Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/11/18

Bitcoin Cash Tanks

Bitcoin Cash slumped by 13.03% on Wednesday, following a 0.04% fall on Tuesday, to end the day at $452.6.

Off the back of a positive start to the day that saw Bitcoin Cash rise to a late morning intraday high $536.8, a material deterioration in market conditions saw Bitcoin Cash slide through the day’s major support levels to an intraday low $415 by the early afternoon before breaking back through the third major support level at $430.8 by the day’s end.

At the time of writing, Bitcoin Cash was down 2.12% to $443.0, with Wednesday’s sell-off continuing into the early hours, Bitcoin Cash falling from a start of a day morning high $454.1 to a morning low $441.1 before steadying, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $454.1 to $460 levels would support a recovery to $500 levels, while we would expect plenty of resistance at $500 to pin back a run at the day’s first major resistance level at $521.27, barring a seamless hard fork that would support a break out later today.

Failure to move back through the morning high by early afternoon could see Bitcoin Cash come under more pressure, with a pullback through the morning low to $430 levels likely to lead to another material reversal leading into today’s hard fork, with sub-$400 support levels in play should things go in favour of Bitcoin Cash SV.

Litecoin Holds on to $40, Just…

Litecoin tumbled by 12.57% on Wednesday, following on from a 2.94% fall on Tuesday, to end the day at $42.69.

Tracking the broader market, Litecoin moved through to a late morning intraday high $49.95 before the broad based late morning sell-off kicked in. Litecoin slid through the day’s major support levels to an intraday low and new swing lo $40 before steadying, with Litecoin unable to break back through the third major support level at $44.95 by the day’s end.

At the time of writing, Litecoin was up 0.16% at $42.76, moves through the start of the day seeing Litecoin rise from a morning low $42.55 to a morning high $43.63 before easing back to $42 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $43.63 to $44 levels would support a possible rebound later in the day to bring $48 levels and the day’s first major resistance level at $48.43 into play, though we can expect direction to be dictated by today’s much talked about BCH hard fork.

Failure to move back through the morning high later this morning could see Litecoin come under more pressure later in the day, with a pullback through the morning low $42.55 to $41 levels raising the prospects of a slide to sub-$40 levels, though direction will likely be hinged on the news wires through the day.

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Ripple Down but Could Have Been Worse

Ripple’s XRP fell by 6.34% on Wednesday, following on from a 1.26% fall on Tuesday, to end the day at $0.48448.

A relatively range bound start to the day saw Ripple’s XRP fail to make ground on a start of a day intraday high $0.52, coming up short of the first major resistance level at $0.5306, with the broad based crypto market sell-off pulling Ripple’s XRP through the day’s major support levels to an early afternoon intraday low $0.4153.

Recovering through the rest of the day, Ripple’s XRP managed to move back through the third major support level at $0.4754 ahead of the close.

At the time of writing, Ripple’s XRP was down 3.57% to $0.46717, with Ripple’s XRP falling from a start of a day morning high $0.48403 to a morning low $0.46358, the moves through the early morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through to $0.47 levels would signal a possible 2nd half of a day recovery, though we would expect $0.50 levels and the day’s first major resistance level at $0.5312 to be out of reach on the day, barring particularly positive news hitting the wires.

Failure to move back through to $0.47 levels could see Ripple’s XRP come under more pressure, with the day’s first major support level at $0.4265 in play should sentiment across the broader market fail to improve and the BCH hard fork deliver a market shock later today.

It’s bearish and following Wednesday’s lighter loss relative to the broader market, we can expect Ripple’s XRP to be under pressure through the day.

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