Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/10/18

Bob Mason

Updated Wed, Oct 10, 2018, 9:19 PM

Bitcoin Cash Sees Red Again

Bitcoin Cash fell by 0.85% on Wednesday, following on from Tuesday’s 2.18% slide, to end the day at $516.1.

It was a mixed day for Bitcoin Cash, with a start of a day reversal seeing Bitcoin Cash fall to an early morning intraday low $509.1 before finding support, Bitcoin Cash falling through the first major support level at $513.9, while managing to hold above the second major support level at $507.3.

Recovering through the late morning and afternoon, Bitcoin Cash recovered to an intraday high $522.3, before easing back to sub-$520 levels to end the day in the red, the day’s high falling short of the first major resistance level at $529.6.

At the time of writing, Bitcoin Cash was down 11.9% to $454.7, a start of a day reversal seeing Bitcoin Cash fall from $516.1 to a morning low $448.0, the sell-off seeing Bitcoin Cash fall through the day’s major support levels in the early hours.

For the day ahead, an initial move back through the third major support level at $489.43 would bring $500 levels back into play, though whether Bitcoin Cash can break back the second major support level at $502.63 remains to be seen, with sentiment across the broader market to influence.

With the day’s major resistance levels out of play, a failure to move back through the third major support level at $489.43 could see Bitcoin Cash pullback through the morning low, bringing $430 levels into play before any recovery, which will likely be a limited one at best.

Litecoin Stumbles Again

Litecoin fell by 1.66% on Wednesday, following on from a 1.37% decline on Tuesday, to end the day at $57.48.

Tracking the broader market, Litecoin tumbled through the day’s first major support level at $57.84 and the second major support level at $57.24 to an early morning intraday low $56.85 before steadying, a late afternoon recovery reversing to leave Litecoin deep in the red on the day. The lack of forward momentum on the day left the day’s major resistance levels untested.

At the time of writing, Litecoin was down 8.98% to $52.33, with Litecoin sliding from a start of a day high $57.49 to an early morning low $51.49, the early moves seeing Litecoin tumble through the day’s major support levels before recovering to $52 levels.

For the day ahead, a move back through the third major support level at $54.38 would be the first target for the bulls, though with negative sentiment and trade war jitters weighing, a break back through to $55 levels and the second major support level at $55.99 will be unlikely.

Failure to move back through to $54 levels could see Litecoin pullback through the morning low $51.49 to bring $50 levels into play, while we would expect Litecoin to steer clear of sub-$50 support levels on the day.

Ripple Falls Hard

Ripple’s XRP gave up another 3.29% on Wednesday, following Tuesday’s 2.46% fall, to end the day at $0.46586.

It was a bearish day for Ripple’s XRP, which slid from a start of a day intraday high $0.48181 to a late in the day intraday low $0.46208, the reversal seeing Ripple’s XRP fall through the first major support level at $0.4689.

Of greater significance will be the further pullback from the 38.2% FIB Retracement Level of $0.5225 that reaffirmed the extended bearish trend formed in late April, with the bears targeting the 23.6% FIB Retracement Level of $0.4164.

At the time of writing, Ripple’s XRP was down 8.09% to $0.42874, with Ripple’s XRP joining the broader market into an early morning slide that saw Ripple’s XRP fall from a start of a day high $0.46658 to an early morning low $0.4078.

While Ripple’s XRP slid through the day’s major support levels, of greater significance was the pullback through the 23.6% FIB Retracement Level of $0.4164 to reaffirm the extended bearish trend.

For the day ahead, a move back through to $0.43 levels and the day’s third major support level at $0.458 would be about as good as it’s likely to get for Ripple’s XRP that has had a rough time of it in recent weeks, the late September rally now a distant memory.

Failure to move back through to $0.43 levels could see Ripple’s XRP pullback through the morning low $0.4078 to bring sub-$0.40 levels into play for the first time since 20the September, the downward trend likely to test investor resolve through the day.