Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/11/18

It’s a positive start to the day for the majors, with investors shaking off the October blues at the start of the month.

Bitcoin Cash Sees a Flat Start to November

Bitcoin Cash gained just 0.09% on Thursday, following a 0.84% rise on Wednesday, to end the day at $427.4.

A particularly range bound start to the month saw Bitcoin Cash pull back to a late morning intraday low $424.1 before finding support, moving through to a late in the day intraday high $429.5 before easing back at the day’s end.

The tight ranges through the day left the major support and resistance levels untested.

At the time of writing, Bitcoin Cash was up 0.59% to $429.9, an early move through to a morning high $432.9 seeing Bitcoin Cash break through the first major resistance level at $429.9 to test the day’s second major resistance level at $432.4 before pulling back to sub-$430 levels.

For the day ahead, a move back through to $430 levels would support another run at the second major resistance level at $432.9, while we can expect Bitcoin Cash to face plenty of resistance to pin back more material gains on the day.

Failure to move back through to $430 levels could see Bitcoin Cash hit reverse later in the day, with a fall through a morning low $427.4 likely to bring the day’s first major support level at $424.5 into play before any recovery, the day’s second major support level at $421.6 unlikely to be in play barring particularly negative news hitting the wires.

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Litecoin Back in the $50s

Litecoin gained 1.43% on Thursday, following on from a 1.06% rise on Wednesday, to end the day at $50.19.

A range bound start to the day saw Litecoin rise from an intraday low $49.4, holding well above the first major support level at $47.94, while failing to break through to $50 levels before a second half of a day rally that saw Litecoin rise to a late in the day intraday high $50.45.

While managing to hold onto $50 levels by the day’s end, Litecoin faced plenty of resistance on the run at the day’s first major resistance level at $50.66, pinning Litecoin back from more material gains on the day.

At the time of writing, Litecoin was up 0.94% to $50.66, a bullish start to the day seeing Litecoin move from a morning low $50.08 to a morning high $50.90 before easing back, Litecoin breaking through the first major resistance level at $50.63 to come within range of the second major resistance level at $51.06, while leaving the first major resistance level at $49.58 untested.

For the day ahead, a move back through the morning high $50.9 would support another run at $51 levels and the day’s second major resistance level at $51.06, while we will expect Litecoin to continue to fall short of $52 levels, a hold onto $50 levels through the morning needed to support another move later in the day.

Failure to move back through the morning high could see Litecoin pullback to the morning low $50.08, while we would expect Litecoin to avoid sub-$50 support levels on the day, barring particularly negative news hitting the news wires.

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Ripple on the Move

Ripple’s XRP gained 1.49% on Thursday, following a 1.46% rise on Wednesday, to end the day at $0.46105.

Tracking the broader market through the morning, a range bound first half of the day saw Ripple’s XRP rise from a start of a day intraday low $0.4501, while failing to break through to $0.46 levels, the early moves leaving the major support levels untested.

A bullish second half of the day saw Ripple’s XRP rise to an intraday high $0.46112 late in the day, falling short of the first major resistance level at $0.4641, while managing to hold onto $0.46 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.33% to $0.46256, a positive start to the day seeing Ripple’s XRP rise from a morning low $0.46053 to an early morning high $0.46693, Ripple’s XRP breaking through the first major resistance level at $0.4647 before easing back.

For the day ahead, a move back through the morning high $0.46693 would bring the second major resistance level at $0.4684 and $0.47 levels into play, with Ripple’s XRP needing to hold onto $0.46 levels through the morning to support a second half of a day move, though we can expect plenty of resistance at $0.47 to pin Ripple’s XRP back from any major rally.

Failure to move back through the morning high could see Ripple’s XRP give up early gains, with a pull back through $0.4574 bringing the day’s first major support level at $0.4537 into play before any recovery, more material losses unlikely barring dire news hitting the crypt wires.

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