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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/07/18

Bob Mason
Updated

Bitcoin Cash Steadies

Bitcoin Cash fell by 5.77% on Tuesday, following on from Sunday and Monday’s losses, to end the day at $687.4.

A start of the day intraday high $736.6 came up short of the day’s first major resistance level at $752.03 and continued to fall well short of the 23.6% FIB Retracement Level of $930, as Monday’s 2nd half of the day sell-off continued into the early hours of Tuesday.

Bitcoin Cash fell through the day’s first major support level at $715.83 and second major support level at $702.67 to a morning low $687 before a late in the day pullback saw Bitcoin Cash fall to an intraday low $684.6, the only positive being that the day’s third major support level at $666.47 was left untested on the day.

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At the time of writing, Bitcoin Cash was up 0.19% to $687 in what’s been a relatively range bound start to the day, a morning low $685 and high $699.6 leaving the day’s major support and resistance levels untested.

For the day ahead, a move through $702 would support a run at the first major resistance level at $721.13, with market sentiment to then dictate whether Bitcoin Cash can break back through to $750 levels to test selling resistance at the second major resistance level at $754.87.

Failure to break back through to $700 levels could see Bitcoin Cash pullback through the morning’s low $685 to test the first major support level at $669.13, with the day’s second major support level at $650.87 very much in play should sentiment fail to improve through the afternoon.

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Litecoin Finds Early Support

Litecoin fell by 5.59% on Tuesday, following Sunday 2.93% and Monday’s 2.27% falls, to end the day at $75.99.

A start of the day $80.5 left Litecoin short of the day’s first major resistance level at $82.27, as Monday’s sell-off continued through the early hours of the day, Litecoin falling to a mid-morning intraday low $74.51 before finding much needed support.

The slide through the morning saw Litecoin fall through the day’s major support levels before moving back the third major support level at $75.04 late in the day.

At the time of writing, Litecoin was up 0.16% to $76.07, with an early move through to a morning high $77.75 seeing Litecoin fall short of the day’s first major resistance level at $82.27 before pulling back to a morning low $75 levels, a morning low $75.48 having come within the first hour.

For the day ahead, a back move through $77 would support a run at the day’s first major resistance level at $79.49 and $80 levels, though with sentiment having deteriorated since late Sunday, Litecoin is likely to face plenty of resistance at $80 on any attempted break outs from current levels.

Failure to move back through to $77 levels could see Litecoin take a hit later in the day to bring the first major support level at $73.5 into play, with any continued negative sentiment across the market likely to see Litecoin begin to eye up sub-$70 support levels before any recovery.

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Ripple in a Bear Trap

Ripple’s XRP slid by 6.36% on Tuesday, following Monday’s 1.46% fall, to end the day at $0.44155.

Following the broader market, Ripple’s XRP fell through the day’s first major support level at $0.4645 and second major support level at $0.4582 to a morning low $0.44021, calling on support at the third major support level at $0.4414 before recovering to $0.45 levels.

A late in the day pullback saw Ripple’s XRP slide through the third major support level at $0.4414 to an intraday low $0.43696 before recovering to $0.44 levels by the day’s end, the moves through the day reaffirming the bearish trend formed at late April’s swing hi $0.97181.

At the time of writing, Ripple’s XRP was down 0.63% to $0.44161, with an early move to a morning high $0.45144 falling short of the day’s first major resistance level at $0.4655, leading to a pullback to a morning low $0.43998 that left the first major support level at $0.4273 untested.

For the day ahead, a move back through to $0.4512 would support a run at the first major resistance level at $0.4655, with sentiment across the broader market to dictate whether Ripple’s XRP can take a run at $0.48 levels and the second major resistance level at $0.4895, while $0.50 levels will likely be left untouched for a 6th consecutive day.

Failure to move through to $0.46 levels could see Ripple’s XRP slide back through the morning’s $0.43998 low to bring sub-$0.43 support levels into play before any recovery, the path of least resistance certainly downwards for now.

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This article was originally posted on FX Empire

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