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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/10/18

Bob Mason
Updated

Bitcoin Cash Sees Red Again

Bitcoin Cash fell by 0.2% on Friday, following a 0.54% decline on Thursday, to end the day at $444.1, a 4th consecutive day in the red leaving Bitcoin Cash own 2.63% for the current week.

A choppy morning saw Bitcoin Cash slide to a mid-morning intraday low $441 to call on support at the day’s first major support level at $440.63 before rallying to a late morning intraday high $451, the day’s first major resistance level at $450.23 leading Bitcoin Cash back to $440 levels and a relatively range bound second half of the day.

At the time of writing, Bitcoin Cash was down 0.23% to $443.1, with pulling back from a start of a day morning high $444.3 to a morning low $442.9 before steadying, a range bound start to the day leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $444.3 to $445 levels would support a run at the day’s first major resistance level at $449.73 to bring $450 levels back into play, while we would expect the day’s second major resistance level at $455.37 to be left untested.

Failure to move through to $445 levels could see Bitcoin Cash fall back through the morning low $442.9 to bring the day’s first major support level at $439.73 into play, with Bitcoin Cash unlikely to see more material losses barring particularly negative news hitting the wires.

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Litecoin Struggling to break out

Litecoin fell by 0.25% on Friday, following a 0.35% decline on Thursday, to end the day at $51.59, a 4th day of losses in 5 leaving Litecoin down 1.23% for the current week.

Tracking the broader market, Litecoin fell through the first major support level at $51.49 and second major support level at $51.31 to a mid-morning intraday low $51.16 before bouncing back to a late morning intraday high $52.38. Litecoin broke through the first major resistance level at $51.91 and second major resistance level at $52.15 to only pullback to $51 levels and a range bound afternoon.

At the time of writing, Litecoin was up 0.23% to $51.71, a range bound start to the day seeing a morning high $51.77 and morning low $51.55 steer well clear of the day’s major support and resistance levels.

For the day ahead, holding on to $51.7 through the morning would support another run at $52 levels to bring the day’s first major resistance level at $52.26 into play before any pullback, the day’s second major resistance level at $52.93 and $53 levels likely to be out of reach for the day.

Failure to hold on to $51.7 through the morning could see Litecoin pullback through the morning low $51.55 to test the day’s first major support level at $51.04 before any recovery, sub-$51 support levels unlikely to be tested barring materially negative news hitting the wires.

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Ripple Gains

Ripple’s XRP rose by 0.54% on Friday, following on from Thursday’s 0.03% increase, to end the day at $0.46659, the day’s gain leaving Ripple’s XRP with a 0.45% rise for the current week.

A choppy first half of the day saw Ripple’s XRP fall to an early intraday low $0.45831, holding above the day’s first major support level at $0.4567 to bounce back to an intraday high $0.47075, the day’s high coming up short of the first major resistance level at $0.4722.

A pullback to $0.46 levels by late morning left Ripple’s XRP within a relatively tight range through the 2nd half of the day.

At the time of writing, Ripple’s XRP was down 0.95% to $0.46214, with a choppy start to the day seeing Ripple’s XRP slide from a morning high $0.4672 to a morning low $0.45655 before partially recovering, support at the day’s first major support level at $0.4597 kicking in to prevent heavier losses in the early hours.

For the day ahead, a move through the morning high $0.4672 would support a run at $0.47 levels to bring the day’s first major resistance level at $0.4721 into play, with a broad based market rally needed to support a run at the second major resistance level at $0.4777, while $0.48 levels will likely remain out of reach for a 4th consecutive day.

Failure to move back through the morning high could see Ripple’s XRP pullback through the morning low $0.45655 to call on support at the day’s second major support level at $0.4528, with sub-$0.45 support levels likely to be left untested through the day.

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This article was originally posted on FX Empire

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