Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/08/18

It’s a positive start to the day, with investors looking for a weekend rally off the back of a tough week for the majors.
Bob Mason
Cryptocurrencies in May – Month in Review

Bitcoin Cash Sees Red Again

Bitcoin Cash fell by 0.89% on Friday, following Thursday’s 5.01% slide, to end the day at $724.5, with five consecutive days of losses leaving Bitcoin Cash down 12.82% for the current week.

A continuation of Thursday’s sell-off saw Bitcoin Cash fall from an opening $731, through the first major support level at $706.2 to an early intraday low $700.3, before recovering to $720 levels in the early afternoon, Bitcoin Cash unable to break back through to $730 levels to end the day in the red.

The losses through the week reaffirmed the extended bearish trend formed back at early May’s swing hi $1,849.9, with a break back through to $900 levels needed to begin forming a bearish trend reversal.

At the time of writing, Bitcoin Cash was up 1.34% to $734.3, with Bitcoin Cash recovering from a start of the day low $721.7 to hit a morning high $739, breaking through the first major resistance level at $736.9, while the day’s first major support level at $706.2 was left untested.

For the day ahead, a move back through the first major resistance level at $736.9 would support a run at $740 levels to bring the second major resistance level at $749.3 into play, while we would expect Bitcoin Cash to fall short of $750 levels on the day.

Failure to break through to $740 levels in the early afternoon could see Bitcoin Cash go back into reverse, with a fall through the morning low $721.7 bringing the first major support level at $706.2 into play, though we will expect Bitcoin Cash to avoid sub-$700 levels in spite of the continued downward trend on intraday lows.

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Litecoin Finds Support

Litecoin gained 1.73% on Friday, reversing Thursday’s 1.82% fall, to end the day at $77.55, with 4 days of losses through the week leaving Litecoin down 7.68% Monday through Friday.

Following the broader market, an early sell-off saw Litecoin fall to an intraday low $75, calling on support at the first major support level at 75.03 before recovering through the afternoon.

A late in the day intraday high $77.8 came within reach of the first major resistance level at $77.91 before easing back, the extended bearish trend firmly intact as Litecoin continued to fall well short of $90 levels and the 23.6% FIB Retracement Level of $98.

At the time of writing, Litecoin was up 0.1% to $77.68, with Litecoin recovering from a start of a day morning low $77.22 to break through to $78 levels before easing back, the early morning high falling short of the first major resistance level at $78.57.

For the day ahead, a break back through to $78 levels and a break through the first major resistance level at $78.57 would bring $79 levels into play for the first time since Wednesday, while breaking through the second major resistance level at $79.58 will likely be a stop too far, ending the day at $78 a positive outcome for Litecoin.

Failure to break back through to $78 levels could see Litecoin hit reverse, following Friday’s gains, with a fall through to $76 levels bringing the day’s first major support level at $75.77 into play, a hold above $76.8 through the morning key for Litecoin to avoid an afternoon tumble.

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Ripple Makes Up Some Ground

Ripple’s XRP gained 2.34% on Friday, partially reversing Thursday’s 4.08% fall, to end the day at $0.44046, the week’s losses at just 2.88%.

An early slide to an intraday low $0.42161 saw Ripple’s XRP hold above the first major support level at $0.4209, with an early rebound seeing Ripple’s XRP break back through to $0.44 levels by mid-morning.

Ripple’s XRP broke through the first major resistance level at $0.4447 with an early afternoon intraday high $0.44633 before easing back, the extended bearish trend intact with Ripple’s XRP continuing to fall well short of the 23.6% FIB Retracement Level of $0.5528.

At the time of writing, Ripple’s XRP was up 0.65% to $0.44331, with Ripple’s XRP recovering from a start of a day morning low $0.43868 to move back through to $0.44 levels, an early morning high $0.44473 falling short of the first major resistance level at $0.4507.

For the day ahead, a move through to $0.446 would support a run at the first major support level at $0.4507, while we will expect $0.46 levels and the second major resistance level at $0.4609 to be out of reach on the day.

Failure to move through $0.446 and make a move for $0.45 levels could see Ripple’s XRP pull back later in the day, with a fall through to $0.43 levels bringing the first major support level at $0.4249 into play.

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