Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/07/18

Bitcoin Cash Back in the Red

Bitcoin Cash fell by 3.29% on Tuesday, partially reversing Monday’s 4.34% gain, to end the day at $755.4.

Upward momentum from Monday’s rally continued through the early part of the day, with Bitcoin Cash rallying through the day’s first major resistance level at $812.07 to an intraday high $831.3 in the early hours before pulling back through the late morning and afternoon to an intraday low $751.1 to bring to an end any hopes of a formation of a near-term bullish trend.

At the time of writing, Bitcoin Cash was down 0.19% to $754, with Bitcoin Cash managing to recover from Tuesdays late in the day slide that spilled over to the early hours of the day, which led Bitcoin Cash to a morning low $738.1 before recovering to $750 levels.

With the day’s first major support level at $727.23 left untested through the morning, Bitcoin Cash will need to move through $779.27 to support a run at $800 levels and the day’s first major resistance level at $807.43, with any move through Tuesday’s $831.3 high bringing $900 levels back into play along with the possibility of a bearish trend reversal.

Failure to move through a morning high $779.27 to $800 levels later in the day could see the Tuesday reversal resume that would bring the day’s first major support level at $727.23 into play, while we would expect Bitcoin Cash to continue holding on to $700 levels in the event of a sell-off.

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Litecoin Consolidates

Litecoin slipped by 0.34% on Tuesday, following Monday’s 5.49% gain, to end the day at $85.17.

Following the broader market, Litecoin rallied in the early hours of Tuesday through the first major resistance level at $88.85 to an intraday high $90, before easing back to $86 levels through the middle part of the day. A trend bucking run back at $90 levels coming up short late in the day, leading to a slide to an intraday low $84.01, before recovering to $85 levels, the day’s low holding above the first major support level at $80.19.

At the time of writing, Litecoin was down 1.22% to $83.92, a start of the day pullback from the overnight sell-off on Tuesday, seeing Litecoin fall to an intraday low $83.51 through the early hours, Litecoin managing to steer clear of the day’s first major support level at $82.79 early on.

For the day ahead, a move back through a morning high $85.19 to $86.39 would support a run at the day’s first major resistance level at $88.78 to bring $90 levels and the 23.6% FIB Retracement Level of $98 into play, though we would expect Litecoin to face stern resistance at $90 in the middle of the week that should pin Litecoin back to the high $80s at best.

Failure to move through to $86.39 could see Litecoin take a bigger hit later in the day that would bring the day’s first major support level at $80.19 into play, while sub-$80 support levels will likely to be left untested for a second consecutive day, barring materially negative news hitting the wires.

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Ripple Gives up $0.50 Levels

Ripple’s XRP fell by 1.53% on Tuesday, partially reversing Monday’s 6.61% fall, to end the day at $0.48401.

The broad based market rally through the early hours saw Ripple’s XRP move through the day’s first major resistance level at $0.5095 to come within reach of the second major resistance level at $0.5272, with an intraday high $0.52002 before easing back through the morning to sub-$0.50 levels.

Following a relatively range bound afternoon, a late in the day sell-off saw Ripple’s XRP fall to an intraday low $0.47675 before recovering to $0.48 levels at the day’s end, the day’s first major support level at $0.4623 left untested on the day.

At the time of writing, Ripple’s XRP was down 1.53% to $0.47848, with the broader market going into reverse at the start of the day, leading Ripple’s XRP to a morning low $0.47182 that steered clear of the day’s first major support level at $0.4672 early on.

With Ripple’s XRP seeing a start of the day high $0.48744 fall well short of the day’s first major resistance level at $0.5104, Ripple’s XRP will need to move back through the morning high to $0.4936 to support a run at $0.50 levels to bring the first major support level at $0.5104 to play.

Failure to move through to $0.50 levels to take a run at the first major resistance level, following Tuesday’s 0.52002 high, which could see Ripple’s XRP pullback to test the day’s first major support level at $0.4672 later in the day before any recovery.

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