Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/10/18

Bitcoin Cash Steadies

Bitcoin Cash gained 2.47% on Friday, partially reversing Thursday’s 16.02% tumble, to end the day at $444.2, the moves through the week leaving Bitcoin Cash down 15.1%.

A bullish start to the day saw Bitcoin Cash rally through the early morning from a start of a day intraday low $427.8 to a late morning intraday high $458.4 before easing back to $440 levels. While the moves through the day left the major support and resistance levels untested, the extended bearish trend remained firmly intact, with Bitcoin Cash now some way off the 23.6% FIB Retracement Level of $748.

At the time of writing, Bitcoin Cash was up 0.72% to $448.3, with Bitcoin Cash finding support at the start of the day to move from a morning low $443.8 to a morning high $452.9 before easing back, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $450 levels would support another run at the day’s first major resistance level at $459.13, with the crypto bulls in search of a weekend rally to reverse Thursday’s sell-off. We can expect plenty of resistance at $460 however to pin Bitcoin Cash back from a breakout from the first major resistance level.

Failure to move back through to $450 levels could see Bitcoin Cash hit reverse later in the day, with a pullback through to $443 levels bringing $430 levels and the day’s first major support level at $428.53 into play, though sentiment across the broader market would need to materially deteriorate for sub-$430 levels to be hit.

BCH/USD 13/10/18 Daily Chart

Litecoin Finds Its Feet

Litecoin gained 4.63% on Friday, partially reversing Thursday’s 12.05% slide, to end the day at $52.89, the moves through the week leaving Litecoin down 8.67% for the current week.

Upward momentum through the day saw Litecoin move from a start of a day intraday low $50.15 to a late in the day intraday high $53.43, the moves through the day leaving the major support and resistance levels untested.

At the time of writing, Litecoin was down 0.66% to $52.68, a start of a day move through to a morning high $53.85 coming up short of the first major resistance level at $54.16 before pulling back to $52 levels and into the red.

For the day ahead, a move back through to $53 levels to recoup the morning losses would support a run at $54 levels to bring the day’s first major resistance level at $54.16 into play, while we would expect Litecoin to continue to fall short of $55 levels, leaving the second major resistance level at $55.44 out of play.

Failure to move back through to $53 levels could see Litecoin pullback further, with a fall through $52.16 bringing $51 levels and the day’s first major support level at $50.88 into play. While Litecoin managed to move into positive territory, the Litecoin and the broader cryptomarket are not out of the woods just yet, with another sell-off possible should support levels come into play.

LTC/USD 13/10/18 Daily Chart

Ripple Rallies Ahead of the Pack

Ripple’s XRP rallied by 9.8% on Friday, partially reversing Thursday’s 17.73% sell-off, to end the day at $0.42041.

A particularly bullish start to the day saw Ripple’s XRP rally from an intraday low $0.37795 to a mid-morning intraday high $0.44889, Ripple’s XRP breaking through the first major resistance level at $0.4410, whilst leaving the day’s major support levels untested.

Easing back through the afternoon, Ripple’s XRP gave up some of the day’s gains, whilst managing to hold on to $0.42 levels and avoid a pullback to sub-$0.40 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.71% to $0.41744, a start of a day move to a morning high $0.43052 coming up well short of the first major resistance level at $0.4536 before pulling back to $0.41 levels.

For the day ahead, a move back through to $0.42 levels would support a move through the morning high to bring $0.44 levels into play, while $0.45 levels and the day’s first major resistance level at $0.4536 will likely be out of play barring a material shift in sentiment across the broader market, a recovery to $0.42 levels by mid-morning key to supporting any second half of a day rally.

Failure to move back through to $0.42 levels and take a run at the morning high $0.43052 could see Ripple’s XRP take a hit later in the day, with a slide back through a morning low $0.41695 to $0.415 lives likely to see Ripple’s XRP pullback to $0.40 levels, though we would expect Ripple’s XRP to steer clear of sub-$0.40 levels and the first major support level at $0.3826.

XRP/USD 13/10/18 Daily Chart

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