on from a 0.51% decline on Wednesday, to end the day at $51.72.

Tracking the broader market through the day, Litecoin hit an early morning intraday high $53.39 to test the day’s first major resistance level at $53.3 before sliding to a late afternoon intraday low $51.01, the reversal seeing Litecoin fall through the first major support level at $52.31 and second major support level at $51.78.

A partial recovery late in the day limited what could have been heavier losses on the day.

At the time of writing, Litecoin was down 0.04% to $51.71, with a bullish start to the day seeing Litecoin hit a morning high $52.14, before pulling back to an early morning $51.62 low, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $52 levels would support a run at the $53 levels and the day’s first major resistance level at $53.07, though Litecoin would need to move back through to $52 levels by late morning to support a run at $53 levels.

Failure to move through to $52 levels could see Litecoin take a bigger hit on the day, with a pullback through the morning low $51.62 likely to bring sub-$51 levels and the day’s first major support level at $50.69 into play, sub-$50 support levels unlikely to be tested barring particularly negative news hitting the wires.

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Ripple Pulls Back from $0.50 Levels

Ripple’s XRP fell by 2.95% on Thursday, following Wednesday’s 0.27% decline, to end the day at $0.46903.

A bullish start to the day saw Ripple’s XRP strike an intraday high $0.49438 before being hit by a broad based market sell-off, the high falling short of the day’s major resistance levels.

The sell-off saw Ripple’s XRP fall through the day’s first major support level at $0.4704 to call on support at the second major support level at $0.4578 with an intraday low $0.45602 before moving back through to $0.46 levels to limit the day’s losses.

At the time of writing, Ripple’s XRP was down 0.09% to $0.46764, with a relatively range bound start to the day seeing Ripple’s XRP leave the major support and resistance levels untested with a morning high $0.47215 and low $0.46459.

For the day ahead, a move back through the morning high to $0.4731 would support a run at $0.48 levels, while market sentiment will need to materially improve for Ripple’s XRP to take a run at $0.49 levels and the day’s first major resistance level at $0.4903, moving through to $0.47 levels by late morning needed to support a return to $0.49 levels.

Failure to move back through to $0.47 levels could see Ripple’s XRP fall further into the red, with a pullback through the morning low $0.46459 likely to bring $0.45 levels and the day’s first major support level at $0.4519 into play, sub-$45 levels in play should the broader market see red through the afternoon.

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This article was originally posted on FX Empire

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