Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/11/18

Bitcoin Cash Bucks the Trend

Bitcoin Cash gained a further 3.33% on Saturday, following Friday’s 8.98% rally, to end the day at $481.3, the gains coming in anticipation of support at the 15^th November hard fork.

A relatively range bound start to the day saw Bitcoin Cash ease back to a late morning intraday low $459.4 before resuming Friday’s upward trend, the first major support level at $436 left untested on the day.

Rallying through the 2^nd half of the day, Bitcoin Cash broke through the first major resistance level at $485.8 to strike an intraday high $488 before easing back, with resistance at $500 pinning Bitcoin Cash back from a run at the second major resistance level at $505.8.

At the time of writing, Bitcoin Cash was up 0.26% to $482.1, with upward momentum from Saturday continuing into Sunday, Bitcoin Cash rising from a start of a day morning low $480.4 to an early morning high $482.9, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $480 levels through the morning would support further gains through the day, with a break through to $490 levels to test the first major resistance level at $493.07 to bring $500 levels back into play quite likely should the news wires remain crypto friendly.

Failure to hold onto $480 levels through the morning could see Bitcoin Cash reverse some of the weekend gains ahead of the start of the week, with a pullback through to sub-$480 levels likely to bring the first major support level at $464.47 into play before any recovery, more material losses unlikely in the event of a reversal, barring materially negative news hitting the wires.

Litecoin Sees Red

Litecoin fell by 1.02% on Saturday, partially reversing Friday’s 1.93% gain, to end the day at $50.61, the day’s loss bring to an end 4 consecutive days of gains to take Litecoin deeper into the red for the week.

A bearish morning saw Litecoin fall from a start of a day intraday high $51.3 to a late morning intraday low $50.34 before steadying, the day’s low coming within range of the first major support level at $50.25, while the major resistance levels were left untested through the day.

At the time of writing, Litecoin was down 0.2% to $50.51, with Litecoin easing from a start of a day morning high $50.61 to a morning low $50.49, early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move through the morning high $50.61 to $50.75 would support a run at $51 levels to bring the first major resistance level at $51.16 into play, with any shift in sentiment likely to see the second major resistance level at $51.71 come into play before any pullback.

Failure to move back through the morning high to $50.75 could see Litecoin extend the week’s losses, with a fall through the morning low $50.49 bringing the first major support level at $50.2 into play, with the day’s second major support level at $49.79 in play should Litecoin fail to make a move by late morning.

Ripple Slides

Ripple’s XRP fell by 1.12% on Saturday, reversing Friday’s 0.35% gain with interest, to end the day at $0.4573, the day’s loss also ending 4 consecutive days of gains.

Tracking the broader market, Ripple’s XRP pulled back from a start of a day intraday high $0.46455 to an early afternoon intraday low $0.45525, calling on support at the first major support level at $0.4585 before steadying.

While the day’s major resistance levels were left untested, Ripple’s XRP was unable to break back through the first major support level by the day’s end to leave the day’s bearish trend intact going into Sunday.

At the time of writing, Ripple’s XRP was down 0.23% to $0.45585, with Saturday’s pullback continuing into the early hours, Ripple’s XRP easing from a start of a day morning high $0.4573 to a morning low $0.45537, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.4573 to $0.4590 would support a run at $0.46 levels to bring the first major resistance level at $0.4628 into play, while we would expect Ripple’s XRP to fall short of the second major resistance level at $0.4683 and $0.47 levels on the day.

Failure to move through the morning high could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.45537 to the day’s first major support level at $0.4535 likely to bring sub-$0.45 levels and the second major support level at $0.4497 into play before any recovery.

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