Friday, October 2018
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Bitcoin Cash, Litecoin and Ripple Daily Analysis
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Bitcoin Cash, Litecoin and Ripple Daily Analysis

Bitcoin Cash Steady

Bitcoin Cash gained 1.44% on Friday, reversing Thursday’s 0.44% fall, to end the day at $522.1, the moves through to Friday leaving Bitcoin Cash down 1.77% for the current week.

It was a relatively range bound day for Bitcoin Cash, which recovered from an intraday low $511.3 to hover at sub-$520 levels until a late in the day rally kicked in. Bitcoin Cash rallied to an intraday high $530 to test the day’s first major resistance level at $529.37 before sliding back to the end of day $522.1.

At the time of writing, Bitcoin Cash was down 0.65% to $518.6, moves through the early morning seeing Bitcoin pullback from a start of a day high $523.5 to a morning low $517.0 before steadying, major support and resistance levels left untested.

For the day ahead, a move through the morning high $523.5 would support a run at $530 levels to bring the first major support level at $530.97 into play, while we would expect Bitcoin Cash to face plenty of resistance at $530 to pin back any further gains on the day, barring the release of particularly crypto friendly news.

Failure to move through the morning high could see Bitcoin Cash take a bigger hit later in the day, a fall through the morning low $517 likely to bring the day’s first major support level a $512.27 into play, with sub-$510 support levels in play should sentiment not improve later in the day.

Litecoin Up Again

Litecoin gained 0.84% on Friday, following Thursday’s 1.29% rise, to end the day at $58.48, a 2nd consecutive day in positive territory cutting Litecoin losses for the week to 4.27%.

Tracking the broader market through the day, Litecoin slipped through the early morning to an intraday low $57.23 before recovering, Litecoin steering clear of the day’s first major support level at $57.07 to recover to $58 levels.

A choppier afternoon saw Litecoin recover from a 2nd half of a day low $57.33, breaking through the first major resistance level at $58.9 to test the day’s second major resistance level at $59.81, with an intraday high $59.45 before pulling back to $58 levels by the day’s end.

At the time of writing, Litecoin was down 0.13% to $58.29, with Litecoin recovering a morning low $58.03 in what’s been a range bound start to the day.

For the day ahead, holding on to $58 levels through the morning would support a run at the $59 levels later in the day to bring the first major resistance level at $59.54 into play, with any material improvement in market sentiment likely to see Litecoin test the second major resistance level at $60.60 before any pullback.

Failure to hold on to $58 levels could see Litecoin slide through the first major support level at $57.32 to sub-$57 levels, while we would expect Litecoin to steer clear of the second major support level at $56.17 barring materially negative news hitting the wires.

Ripple Slides

Ripple’s XRP fell by 1.5% on Friday, following a 0.08% decline on Thursday, to end the day at $0.52095, the day’s reversal leaving Ripple’s XRP down 10.44% for the current week.

Ripple’s XRP fall through the first major support level at $0.5194 to a late morning intraday low $0.51042, calling on support at the second major support level at $0.5106 to move back through the 38.2% FIB Retracement Level of $0.5225 by the early afternoon.

Through the afternoon, Ripple’s XRP slid back through the 38.2% FIB Retracement Level of $0.5225 and the first major support level at $0.5194 to an afternoon low 0.51074 before finding support. A late in the day rally saw Ripple’s XRP strike an intraday high $0.533 before pulling back through the 38.2% FIB by the day’s end.

At the time of writing, Ripple’s XRP was down 0.24% to $0.5194, a relatively choppy start to the day seeing Ripple’s XRP strike a morning low $0.51511 and high $0.52547 in the same hour. With day’s major support and resistance levels untested, Ripple’s XRP also failed to break back through the 38.2% FIB Retracement Level of $0.5225.

For the day ahead a move back through $0.5215 would support a run at the 38.2% FIB Retracement Level of $0.5225, market sentiment to dictate selling pressure and whether Ripple’s XRP can return to Friday’s $0.533 high to test the first major resistance level at $0.5325.

Failure to move back through and hold above $0.5215 could see Ripple’s XRP slide to sub-$0.51 levels to call on support at the day’s first major support level at $0.5099 before recovering, Ripple’s XRP unlikely to test sub-$0.50 support levels barring particularly negative news hitting the wires.

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