Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/04/18

Bitcoin Cash in need of a weekend rally

Bitcoin Cash saw yet another day of gains go into reverse on Friday, with a fall of 6.53% partially reversing Thursday’s 10.3% gain, to end the day at $1,326.1.

Friday’s intraday high $1,436.5 came in the earlier part of the day, with Bitcoin Cash falling short of the first major resistance level of $1,487.13, leading to a pullback through the afternoon to an intraday low $1,325, holding above the day’s first major support level of $1,295.73, whilst testing buying appetite at the 23.6% FIB Retracement Level of $1,347.5.

In spite of a choppy week, Bitcoin Cash was still up 11.3% from Monday through Friday, with improved appetite for the cryptomarkets providing the necessary support as the hard fork trade faded through the week, Bitcoin Cash having hit a swing hi $1,578.3 on Tuesday of last week.

For the bulls, Bitcoin Cash managed to hold off from testing support at the 38.2% FIB Retracement Level of $1,204.6 to support the continued bullish trend, formed back at 6^th April’s swing lo $600.1, though a move back through to the swing hi $1,578.3 is going to be needed to avoid a reversal ahead of next month’s fork.

At the time of writing, Bitcoin Cash was up 2.15% to $1,362.6, recovering from an early $1,315.5 low that through the 23.6% FIB Retracement Level of $1,347.5 to then rebound to a morning $1,369.8 high off the back of upbeat sentiment across the market through the early part of the day.

Major support and resistance levels were left untested through the morning, with Bitcoin Cash needing move back through to $1,400 levels to continue the latest bull trend, a move that would test the day’s first major resistance level of $1,393.4.

Failure to move back through to $1,400 levels could see Bitcoin Cash revisit the morning’s low and bring the day’s first major support level of $1,291.90, any broad market sell-off likely to see buying appetite ease at the 23.6% FIB Retracement Level later in the day.

It’s still bullish, but following sizeable gains since 6^th April swing lo, new highs are going to be needed to draw side lined investors back in.

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Litecoin Getting Bearish

Litecoin slipped 4.84% on Friday, reversing most of Thursday’s 5.9% gain, to end the day at $145.68, Litecoin coughing up $150 levels once more in what has been a volatile week.

A start of the day intraday high $153.75 was one of the few highlights of the day, with Litecoin struggling to break clear of the 23.6% FIB Retracement Level of $153.18 that ultimately led to a late reversal to an intraday low $145.29.

Litecoin found support at the first major support level of $145.62 and 38.2% FIB Retracement Level of $145.33 to avoid further declines, while continuing to struggle to rebound and make a move back through to $150 levels by the close.

For the week, Monday through Friday, Litecoin was down 0.6%, with the latest bullish trend formed at 6^th April’s swing low $112.1 being brought into question, Litecoin now down 13.9% from Tuesday’s swing hi $165.87.

At the time of writing, Litecoin was up 1.24% to $147.71, in what’s been a relatively range bound start to the day, an early morning $145 low and $148.95 high leaving major support and resistance levels untested, while Litecoin continued to move between the 23.6% FIB Retracement Level of $153.18 and 38.2% FIB Retracement Level of $145.33.

Falling through the 38.2% FIB Retracement Level would signal a possible shift in sentiment to the negative for Litecoin that would bring the day’s first major support level of $142.73 into play, any slide to sub-$140 levels considered to be a near-term bullish trend reversal.

A move back through the $150 levels to test the day’s first major resistance level of $151.19 would provide much needed support to the currently stalled bull trend, though much will depend upon the direction of the broader market and Bitcoin in particular.

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Ripple Sees Red

Ripple’s XRP slid 5.32% on Friday, reversing most of Thursday’s 6.96% gain, to end the day at $0.84884.

Attempts to break out from the 23.6% FIB Retracement Level of $0.8477 saw Ripple’s XRP hit an intraday high $0.86287 in the late morning, though with sentiment across the broader market negative through the afternoon, Ripple’s XRP shifted into reverse to hit an intraday low $0.80086 late in the day.

The good news for the bulls was that the day’s first major support level of $0.7857 was left untested, with Ripple’s hold at $0.80 levels continuing to support the bullish trend formed at 6^th April’s swing lo $0.45716.

Where there’s good news, there’s always bad however and Ripple’s XRP’s close below the 23.6% FIB Retracement Level of $0.8477, will bring into question the current bull-run, if there’s now breakout through the weekend.

At the time of writing, Ripple’s XRP was up 2.28% to $0.82359, with the key target for the early part of the day being to move clear of the 23.6% FIB Retracement Level of $0.8477.

A start of the day low $0.79591 managed to avoid the day’s first major support level of $0.7811 and 38.2% FIB Retracement Level of $0.7731, leading Ripple’s XRP to a morning high $0.83496 that came up short of the first major resistance level of $0.8431, with Ripple’s XRP having yet to break free of the 23.6% FIB Retracement Level needed to resume the current bull trend.

For the day ahead, a move through to the day’s first major resistance level and 23.6% FIB Retracement Level to $0.85 levels would signal the start of a weekend rally, bringing 0.90 levels into play, while market appetite will need to see a vast improvement for $1.00 levels to be reached.

Failure to make a move through the middle part of the day could see Ripple’s XRP ease back to the morning’s low, bringing the first major support level of $0.7811 into play and the 38.2% FIB Retracement Level of $0.7731.

We would expect Ripple’s XRP to find some interest through the day, supporting a run at $0.90 levels before a pullback short of the day’s 3^rd Resistance Level of $0.946.

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