Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/10/18

Bob Mason

Updated Sat, Oct 13, 2018, 9:06 PM

Bitcoin Cash Flattens

Bitcoin Cash gained just 0.71% on Saturday, following a 2.47% rise on Friday, to end the day at $453.1.

A particularly range bound day saw Bitcoin Cash fall to an early morning intraday low $443.8 before recovering to $450 levels by late morning, only to reverse through the afternoon back to $440 levels.

A late in the day rally saved the day for Bitcoin Cash, which moved back through to $450 levels and an intraday high $456, the major support and resistance levels left untested through the day.

At the time of writing, Bitcoin Cash was down 0.15% to $453.3, in what’s been another relatively uneventful start to the day, Bitcoin Cash hitting a start of a day morning low $451.6 and an early morning high $453.9, leaving the major support and resistance levels left untested early on.

For the day ahead, holding on to $450 levels through the morning would support some upside later in the day, with the first major resistance level at $458.13 very much in play, while we would expect $460 levels and the second major resistance level at $463.17 to be out of reach, barring particularly positive news hitting the wires.

Failure to hold on to $450 levels through the morning could see Bitcoin Cash take a hit later in the day, with a fall through to sub-$450 levels bringing the first major support level at $445.94 into play before any recovery, sub-$440 levels unlikely to be hit barring particularly negative news hitting the wires.

Litecoin Range Bound

Litecoin gained 0.08% on Saturday, following a 4.63% rally on Friday, to end the day at $53.07.

A bearish start to the day saw Litecoin pullback from a start of a day intraday high $53.85 to an early morning intraday low $52.52 before steadying to a relatively range bound afternoon, with Litecoin struggling to hold on to $53 levels through the day.

The moves through the day left the major support and resistance levels untested.

At the time of writing, Litecoin was down 0.36% to $52.86, with Saturday’s tight ranges being seen in the early hours, Litecoin pulling back from a start of a day high $53.07 to a morning low $52.78, the moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high to $53.15 would support a run at the day’s first major resistance level at $53.77, while we would expect Litecoin to come up against strong resistance at $54 to pin Litecoin back from a break out to test the second major resistance level at $54.48.

Failure to move back through to $53 levels could see Litecoin call on support at the first major support level at $52.44, with sub-$52 levels and the second major support level at $51.82 in play should sentiment across the broader market not improve in the event of a reversal.

Ripple Consolidates

Ripple’s XRP gained 0.46% on Saturday, following Friday’s 9.8% relief rally, to end the day at $0.42268.

A range bound day, by recent standards, saw Ripple’s XRP pullback at the start of the day to an intraday low $0.41695 before recovering to a late morning intraday high $0.43163, the moves through the morning leaving the day’s major support and resistance levels untested.

With little movement through the afternoon, Ripple’s XRP recovered from a 2^nd half of a day low $0.41706 to back through to $0.42 levels late in the day.

At the time of writing, Ripple’s XRP was down just 0.04% to $0.42235, a range bound start to the day seeing Ripple’s XRP move from a start of a day morning low $0.42027 to a morning high $0.42365 before steadying, a hold on to $0.42 levels key early in the day.

For the day ahead, a move through $0.4238 would support a run at $0.43 levels to bring the day’s first major resistance level at $0.4306 into play, with any broad based market rally likely to see Ripple’s XRP test the day’s second major resistance level at $0.4384 before any pullback.

Failure to move through $0.4238 by late morning could see Ripple’s XRP hit reverse later in the day, with a pullback through the morning low $0.42027 bringing $0.41 levels and the first major support level at $0.4149 into play. It’s been a particularly choppy time for Ripple’s XRP and any reversal across the broader market could see Ripple’s XRP take a bigger hit than most that would bring the second major support level at $0.4091 into play, while sub-$0.40 levels will unlikely be in play through the day.