Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/04/18

Bitcoin Cash On the Move Again

Bitcoin Cash gained 0.78% on Friday, following Thursday’s 10.15% rally, to end the day at $741, making it a 13.4% gain for the week, Monday through to the end of Friday.

An early fall saw Bitcoin Cash hit an intraday low $718.5, holding above the day’s first major support level of $680.6 and more importantly the 23.6% FIB Retracement Level of $708.05, with a middle of the day rally seeing Bitcoin Cash hit an intraday high $785.5.

The day’s high saw Bitcoin Cash move through the first major resistance level of $766.4, falling short of the 2^nd resistance level of $796.8 and $800 levels. A 2^nd half of the day reversal saw a pullback to $728.4 before recovering to $740 levels by the day’s end.

At the time of writing, Bitcoin Cash was up 0.11% to $742.8, pulling back from an early $753 high that fell short of the day’s first major resistance level of $778.17, Bitcoin Cash having consolidated Thursday’s rally to support a weekend run at $800 levels.

The moves through the early part of the day suggest that the bullish trend formed back at 6^th April’s swing lo $600.1 will remain intact through the weekend.

A move back through the morning’s $753 high would support a run at the first major resistance level and continue the bull trend formed through the week, any failure to move through the first major resistance level likely to see some reversal in the latter part of the day, though we would expect there to be plenty of support at the 23.6% FIB Retracement Level of $741.8 and the first major support level of $711.17 to avoid a pullback to sub-$700 levels.

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Litecoin Gives up Some Ground

Litecoin slipped 3.14% on Friday, partially reversing Thursday’s 9.83% gain, to end the day at $125.46. Friday’s reversal saw left Litecoin up just 6.62% for the week, Monday through Friday, lagging its peers.

Litecoin slipped to an intraday low $124 at the start of the day, before rallying to a day high $133.5 in the middle of the day, the moves through the day leaving major support and resistance levels untested, while finding support at the day’s 38.2% FIB Retracement Level of $123.78, a soft start to the day providing Litecoin little support at the day’s 23.6% FIB Retracement Level of $126.54.

The day’s $125.46 close at around the 23.6% FIB Retracement Level of $126.54 continued to support the near-term bullish trend formed at 6^th April’s swing low $112.1.

At the time of writing, Litecoin was up 0.92% to $126.6, easing back from an early $128.2 high for the morning, having moved off the back of a start of the day $124.83 low. The early moves have been relatively range bound, with the day’s major support and resistance levels untested early, while finding support at the day’s 38.2% FIB Retracement Level of $125.3, with Litecoin continuing to move below the 23.6% FIB Retracement level through the early part of the day.

For the day ahead, a move through the 23.6% FIB Retracement Level would support a run at $130 levels and the day’s first major resistance level of $131.31, with moves beyond likely to be in the hands of broader market sentiment.

A failure to move through to $130 levels would likely see Litecoin lose more ground against its peers, with any pullback through the 38.2% FIB Retracement Level of $125.3 likely to bring the day’s first major support level of $121.81 into play, though we wouldn’t expect Litecoin to test sub-$120 support levels barring a broad based market sell-off.

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Ripple Consolidates $0.60 to eye $0.70 Levels

Ripple’s XRP slipped by just 0.3% on Friday, doing little damage to Wednesday and Thursday’s double digit rallies, to end the day at $0.64018.

Wednesday’s 10.77% and Thursday’s 19.24% led to a 28.3% rally for the week, Monday through Friday, pushing well ahead of the trio, Ripple’s XRP considered to be one of the more attractive investment opportunities in bull runs.

Friday’s intraday low $0.6134 held well above the day’s first major support level of $0.5411, while the 23.6% FIB Retracement Level of $0.6149 provided the much needed support to give Ripple’s XRP a run through to an intraday high $0.70626 to test the day’s first major resistance level of $0.7033 before easing back to $0.60 levels by the close.

The day’s highlight was Ripple’s XRP hitting $0.70 levels, the first time since the early part of the longer-term bearish trend that had formed back on 19^th March that has since been reversed at the 6^th April’s swing lo $0.45716.

At the time of writing, Ripple’s XRP was up 0.83% to $0.6465, with moves through the early part of the day having been relatively range bound, a morning $0.62995 low and $0.66491 high failing to test the day’s major support and resistance levels in the early hours, while calling on support at the 23.6% FIB Retracement Level of $0.6475.

For the day ahead, a move through to $0.67 levels would likely kick off a weekend rally that should see Ripple’s XRP move back through Friday’s highs, with the next target for the Ripple bulls being $0.80 levels.

Failure to break free of the 23.6% FIB Retracement Level of $0.6475 could see Ripple’s XRP give up some of its weekly gains, to test support at the 38.2% FIB Retracement Level of $0.6111 and the day’s first major support level of $0.6003, though Ripple’s XRP should see continued gains should sentiment across the market remain upbeat through the day.

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