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

Bitcoin Cash Flat

Bitcoin Cash gained 1.99% on Tuesday, partially reversing Monday’s 2.36% fall, to end the day at $649.6, in what was a relatively mixed day for the cryptomarket.

A fall through the first half of the day to an intraday low $624.3 reversed in the afternoon, with Bitcoin Cash hitting an intraday high $658.8, having avoided the day’s first major support level of $612.53, before easing back to $649.6 by the day’s end.

The afternoon’s intraday high failed to test the first major resistance level of $673.63, with the 23.6% FIB Retracement Level of $714.3 out of reach for yet another day, Bitcoin Cash now having failed to touch $700 levels for a 6^th consecutive day.

At the time of writing, Bitcoin Cash was up 0.18% to $650.8, with sentiment improving across the cryptomarket in the early part of the day.

There were few fireworks through the morning, Bitcoin Cash’s morning low $648.6 and high $657.3 steering clear of the day’s major support and resistance levels.

For the day ahead, a move through the morning’s $657.3 high would support a run at the first major resistance level of $664.17, with Bitcoin Cash likely to find buyers following Tuesday’s afternoon’s rebound, another crypto sell-off failing to materialise ahead of the mid-April U.S tax deadline.

A lack of direction through the middle part of the day may ultimately weigh however, with side lined investors likely to hold on for a signal to buy, which could see Bitcoin Cash pull back through the morning’s low to test the day’s first major support level of $629.67.

While the longer-term bearish trend remains intact, recent moves continue to suggest that the market has bottomed out near-term, as investors wait on for governments and regulators to roll out new rules for the cryptomarket.

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Litecoin Stuck in a Rut

Litecoin slipped 0.65% on Tuesday, following Monday’s 2.28% fall, to end the day at $114.16, bucking the trend amongst the majors that managed to hold on to positive territory by the day’s end.

There were no major moves through the day, with volatility subsiding to leave Litecoin relatively range bound following a choppy Monday.

A morning intraday low $112 held above the day’s first major support level of $111.01, with the afternoon’s intraday high $115.39 falling short of the first major resistance level of $120.97 and 23.6% FIB Retracement Level of $124.9 to leave the longer-term bearish trend intact.

At the time of writing, Litecoin was down 0.45% to $113.65, moving within a tight range in the early part of the day, a morning low $113.27 and high $114.67 leaving major support and resistance levels untested early on.

A shift in sentiment across the cryptomarket will be needed for Litecoin to move out of its current range, a move through to $115 levels to test the day’s first major resistance level needed to reignite a rally and support a run at $120 levels.

Failing to break out of the current rut could see Litecoin pullback through the morning’s low to test the day’s first major support level of $112.31, with moves across the broader market this week having given investors a reason to pause.

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Ripple Looks for $0.50 Levels

Ripple’s XRP gained 0.83% on Tuesday, following Monday’s 2.88% fall, to end the day at $0.48896.

A choppy start to the day saw Ripple’s XRP fall to an intraday low $0.47528 before going into recovery mode through the afternoon, an intraday high $0.49648 falling just short of $0.50 levels and the day’s first major resistance level of $0.5081.

Monday’s sell-off was certainly a blow for Ripple’s XRP and the broader market, but with support levels untested on Tuesday, fears of another sell-off are likely to ease for now, with the only risk to the market being the continued threat from the news wires, as regulators work behind the scenes.

At the time of writing, Ripple’s XRP was up 0.68% to $0.4922, recovering from an early $0.48462 low that had seen Ripple’s XRP fall into the red.

With support levels untested this morning and sentiment across the broader market improving from Monday’s woes, a move back through the start of the day’s $0.49592 high would support a run at the $0.50 levels, though with investors continuing to sell at key resistance levels, any bullish move through the 23.6% FIB Retracement Level of $0.518 will likely be on hold, leaving the longer term bearish trend intact.

Failing to move through to $0.50 levels will likely see Ripple’s XRP give up Tuesday’s gains, though we would expect support levels to be untested barring negative news hitting the wires this afternoon.

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