Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/10/18

Bitcoin Cash Flat

Bitcoin Cash slipped by 0.23% on Tuesday, following Monday’s 5.7% rally, to end the day at $468.7.

A relatively range bound day saw Bitcoin Cash move through to a mid-morning intraday high $482 before easing back to a late afternoon intraday low $462, the moves through the day leaving the major support and resistance levels untested, as the markets moved on from the USDT influences of Monday, the good news for the crypto bulls being the hold on to Monday’s gains.

At the time of writing, Bitcoin Cash was up just 0.01% to $469.5, in what’s been a particularly range bound start to the day, Bitcoin Cash moving from a start of a day morning low $466.2 to a morning high $471.4 before easing back, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high would support another run at the day’s first major resistance level at $479.8 to bring $480 levels back into play, with Bitcoin Cash needing to move back through to $470 levels by early afternoon to support a rally.

Failure to move back through to $470 levels could see Bitcoin Cash hit reverse later in the day, with a fall through the morning low $466.2 bringing sub-$460 levels and the day’s first major support level at $459.8 into play, with the day’s second major support level at $450.9 likely to come into play should sentiment deteriorate later in the day.

Litecoin Sees Red

Litecoin slipped by 0.77% on Tuesday, partially reversing Monday’s 4.17% gain, to end the day at $53.11.

Tracking the broader market through the early part of the day, Litecoin moved through to a mid-morning intraday high $54.23 before hitting reverse, the day’s high falling short of the first major resistance level at $56.52.

A pullback through the afternoon saw Litecoin fall to a late in the day intraday low $52.54 before recovering to $53 levels, Litecoin holding well above the day’s first major support level at $50.76 on the day.

At the time of writing, Litecoin was down 0.47% to $52.85, with Litecoin falling back from a start of a day morning high $53.24 to a morning low $52.67 before steadying, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high would support another run at the first major resistance level at $54.05, with Litecoin needing to move through and hold above the morning high by the early afternoon to support a rally, $55 levels unlikely to be tested on the day.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day, with a fall through the morning low $52.67 likely to see Litecoin call on support at the first major support level at $52.36 before any recovery, sub-$52 support levels unlikely to be tested, barring materially negative news hitting the wires.

Ripple Falls Short of $0.50

Ripple’s XRP gained 5.19% on Tuesday, following on from Monday’s 12.32% rally, to end the day at $0.4846.

Tracking the broader market through the first part of the day, Ripple’s XRP rallied from an intraday low $0.45474 to a mid-morning intraday high $0.48815 before easing back, the major support and resistance levels left untested on the day.

Bucking the trend across the broader market, Ripple’s XRP recovered from an afternoon low $0.46346 to $0.48 levels late in the day to lock in the solid gains, the moves through the early part of the week reversing the previous week’s losses.

At the time of writing, Ripple’s XRP was down 0.75% to $0.48059, with Ripple’s XRP pulling back from an early morning high $0.486 to a morning low $0.47877 before steadying, the morning moves leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.486 would support a run at $0.49 levels to bring the day’s first major resistance level at $0.4969 into play, though sentiment across the broader market will need to materially improve for Ripple’s XRP to enjoy another strong rally, while we would expect Ripple’s XRP to continue to fall short of $0.50 levels.

Failure to move back through the morning high could see Ripple’s XRP take heavier losses later in the day, with a fall through $0.4758 bringing sub-$0.47 levels and the day’s first major support level at $0.4635 into play, two consecutive days of gains likely to see Ripple’s XRP hit hard in the event of a broad based market reversal.

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