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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/11/18

Bob Mason
Updated

Bitcoin Cash Rebounds

Bitcoin Cash rallied by 8.98% on Friday, following a 0.09% rise on Thursday, to end the day at $465.8, 4 consecutive days of gains reversing Monday’s sell-off to give Bitcoin Cash a 5.24% gain for the current week.

A range bound first half of the day saw Bitcoin Cash ease back to an intraday low $426.2, holding above the first major support level at $424.5. A mid-day rally drove Bitcoin Cash through the day’s major resistance levels to an intraday high $476 before easing back to $460 levels, with Bitcoin Cash managing to hold above the third major resistance level at $437.8 by the day’s end.

At the time of writing, Bitcoin Cash was down 0.2% to $464.9, with Bitcoin Cash moving from a morning low $462.5 to a morning high $467 before easing back, a range bound start to the day leaving the day’s major support and resistance levels untested.

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For the day ahead, holding onto $460 levels through the morning would support an upward move through the morning high to bring $470 levels back into play, while we would expect Bitcoin Cash to fall short of $480 levels and the first major resistance level at $485.8, barring more major crypto exchanges announcing support for BCH in the 15th November hard fork.

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Litecoin Sees More Gains

Litecoin gained 1.93% on Friday, following on from a 1.43% rise on Thursday, to end the day at $51.13, 4 consecutive days of gains reducing the week’s losses to just 0.8%.

A start of a day intraday low $50.08 saw Litecoin steer clear of the first major support level at $49.58, with an early rally seeing Litecoin break through the first major resistance level at $50.63 with a morning high $50.9 before easing back.

The second half of the day was more bullish, with Litecoin breaking through the first major resistance level at $50.63 and second major resistance level at $51.06 to an intraday high $51.66 before easing back.

At the time of writing, Litecoin was down 0.31% to $50.97, with a range bound start to the day seeing Litecoin’s start of a day morning high $51.3 and morning low $50.94 leave the day’s major support and resistance levels untested.

For the day ahead, holding above sub-$50.9 levels through the morning would support move back through to $51 levels to bring the day’s first major resistance level at $51.83 into play, while we will expect Litecoin to continue falling short of $52 levels on the day.

Failure to hold onto $50.9 through the morning could see Litecoin take a bigger hit later in the day, with the day’s first major support level at $50.25 in play on the day, sub-$50 support levels unlikely to be tested barring negative news hitting the wires.

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Ripple Struggles

Ripple’s XRP gained 0.35% on Friday, following a 1.49% rise on Thursday, to end the day at $0.46266, the day’s gain reducing the loss for the week to just 0.35%.

A choppier day than normal saw Ripple’s XRP slide to a morning intraday low $0.459, holding above the first major support level at $0.4537 before finding support from the broader market. Ripple’s XRP broke through the first major resistance level at $0.4647 to an intraday high $0.46792 before easing back at the day’s end, while holding on to $0.46 levels.

At the time of writing, Ripple’s XRP was down 0.43% to $0.46067, with a bearish start to the day seeing Ripple’s XRP pullback from a start of a day morning high $0.46455 to a morning low $0.45987, before moving back through to $0.46 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through $0.4632 by late morning would support another run at the first major resistance level at $0.4674, with $0.47 levels and the second major resistance level at $0.4721 in play should Ripple’s XRP make its move earlier in the day, though holding onto $0.47 levels by the day’s end may be a challenge.

Failure to move back through $0.4632 by late morning could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.45987 bringing the day’s first major support level at $0.4585 into play before any recovery, the day’s second major support level at $0.4543 unlikely to be tested.

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This article was originally posted on FX Empire

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