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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/10/18

Bob Mason

Bitcoin Cash Has a Bad Week

Bitcoin Cash fell by 0.9% on Saturday, following on from a 0.2% decline on Friday, to end the day at $440.1.

A relatively range bound start to the day saw Bitcoin Cash ease from a start of a day intraday high $444.3 to $442.1 by the middle of the day before hitting reverse, with a bearish second half of the day seeing Bitcoin Cash fall through the first major support level at $439.73 to a late intraday low $436.3 before recovering to $440 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.11% to $440.0, with moves through the early morning seeing Bitcoin Cash fall from a start of a day morning high $440.8 to a morning low $439.1, the range bound start to the day becoming customary across the broader market.

For the day ahead, a move back through the morning high $440.8 would support a run at the day’s first major resistance level at $444.17, while the day’s second major resistance level at $448.23 will likely be out of reach, barring a pickup in trading volume.

Failure to move back through the morning high could see Bitcoin Cash pullback to sub-$440 levels to bring the day’s first major support level at $436.17 into play, while the day’s second major support level at $432.23 will likely be left untested on the day.

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Litecoin Stuck in a Rut

Litecoin slipped by 0.12% on Saturday, following a 0.25% fall on Friday, to end the day at $51.54. It was a 5th day in a row that Litecoin ended the day at $51 levels and a 4th consecutive day in the red.

A particularly range bound day saw Litecoin fail to break out from $51 levels, a morning intraday high $51.82 and early afternoon intraday low $51.3 leaving the day’s major support and resistance levels untested, as volatility continued to ease off across the broader market.

At the time of writing, Litecoin was down 0.16% to $51.49, a particularly range bound start to the day seeing Litecoin’s $51.56 morning high and $51.34 morning low leave the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high and hold above $51.56 would support a run at the day’s first major resistance level at $51.81 to bring $52 levels and the day’s second major resistance level at $52.07 into play before any pullback.

Failure to move through the morning high would likely see Litecoin pullback through the morning low $51.34 to bring the day’s first major support level at $51.29 into play, with the day’s second major support level at $51.03 in play should the broader market see red through the day.

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Ripple Hits Reverse

Ripple’s XRP fell by 1.32% on Saturday, reversing a 0.54% gain on Friday, to end the day at $0.46041.

A bearish start to the day saw Ripple’s XRP slide through the first major support level at $0.4597 to an early morning intraday low $0.45655 before finding support. The second half of the day was not much better, with Ripple’s XRP pulling back to $0.45 levels to call on support at the first major support level to prevent heavier losses on the day.

At the time of writing, Ripple’s XRP was down 0.16% to $0.4598, Ripple’s XRP pulling back from a start of a day morning high $0.46153 to a morning low $0.45823 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $0.46 levels and hold above $0.4614 by late morning would support a run at the day’s first major resistance level at $0.4662 to bring $0.47 levels and the day’s second major resistance level at $0.472 into play before any reversal, with support from the broader market needed for Ripple’s XRP to break through to $0.47 levels later in the day.

Failure to move through to $0.46 levels and hold above $0.4614 will likely see Ripple’s XRP pullback through the morning low $0.45823 to test the day’s first major support level at $0.4556 before any recovery, the day’s second major support level at $0.4507 unlikely to be tested unless materially negative news hits the crypto wires.

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This article was originally posted on FX Empire

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