Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/10/18

bitseven.com - It’s a mixed start to the day, with the market laggards needing to catch up to avoid weighing on the early weekend front runners.

Bitcoin Cash Finds Support

Bitcoin Cash rose by just 0.04% on Friday, following a 3.32% slide on Thursday to end the day at $446.5, the moves through the week seeing Bitcoin Cash up 0.65% Monday through Friday.

A bearish start to the day saw Bitcoin Cash slide to an intraday low $439.3 before finding support, with an early afternoon rally taking Bitcoin Cash to an intraday high $453.7, only to pullback to $440 levels by the day’s end. The moves through the day left the major support and resistance levels untested.

At the time of writing, Bitcoin Cash was up 0.01% to $446.9, with a range bound start to the day seeing Bitcoin Cash recover from an early morning low $442.3 to a morning high $448.8 before steadying, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $445 through the morning would support a run through the morning high $448.8 to $450 levels to bring the first major resistance level at $453.7 into play, with $460 levels and the day’s second major resistance level at $460.9 in play should support come from a broader market rally kick in.

Failure to hold above $445 through the morning could see Bitcoin Cash hit reverse, with a pullback through the morning low $442.2 bringing $430 levels and the first major support level at $439.3 into play, heavier losses unlikely barring materially negative news hitting the wires.

Litecoin Makes Ground

Litecoin gained 1.51% on Friday, reversing most of Thursday’s 2.06% slide, to end the day at $52.51 and give Litecoin a 2.22% gain for the current week.

An early pullback saw Litecoin fall to a late morning intraday low $51.47 before support kicked in, Litecoin steering clear of the day’s first major support level at $50.69. An early afternoon rally saw Litecoin hit an intraday high $53.12 to test the day’s first major resistance level at $53.07 before pulling back to $52 levels by the day’s end.

At the time of writing, Litecoin down 0.29% to $52.35, with Litecoin recovering from an early morning low $52.08 to a morning high $52.65 before easing back further into the red, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $52.65 would support a run at $53 levels to bring the day’s first major resistance level at $53.26 into play, while sentiment across the broader market will need to materially improve for Litecoin to take a run at $54 levels and the second major resistance level at $54.02.

Failure to move back through the morning high could see Litecoin take a heavier hit later in the day, with a pullback through the morning low $52.08 bring the day’s first major support level at $51.61 into play, with the second major support level at $50.72 very much in play should sentiment fail to improve.

Ripple in the Hunt for $0.50

Ripple’s XRP slipped by 1.63% on Friday, following on from a 2.95% fall on Thursday, to end the day at $0.46056, moves through the week giving Ripple’s XRP a 12.45% gain for the current week.

Tracking the broader market through the early part of the day, Ripple’s XRP slipped from a start of a day intraday high $0.47215 to a late morning intraday low $0.45701, before finding support, the moves leaving the day’s major support and resistance levels untested.

Bucking the trend through the afternoon, Ripple’s XRP failed to move through the start of a day intraday high $0.47215 in the early afternoon, leading to a reversal through the late afternoon and heavier losses on the day.

At the time of writing, Ripple’s XRP was up 1.41% to $0.46708, a bullish start to the day seeing Ripple’s XRP rally from a morning low $0.45617 to a morning high $0.47099 to test the day’s first major resistance level at $0.4695 before pulling back, the day’s major support levels left untested early on.

For the day ahead, a move back through the first major resistance level at $0.4695 would support a run at the day’s resistance major support level at $0.4784, though Ripple’s XRP will need to move back through to $0.47 levels by late morning to support a bullish run through the afternoon.

Failure to move back through the first major resistance level at $0.4695 could see Ripple’s XRP take a hit later in the day, a pullback through the morning low $0.45617 likely to see Ripple’s XRP call on support at the first major support level at $0.4543, with sub-$0.45 support levels in play should the broader market hit reverse later in the day.

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