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

Bob Mason
Updated
0
In this article:

Bitcoin Cash

BCH ABC and BCH SV continued to battle it out on Saturday, with investors seemingly in favour of Bitcoin Cash SV, which managed to recover more of Thursday’s slide, while BCH ABC struggled to hold onto the hash power through the day, the pair seeing hash rates converge before BCH ABC found the needed support late in the day.

For Bitcoin Cash SV, a bullish start to the day saw BCH SV rally to a mid-morning intraday high $130.04, breaking through the day’s first major resistance level at $127.06 before easing back, a range bound end to the day seeing BCH SV close out the day with a 9.13% gain for the day, supported by a slide in BCH ABC hash rates through the morning.

For Bitcoin Cash ABC, the day started off bearish, with BCH ABC falling through the day’s first major support level at $231.09 to an early morning intraday low $225.05. A late morning recovery saw BCH ABC move through to a late afternoon intraday high $270.13 before easing back to $250 levels and an end of day $250, the day’s high falling short of the first major resistance level at $294.21.

At the time of writing, Bitcoin Cash SV down 0.15% to $111.97, with BCH SV falling marginally behind BCH ABC on hash rates.

Bitcoin Cash ABC was up 4.3% to $260.74, the early gains providing much needed support to the broader market, as investors continue to monitor hash rates and which chain will come out ahead.

Litecoin Steadies

Litecoin fell by just 0.48% on Saturday, following a 3.83% slide on Friday, to end the day at $41.54, the day’s loss a 6th in the last 7-days.

A relatively range bound day by recent standards saw Litecoin pullback to an early morning intraday low $41.15 before steadying, with Litecoin unable to break out of the ranges through the day to leave the major support and resistance levels untested, the day’s $41.75 high having come at the start of the day.

At the time of writing, Litecoin up 1.59% to $42.2, with a bullish start to the day seeing Litecoin move from a start of a day morning low $41.53 to a morning high $42.35, breaking through the day’s first major resistance level at $41.81 and second major resistance level at $42.08, while leaving the day’s first major support level at $41.21 untested early on.

For the day ahead, a hold onto $42 levels through the morning would support a run at the day’s third major resistance level at $42.68 to bring $43 levels into play, a weekend rally needed to cut the week’s losses after Wednesday’s pre-Bitcoin Cash hard fork, though support from the news wires will be needed for a Litecoin break out.

Failure to hold onto $42 levels through the morning could see Litecoin hit reverse later in the day, with a fall through the morning low $41.53 bringing the day’s first major support level at $41.21 into play, while sub-$41 support levels are unlikely to be tested barring a material shift in sentiment that could be driven by the BCH ABC and BCH SV battle.

{alt}
{alt}

Ripple Finds Support

Ripple’s XRP gained 4.17% by Saturday, reversing a 2.35% loss on Friday, to end the day at $0.4981.

A bearish start to the day saw Ripple’s XRP ease back to an early morning intraday low $0.46994, holding above the day’s first major support level at $0.4637 to rally through to a late in the day intraday high $0.5048, breaking through the first major resistance level at $0.4937 to test the second major resistance level at $0.5094 before pulling back to sub-$0.50 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 2.56% to $0.51083, a bullish start to the day seeing Ripple’s XRP move from a start of a day morning low $0.49511 to a morning high $0.51089, the early moves seeing Ripple’s XRP come within reach of the day’s first major resistance level at $0.5120 early on in the day.

For the day ahead, a hold onto $0.51 levels through the morning would support a break through the first major resistance level at $0.5102 to bring $0.52 levels into play for the first time since Wednesday’s broad based market sell-off, though Ripple’s XRP will need the support of the broader market for another breakout later in the day.

 

Failure to hold onto $0.51 levels through the morning could see Ripple’s XRP give up some of the day’s gains, a pullback to $0.49 levels in play, in the event of a broad based sell-off, while we would expect Ripple’s XRP to steer clear of the day’s first major support level at $0.4771.

{alt}
{alt}

Buy & Sell Cryptocurrency Instantly

 

This article was originally posted on FX Empire

More From FXEMPIRE:

Advertisement

Recommended Stories