Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/11/18

Bitcoin Cash Sees More Red

Bitcoin Cash fell by 2.78% on Monday, following on from a 4.1% slide on Sunday, to end the day at $520.6.

A bearish start to the day saw Bitcoin Cash slide to a late morning intraday low $504.7, Bitcoin Cash sliding through the first major support level at $516.33 to find support at $500 and avoid testing the second major support level at $497.17.

Recovering to an early afternoon Bitcoin Cash intraday high $544 that fell short of the first major resistance level at $556.53 was as good as it got, with Bitcoin Cash easing back through the rest of the day to $520 levels, the moves driven by the news wires, as the hard fork rapidly approaches.

At the time of writing, Bitcoin Cash was down 1.18%, with Bitcoin Cash falling to an early morning low $508.5 before recovering, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high $522 to $525 levels would support a run at the first major resistance level at $541.5, though much will depend on the news wires through the day, the hash rates of Bitcoin ABC and Bitcoin SV key for direction, Bitcoin ABC positive news likely to bring the day’s second major resistance level at $562.4 into play.

Failure to move back through the morning high could see Bitcoin Cash take a bigger hit later in the day, support for Bitcoin SV likely to lead to a pullback through the morning low to call on support at the first major support level at $502.2, sub-$500 levels in play should hard fork jitters build.

Litecoin Holds onto the $50s

Litecoin fell by 0.93% on Monday, following on from a 2.04% fall on Sunday, to end the day at $50.33.

A start of a day intraday high $51.34 came up short of the first major resistance level at $52.03, with a slide to a morning low $50.02 seeing Litecoin hold above the first major support level at $49.54. Following an early afternoon recovery, a late in the day intraday low $50 also avoided the major support levels on the day.

At the time of writing, Litecoin was down 0.38% to $50.14, with Litecoin falling through the first major support level at $49.77 to a morning low $49.52 before recovering to $50 levels.

For the day ahead, a move back through a start of a day high $50.33 to $50.6 would support a run at the first major resistance level at $51.11, though sentiment across the broader market will have an influence on the day, the second major resistance level at $51.9 unlikely to be tested barring particularly positive news hitting the wires.

Failure to move back through the morning high could see Litecoin decline further later in the day, a pullback through the first major support level to the morning low $49.52 bringing the second major support level at $49.22 into play before any recovery, sub-$49 support levels unlikely to be tested on the day.

Ripple Bucks the Trend

Ripple’s XRP gained 2.77% on Monday, following a 0.15% rise on Sunday, to end the day at $0.52403.

A relatively range bound start to the day saw Ripple’s XRP ease to a late morning intraday low $0.50519 before steadying, the morning low holding above the first major support level at $0.5012.

An early afternoon rally saw Ripple’s XRP break through the first major resistance level at $0.5155 and second major resistance level at $0.5210 to come up against the third major resistance level at $0.5353 before easing back, with Ripple’s XRP unable to hold above the 38.2% FIB Retracement Level of $0.5225 by the day’s end.

At the time of writing, Ripple’s XRP was up 0.64% to $0.52738, Ripple’s XRP recovering from an early morning low $0.51591 to break through the 38.2% FIB Retracement Level of $0.5225 to strike a morning high $0.52795 before easing back, the day’s major support and resistance levels left untested.

For the day ahead, a hold above $0.5225 would support a run at $0.53 levels to bring the first major resistance level at $0.5378 into play before any pullback, $0.54 levels and the second major resistance level at $0.5515 unlikely to be in play, barring particularly positive news hitting the wires.

Failure to hold above the 38.2% FIB Retracement Level of $0.5225 could see Ripple’s XRP fall through the morning low $0.51591 to $0.50 levels, bringing the day’s first major support level at $0.5077 into play before any recovery, sub-$0.50 support levels unlikely to be in play on the day, barring materially negative news hitting the wires.

Buy & Sell Cryptocurrency Instantly

Most Recent

Top Articles