Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/10/18

Bitcoin Cash Finds Support

Bitcoin Cash gained 0.59% on Sunday, partially reversing Saturday’s 0.90% fall to end the week down 2.94% at $442.8, with Sunday’s gain only the second of the week, the first being Monday’s 0.07% rise.

Range bound by historical standards, a morning high $442.5 failed to gather momentum, with Bitcoin Cash pulling back to a late in the day intraday low $438.1 before a late rally to an intraday high $443.4. The moves through the day left the day’s major support and resistance levels left untested, with the highlight of the day being Bitcoin Cash’s recovery to $440 levels.

At the time of writing, Bitcoin Cash was down 0.34% to $441.1, with Bitcoin Cash pulling back from an early morning high $443.2 to a morning low $440.3 before steadying, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a hold on to $441 levels would support a run at the morning high to bring the day’s first major resistance level at $444.7 into play before any pullback, with the second major resistance level at $446.7 unlikely to be tested through the day.

Failure to hold on to $441 levels through the morning could see Bitcoin Cash pullback through the morning low $440.3 to test the day’s first major support level at $439.4, while the second major support level at $436.1 will likely be left untested barring materially negative news hitting the wires.

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Litecoin Still in the $50s

Litecoin gained just 0.04% on Sunday, following a 0.12% fall on Saturday, to end the week down 1.32% at $51.54. The minor gain saw Litecoin end a run of 4 consecutive days in the red.

Tracking the broader market through the day, Litecoin moved through to an early intraday high $51.66 before hitting reverse, falling to a late in the day intraday low $51.11, Litecoin falling through the first major support level at $51.29 before finding support.

A late recovery saw Litecoin move back through to $51.5 levels, the day’s major resistance levels left untested in a particularly range bound day.

At the time of writing, Litecoin was up just 0.04% to $51.55, with the start of the day seeing Litecoin move to a morning high $51.63 only to fall to a morning low $51.43 before recovering, the tight ranges early on leaving the day’s major support and resistance levels untested.

For the day ahead, holding onto $51.5 levels through the morning would support another run at the first major resistance level at $51.76, with any broad based cryptomarket rally supportive of a run at the second major resistance level at $51.99 to bring $52 levels into play before any pullback.

Failure to hold onto $51.5 levels could see Litecoin fall back through the morning low $51.43 to bring the day’s first major support level at $51.21 into play, with sub-$51 support levels likely to be left untested through the day.

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Ripple Leads the Way

Ripple’s XRP gained 1.11% on Sunday, reversing most of Saturday’s 1.32% loss, to end the week up 0.11% at $0.465.

A morning dip to an intraday low $0.45822 was the only bearish move of the day, which held above the day’s first major support level at $0.4556. Ripple’s XRP moved within relatively tight ranges through the day, upward momentum through the second half of the day seeing Ripple’s XRP strike a late in the day intraday high $0.468 to test the day’s first major resistance level at $0.4662 before easing back.

At the time of writing, Ripple’s XRP was down 0.11% to $0.4635, with Ripple’s XRP recovering from an early morning low $0.46255 to a morning high $0.4652 before settling, 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 would support a run at the day’s first major resistance level at $0.4693 to bring $0.47 levels and the second major resistance level at $0.4735 into play before any pullback, with Ripple’s XRP needing to hold on to $0.463 levels to support a recovery.

Failure to hold onto $0.463 levels could see Ripple’s XRP pullback through the morning low $0.46255 to bring $0.45 levels and the day’s first major support level at $0.4595 into play before any recovery, the day’s second major support level at $0.4540 unlikely to be tested on the day.

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This article was originally posted on FX Empire

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