Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 23rd, 2020
Ethereum
Ethereum rallied by 5.96% on Thursday. Following on from a 6.16% gain on Wednesday, Ethereum ended the day at $414.7.
It was a bullish day, with Ethereum rallying from an early morning intraday low $391.33 to a late intraday high $421.47.
The rally saw Ethereum break through the first major resistance level at $406.75. Coming within range of the second major resistance level at $421.96, however, Ethereum slipped back to sub-$415 levels.
At the time of writing, Ethereum was down by 0.34% to $413.30. A mixed start to the day saw Ethereum rise to an early morning high $414.75 before falling to a low $412.50.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $409.17 pivot to support a run at the first major resistance level at $427.00.
Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $421.47.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $430 before any pullback. The second major resistance level sits at $439.31.
Failure to avoid a fall through the $409.17 pivot would bring the first major support level at $396.86 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$380 levels. The second major support level sit at $379.03.
Looking at the Technical Indicators
First Major Support Level: $427.00
Pivot Level: $409.17
First Major Resistance Level: $396.86
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin rose by 2.54% on Thursday. Following on from a 13.14% jump on Wednesday, Litecoin ended the day at $54.44.
It was a bullish start to the day. Litecoin rallied from an early morning intraday low $53.09 to a mid-morning intraday high $56.32.
While falling short of the first major resistance level at $56.58, Litecoin broke through the 23.6% FIB of $54.0.
A bearish 2nd half of the day, however, saw Litecoin fall back to sub-$55 levels. Support at the 23.6% FIB limited the downside late in the day.
At the time of writing, Litecoin was down by 0.72% to $54.05. A bearish start to the day saw Litecoin fall from an early morning high $54.44 to a low $54.05.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $54.62 pivot to support a run at the first major resistance level at $56.14.
Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.
Barring another extended crypto rally, the first major resistance level and Thursday’s high $56.32 would likely cap any upside.
In the event of another breakout, Litecoin would likely test the second major resistance level at $57.85.
Failure to move through the $54.62 pivot level would bring the 23.6% FIB and the first major support level at $52.91 into play.
Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $51.39.
Looking at the Technical Indicators
First Major Support Level: $52.91
Pivot Level: $54.62
First Major Resistance Level: $56.14
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP rose by 2.39% on Thursday. Following on from a 3.26% rally on Wednesday, Ripple’s XRP ended the day at $0.25746.
Bullish through most of the day, Ripple’s XRP rallied to a late intraday high $0.26391 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2566 and the second major resistance level at $0.2617.
A final hour pullback, however, saw Ripple’s XRP fall to an intraday low $0.25111 before finding support.
Ripple’s XRP broke back through the first major resistance level at $0.2566 to wrap up the day at $0.257 levels.
At the time of writing, Ripple’s XRP was down by 0.64% to $0.25580. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25737 to a low $0.25580.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.2575 pivot to support a run at the first major resistance level at $0.2639.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2630 levels.
Barring another extended crypto rally, the first major resistance level and Thursday’s high $0.26391 would likely cap any upside.
In the event of an extended rally, the second major resistance level at $0.2703 would likely come into play.
Failure to move through the $0.2575 pivot would bring the first major support level at $0.2511 into play.
Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2450 levels. The second major support level sits at $0.2447.
Looking at the Technical Indicators
First Major Support Level: $0.2511
Pivot Level: $0.2575
First Major Resistance Level: $0.2639
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
