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

Bitcoin Cash Back in Reverse

It was some time coming, but it was worth the wait, with Bitcoin Cash rallying 10.09% on Tuesday to end the day at $706, the gains coming off a market wide rally.

An intraday high $722.8 saw Bitcoin Cash move through the day’s first major resistance level of $688.2 and more importantly break back through to $700 levels, adding to Monday’s 3.37% gain, to pull out of the bearish trend that had persisted through to Sunday’s swing lo $621.

Bitcoin Cash’s failure to break through the day’s 23.6% FIB Retracement Level will have raised some doubts over whether the short-term bullish trend formed on Sunday was sustainable through the middle of the week, investors likely to be keen to lock in profits off the back of 2 consecutive days of gains.

The good news was that, not only did Bitcoin Cash hold on to $700 levels by the close, but the day’s $657 low also managed to avoid testing the first major support level of $637.47, affirming the short-term bullish trend.

At the time of writing, Bitcoin Cash was down 1.51% to $695.4, as investors locked in profits following the solid gains on Tuesday. Bitcoin Cash slipped through the day’s 23.6% FIB Retracement Level of $698.8, with a morning low 678.6% finding buyers at the 38.2% FIB Retracement Level of $683.9 to avoid an early test of the day’s first major support level of $677.73.

A morning high $710 fell well short of the day’s first major resistance level of $733.53.

For the short-term bullish trend to remain intact, a move back through to $700 levels and a run at the first major resistance level would draw in investors side lined through the 1^st quarter, with Bitcoin Cash needing to move free of the 23.6% FIB Retracement Level.

In spite of the day’s slide, strong support has been in place through the morning at key levels, which could see Bitcoin Cash reverse the morning’s losses through the middle part of the day.

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Litecoin hits $130 but Pressure’s on

Litecoin rallied 12.53% on Tuesday to end the day at $134.01, the gains coming off the back of a 3.83% rise on Monday, as sentiment towards the cryptomarket took a turn at the start of the 2^nd quarter.

An Tuesday intraday high $137.89 saw Litecoin break through the day’s major resistance levels and move through the 38.2% FIB Retracement Level of $134.57 to continue a bearish trend reversal formed at Sunday’s swing lo $110.01.

A slight pullback at the 38.2% FIB Retracement Level before the day’s end was to be expected considering the gains through the day, while Litecoin managed to end on the rise.

The day’s $118.3 low came at the start of the day, holding above the first major support level of $115.05, as a broad based crypto rally saw Litecoin close at 1-week high.

At the time of writing, Litecoin was down 2.89% to $130.25, the slide to a morning low $127.72 coming at the start of the day, investors locking in profits in fear of negative news hitting the wires.

The morning low managed to hold above the day’s first major support level of $122.24, with an intraday high $135.15 also failing to test major resistance levels, as Litecoin founnd buyers at the day’s 38.2% FIB Retracement Level of $127.2.

A move back through the 23.6% FIB Retracement Level of $131.3 would support a run at the day’s first major resistance level of $141.83, with the markets likely to take its cues from Bitcoin through the middle part of the day.

Failure to break through to 132 levels could see Litecoin pull back to the day’s 38.2% FIB Retracement Level that would bring the day’s first major support level of $122.24 into play and lead to a possible reversal of the short-term bullish trend formed on Sunday.

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Ripple Goes on the Defensive

Ripple’s XRP rose 10.63% on Tuesday to end the day at $0.54716, adding to Monday’s 3.06% gains, in what turned into quite a bullish start to the week.

An intraday high $0.55393 moved through the day’s first major resistance level of $0.5088 and 2^nd resistance level of $0.5225, as Ripple’s XRP broke free of the 23.6% FIB Retracement Level of $0.518, with selling pressure on the lighter side,  the broader market seeing improved sentiment through the day.

Ripple’s XRP failed to break through the day’s 3^rd resistance level of $0.5544 to test the 38.2% FIB Retracement of $0.5583, while a pullback late in the day was not enough to see Ripple’s XRP fall through the 1^st and 2^nd resistance levels by the day’s end.

An intraday low $0.48943 struck at the start of the day left the first support level of $0.4769 untested, the close at $0.50 levels supporting the formation of a short-term bullish trend at Sunday’s $0.45292 swing lo.

At the time of writing, Ripple’s XRP was down 3.08% to $0.53073, the declines coming off the back of an early morning slide to an intraday low $0.52224.

Ripple XRP’s found buyers at the day’s 23.6% FIB Retracement Level of $0.5301, managing to avoid the day’s first major support level of $0.5064 and sub-$0.50 levels.

For the day ahead, a move back through to the morning $0.55465 high would support a test of the day’s first major resistance level of $0.5709 and reaffirm the bullish trend formed on Sunday.

Failure to break out to $0.55 levels could see sentiment shift in the latter part of the day and see Ripple’s XRP test buyer appetite at the 38.2% FIB Retracement Level of $0.5153, which would bring the day’s first major support level into play.

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