Bitcoin Cash, Litecoin and Ripple Daily Analysis

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/04/18

Bob Mason

Updated Sun, Apr 15, 2018, 1:08 AM

Bitcoin Cash Holds Steady

Bitcoin Cash slipped 0.81% on Saturday, reversing Friday’s 0.78% gain, to end the day at $736.4, with the moves through the day continuing to support the near-term bullish trend formed at 6^th April’s swing lo $600.1.

A morning intraday high $761 failed to test the day’s first major resistance level of $759.8, while Bitcoin Cash slipped through the 23.6% FIB Retracement Level of $741.8 to test buying appetite at the 38.2% FIB Retracement Level of $714.7 through the middle part of the day, Bitcoin Cash managing to avoid a pullback through the day’s first major support level of $711.17.

Bitcoin Cash found the necessary support, with investors looking to hold on and support the latest bull-run, Bitcoin Cash recovering through the afternoon to the closing $736.4.

There was no material news to sway the markets, with investor sentiment continuing to be influenced by the positive, as the news wires drip feed some relatively promising updates that have provided direction to the market, including news that India had not banned cryptocurrencies.

At the time of writing, Bitcoin Cash was up 2.69% to $756.1, in what’s been a steady start to the day, with Bitcoin Cash moving through to a morning high $760, off a start of the day $736.

The morning’s high hit the day’s first major resistance level of $759.8, leading to a pause in the intraday moves after breaking out from the 23.6% FIB Retracement Level of $741.8 to continue on with the near-term bullish trend.

For the day ahead, a move through to $760 levels will bring the day’s 2^nd support level of $783.2 into play with Bitcoin Cash now needing to move through to $800 levels to support a sustainable bullish trend for the week ahead.

Failure to move through to $760 levels could test investor appetite before the end of the day, which could see Bitcoin Cash see a pullback the 23.6% FIB Retracement Level of $741.8, with the broader market sentiment then dictating the level of support, though we would expect the day’s first major support level of $714.2 to be left untested.

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Litecoin Range Bound

Litecoin gained 0.88% on Saturday, partially reversing Friday’s 3.14% loss, to end the day at $126.56.

While it was a relatively range bound day for Litecoin, a morning intraday high $129.96 and middle of the day intraday low $124.3 left the day’s major support and resistance levels untested, Litecoin needing some lunch time support at the 38.2% FIB Retracement Level of $125.3.

The lack of direction through the day left Litecoin below the 23.6% FIB Retracement Level of $128.5, the day’s gains pinned back by the broader market, the lack of an early weekend rally or dip providing little incentive to jump in.

At the time of writing, Litecoin was up 1.68% to $128.54, with Litecoin having spent the early part of the day in a tight range, the morning’s $126.43 low and $128.55 high leaving the major support and resistance levels untested, while looking to break out from the 23.6% FIB Retracement Level of $128.5.

With the day’s first major resistance level sitting at $129.58, a move through to $130 levels would support a run at the day’s 2^nd resistance level of $132.6 and a run at the Saturday’s $133.5, with any failure to move through to $130 levels likely to see some investors look to lock in profits before the start of the week.

A pull back through to the 38.2% FIB Retracement Level of $125.3 would bring the day’s first major support level of $123.92 into play, though any fall back to sub-$120 levels would be unlikely with the current market sentiment and bullish trend intact.

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Ripple Holds on to $0.60 Levels

Ripple’s XRP slipped 0.53% on Saturday, following Friday’s 0.3% fall, to end the day at $0.63895.

A second consecutive day of declines was of little concern however, with Ripple XRP’s moves, following last week’s rally, more of a consolidation than a correction.

A morning $0.676 high came up short of the day’s first major resistance level of $0.6932, with a post high sell-off seeing Ripple’s XRP pull back to a day low $0.62157 before recovering to just shy of $0.64, the day’s first major support level left untested, with buyer appetite at around the 38.2% FIB Retracement Level of $0.6111 providing the necessary support to avoid a pullback to sub-$0.60 levels.

At the time of writing, Ripple’s XRP was 2.67% to $0.65592, with Ripple’s XRP moving from a start of the day $0.63746 low through to a morning high $0.66716, breaking out from the 23.6% FIB Retracement Level of $0.6475 to test the day’s first major resistance level of $0.6694.

For the day ahead, with the day’s major support levels untested early, the bullish sentiment across the cryptomarket in the early part of the day will support a run at the day’s 2^nd resistance level of $0.6999 and Friday’s $0.70626 high.

A failure to move through to Saturday’s $0.676 high could see a pullback later in the day, though barring a broad market sell-off, Ripple’s XRP should find plenty of support at the 23.6% FIB Retracement level of $0.6475, with the bullish trend formed at 6^th April’s swing lo $0.45716 intact.