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

It’s a relatively upbeat start to the day for the majors that will need to hold above key levels through the morning to support a second rally.

Bitcoin Cash Looking to Make a Move

Bitcoin Cash fell by 1.68% on Wednesday, following on from a 0.23% decline on Tuesday, to end the day at $461.5.

A morning reversal saw Bitcoin Cash fall from a mid-morning intraday high $472.1 to a late morning intraday low $457.4, before steadying into a range bound afternoon, the moves through the morning seeing Bitcoin Cash fall through the first major support level at $459.8 before recovering to $460 levels.

At the time of writing, Bitcoin Cash was up 0.96% to $466.5, moves through the early morning seeing Bitcoin Cash rise from a start of a day morning low $460.9 to an intraday high $471, breaking through the first major resistance level at $469.93 before easing back to $460 levels.

For the day ahead, a move back through the first major resistance level to $470 levels would support a run at the day’s second major resistance level at $478.37, with Bitcoin Cash needing to hold above $463 levels through the morning to support a second rally.

Failure to move back through the first major resistance level to $470 levels could see Bitcoin Cash ease back through $463 to bring $450 levels and the day’s first major support level at $455.23 into play, with Bitcoin Cash unlikely to see heavier losses barring particularly negative news hitting the wires.{alt}

Litecoin Steadies

Litecoin slipped by 0.51% on Wednesday, following Tuesday’s 0.77% fall, to end the day at $52.83.

Bearish through the first half of the day, Litecoin slid from a start of a day intraday high $53.24 to a late morning intraday low $52.25, calling on support at the first major support level at $52.36 before recovering to an early afternoon $52.95.

A second pullback late in the day saw support kick in at the first major support level at $52.36 to prevent heavier losses on the day.

At the time of writing, Litecoin was up 0.23% to $52.93, with Litecoin moving from a start of a day morning low $52.73 to a morning high $53.39 to test the day’s first major resistance level at $53.3 before easing back to sub-$53 levels.

For the day ahead, holding above $52.77 would support a move back through to $53 levels to bring the day’s first major resistance level back into play, with any broad based gains across the majors supporting a run at the second major resistance level at $53.76 before any pullback, $54 levels likely to be out of reach on the day.

Failure to hold above $52.77 could see Litecoin slide back through the morning low to call on support at the first major support level at $52.31, with sub-$52 support levels unlikely to be tested barring particularly negative news hitting the crypto wires.

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Ripple Eyes $0.50

Ripple’s XRP fell by 0.27% on Wednesday, partially reversing Tuesday’s 5.19% gain, to end the day at $0.48291.

Bucking the trend across the broader market, Ripple’s XRP moved through to an early morning intraday high $0.49750, coming up against the day’s first major resistance level at $0.4969 before hitting reverse, Ripple’s XRP sliding to a late morning intraday low $0.47139.

Steering clear of the day’s major support levels, Ripple’s XRP managed to recover through to $0.48 levels by the day’s end, the second half of the day range bound by Ripple standards.

At the time of writing, Ripple’s XRP was up 1.41% to $0.4907, a bullish start to the day seeing Ripple’s XRP move from a start of a day morning low $0.48214 to a morning high $0.49438 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high would support a break through the first major resistance level at $0.4965 to bring $0.50 levels into play, with a broad based market rally supporting a run at $0.51 levels and the second major resistance level at $0.51 before any pullback.

Failure to move back through the morning high could see Ripple’s XRP hit reverse later in the day, with a fall back through $0.4839 to the morning low $0.48214 bringing $0.47 levels and the day’s first major support level at $0.4704 into play, while sub-$0.47 support levels will likely remain untested on the day.

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