Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/10/18

Bob Mason

Updated Thu, Oct 25, 2018, 11:08 PM

Bitcoin Cash Looks to Avoid Another Loss

Bitcoin Cash fell by 0.54% on Thursday, following on from Wednesday’s 0.4% decline, to end the day at $444.9, the loss marking a 3^rd consecutive day in the red.

A bearish start to the day saw Bitcoin Cash fall to an early intraday low $441.7 to test the day’s first major support level at $441.87 leading to a move through the morning to an early afternoon intraday high $451.3. Falling short of the day’s first major resistance level at $455.77, Bitcoin Cash eased back into the red in a late in a day reversal.

At the time of writing, Bitcoin Cash was down 0.43% to $443.3, with Thursday’s afternoon reversal continuing into the early hours of this morning, Bitcoin Cash falling to a morning low $443.3 from a start of a day morning high $446.6, the narrow moves through the morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to the morning high $446.6 would support a run at $450 levels and the day’s first major resistance level at $450.23, with a pickup in trading volume and volatility needed to support a run at the second major resistance level at $455.57, while $460 levels will likely remain out of touch.

Failure to move back through to the morning high $446.6 by late morning could see Bitcoin Cash take a bigger hit later in the day, with the day’s first major support level at $440.63 in play should sentiment deteriorate, while we would expect Bitcoin Cash to steer clear of sub-$440 support levels barring materially negative news hitting the wires.

Litecoin Moves in the Ranges

Litecoin fell by 0.35% on Thursday, following on from a 0.46% decline on Wednesday, to end the day at $51.68.

A bearish first half of the day saw Litecoin fall to a mid-day intraday low $51.54 to call on support at the first major support level at $51.51 before hitting an early afternoon intraday high $51.96, the day’s high falling well short of the first major resistance level at $52.4, Litecoin moving within particularly tight ranges through the day.

At the time of writing, Litecoin was down by just 0.06% to $51.68, with Litecoin falling from a start of a day morning high $51.88 to a morning low $51.54 before steadying, the moves through the early hours leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through $51.73 and hold would support a run at the day’s first major resistance level at $51.91 to bring $52 levels and the day’s second major resistance level at $52.15 into play, though with the current ranges, a breakout looks unlikely barring a news driven event through the day.

Failure to move back through $51.73 could see Litecoin take a bigger hit through the day, with a fall back through the morning low $51.54 bringing the day’s first major support level at $51.49 into play, with the second major support level at $51.31 there to prevent a pullback to sub-$51 levels in the event of a broad based market sell-off.

Ripple Holds

Ripple’s XRP gained just 0.03% on Thursday, following Wednesday’s 1.32% slide, to end the day at $0.46408.

A start of a day pullback to an early intraday low $0.45745 saw Ripple’s XRP call on support at the first major support level at $0.457 in what was the only bearish move of the day, with Ripple’s XRP finding upward momentum through to a late afternoon intraday high $0.47288, coming within range of the first major resistance level at $0.474 before easing back to $0.46 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.37% to $0.46180, with Ripple’s XRP pulling back from a start of a day morning high $0.4676 to a morning low $0.46035 before steadying, the early moves seeing the day’s major support and resistance levels left untested.

For the day ahead, a move back through $0.4648 to the morning high would support a run another run at $0.47 levels and the day’s first major resistance level at $0.4722, with $0.48 levels likely to remain elusive for Ripple’s XRP through the day, barring particularly positive news hitting the wires.

Failure to move through $0.4648 by the early afternoon could see Ripple’s XRP take a bigger loss on the day, with a pullback through the morning low $0.46035 bringing $0.45 levels and the day’s first major support level at $0.4567 into play, sub-$0.45 support levels unlikely to be tested barring materially negative news hitting the wires.