Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/04/18

Bitcoin Cash in Recovery

Bitcoin Cash saw red for a second consecutive day on Wednesday, falling 8.46% to end the day a $1,286, well off the week’s $1,578.3 high struck on Tuesday.

Following a run of gains, with Bitcoin Cash having rallied from 6^th April’s swing lo $600.1 to Tuesday’s swing hi $1,578.3, the consecutive days of losses was to be expected, with investors looking to lock in profits.

An intraday low $1,227.9 saw Bitcoin Cash slide through the day’s first major support level of $1,342.7 and 2^nd support level of $1,271.4 before support kicked in, buying appetite at the 23.6% FIB Retracement Level of $1,347.5 having been on the weaker side due to the broad market sell-off through the day

A start of the day $1,442.7 came up well short of the day’s first major resistance level of $1,531.8 and, while Bitcoin Cash took a sizeable hit on Wednesday, the extended bull trend remains intact. At the time of writing, Bitcoin Cash was up 3.49% to $1,333.1, with investors jumping back in on the dip early on in the day.

There’s been no material shift in sentiment towards the Bitcoin Cash hard fork next month to have led to the 2-day reversal, supporting a Bitcoin Cash recovery this morning.

A morning $1,3767.6 came up short of the day’s first major resistance level of $1,409.83 and perhaps more importantly $1,400 levels, which will need to be hit through the early part of the afternoon for Bitcoin Cash to hold on to the morning’s gains.

Failure to move through to $1,400 levels could see Bitcoin Cash take another hit and pullback through to $1,200 levels, though we would expect the day’s first major support level of $1,195.03 to be left untested, with support expected to kick in at the 23.6% FIB Retracement Level of $1,347.5 and 38.2% FIB Retracement Level of $1,204.06.

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Litecoin Slammed

Litecoin slid 12.32% on Wednesday, reversing two consecutive days’ of gains that had seen Litecoin move through to a swing hi $165.87 in the current bull trend formed back on 6^th April.

Litecoin was not alone in Wednesday’s sell-off, though the losses were certainly more significant than Bitcoin and Bitcoin Cash, investors seemingly unimpressed on news of the Litecoin platform being used for live cash remittances.

An intraday high $164.84 came at the start of the day, leaving the day’s first major resistance level of $169.46 untested through the day, while an intraday low $138.8 saw Litecoin slide through the day’s major support levels, with Litecoin seeing little buyer interest through the 23.6% FIB Retracement Level of $146.38, before support kicked in at around the 38.2% FIB Retracement Level of $139.91.

A move back through to $140 levels by the close was key in supporting the current bull trend formed back at 6^th April’s swing lo $112.1, a continued fall through to the 62% FIB Retracement Level of $129.29 likely to see Litecoin move shift into a bearish trend.

At the time of writing, Litecoin was down 0.28% to $144.59 in what’s been a relatively choppy start to the day, Litecoin sliding to an early morning $142.2 low before hitting an intraday $147.88 high, the moves through the day leaving major support and resistance levels untested, while buyer appetite came to the rescue at the 38.2% FIB Retracement Level of $145.33 to prevent a more sizeable fall.

For the day ahead, market sentiment will continue to be key for Litecoin, with any move through the 23.6% FIB Retracement Level of $153.18 supporting a run at the day’s first major resistance level of $159.91 and a resumption of the bull trend.

Failure to move back through the day’s high could see Litecoin go into reverse later in the day to test buy appetite at the 38.2% FIB Retracement Level, bringing $130 levels into play.

Such a move would be the start of a near-term bearish trend, with the latest bull rally continuing to look a little jaded.

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Ripple Takes a Dive

Ripple’s XRP slid 14.67% on Wednesday, reversing gains from Monday and Tuesday, to end the day at $0.78957.

Wednesday’s sell-off saw Ripple’s XRP take a bigger hit than most, having been amongst the front runners in the latest bull trend that formed at 6^th April’s swing lo $0.45716.

It was downhill through the day, with Ripple’s XRP sliding to an intraday low $0.76637, falling through the 1^st major resistance level of $0.8707 and 2^nd resistance level of $0.8182 before support kicked in at around the 38.2% FIB Retracement Level of $0.7731.

Avoiding a slide through the 62% FIB Retracement Level of $0.6524 was key for Ripple’s XRP avoiding a reversal of the latest bull trend, though closing out the day at sub-$0.80 levels for the first time since 20^th April will have been a concern, the day’s $0.93193 high, struck at the start of the day, the only positive.

At the time of writing, Ripple’s XRP was up 0.65% to $0.79895, with a morning low $0.75707 coming at the start of the day, drawing in support at around the 38.2% FIB Retracement Level of $0.7731 to move back through to $0.79 levels and look to make a run at $0.80 levels and bring the day’s first major resistance level of $0.8922 into sight.

Failure to move back through to $0.80 levels and test major resistance levels later in the day could see the day’s first major support level of $0.7278 come into play, such a move considered the start of a reversal to the near-term bullish trend.

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