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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/04/18

Bob Mason

Bitcoin Cash Gets Moving

Bitcoin Cash gained 4.63% on Saturday, partially reversing Friday’s 6.53% slide, to end the day at $1,392.1.

The day was a relatively one directional one, with Bitcoin Cash seeing few reversals through the day, momentum across the cryptomarket supporting appetite, with an intraday low $1,315.5 coming at the start of the day leaving the day’s first major support level of $1,291.9 untested.

A break out from the 23.6% Fib Retracement Level of $1,347.5 within the first few hours supported a rally through to an intraday high $1,422.1 in the middle part of the day, Bitcoin Cash moving through the day’s first major resistance level of $1,393.4 with ease before pulling back to sub-$1,400 levels by the close.

Holding above the 23.6% FIB Retracement Level was key for the day, the Saturday move continuing to support the bullish trend formed back on 6th April.

At the time of writing, Bitcoin Cash was up 4.31% to $1,451.1, the early gains coming off the back of an overspill from Saturday’s rally.

Bitcoin Cash hit an early morning high $1,492.4 to break through the day’s first major resistance level of $1,437.63 and 2nd resistance level of $1,483.17 before a pullback to current levels, the moves in the early hours continuing to support the bull trend and a run at $2,000 levels.

For the day ahead, a break back through the 2nd resistance level of $1,483.17 would support a move back through to $1,500 levels and bring the 24th April’s swing hi $1,578.3 into play, a move needed to support Bitcoin Cash’s stellar run fuelled by next month’s hard fork.

Failing to break back through the 2nd resistance level could see a pullback to the sub-$1,400 levels by the day’s end, investors recently being on the quicker side to lock in profits from the previous day, though we would expect the day’s first major support level of $1,331.03 to remained untested, barring a material shift in sentiment later in the day, with the 23.6% FIB Retracement Level of $1,347.5 there to provide support in an extended sell-off.

BCH/USD 29/04/18 Hourly Chart

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Litecoin Recovers to the $150s

Litecoin gained 4.06% on Saturday, partially reversing Friday’s 4.84% fall, to end the day at $151.82.

There was a lot of ground to make up through the day, with Litecoin having ended Friday at the 38.2% FIB Retracement Level of $145.33, with Saturday’s intraday low $145 coming at the start of the day before a day long rally kicked in that saw Litecoin move through to an intraday high $152.94 and to within reach of the 23.6% FIB Retracement Level of $153.18, before easing back to a $151.82 close.

While Litecoin had turned somewhat bearish in the week, Saturday’s moves reaffirmed the bullish trend formed on 6th April, with Saturday’s closing $151.82 holding above the day’s first major resistance level of $151.19.

News of an increased usage of Litecoin for payments has yet to materially impact the direction of Litecoin, with the jury still out on which of the cryptos is going to become the true alternative to fiat money, though with Ripple’s platform already active, increased usage could see Litecoin garner more interest following the failings of Litepay.

At the time of writing, Litecoin was up 1.44% to $154.01, with a start of the day bounce through to an intraday high $156.39 seeing Litecoin break clear of the 23.6% FIB Retracement Level of $153.18, while also breaking through the day’s first major resistance level of $154.84 on the day.

Some profit taking from Saturday’s gains and early morning rally will have pinned back Litecoin in the morning, though upbeat sentiment across the broader market should provide Litecoin with some support through to the afternoon, Bitcoin and Bitcoin Cash ultimately the market barometers as the weekend comes to a close.

A move through to the morning’s $156.39 high would support a run at the 3rd major resistance level of $165.8 and 24th April’s swing hi $165.87, which will be considered key for Litecoin to continue its upward moves back towards $200 levels.

Failure to move through to $156 levels this morning could see Litecoin reverse Saturday and this morning’s gains to test the day’s first major support level of $146.9, with a fall through the 23.6% FIB Retracement Level likely to also bring the 38.2% FIB Retracement Level of $145.33 back into play.

It’s bullish for now and we will expect the bull trend to remain intact, the increased use of Litecoin as an alternative payment option providing support.

LTC/USD 29/04/18 Hourly Chart

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Ripple makes a splash

Ripple’s XRP rallied 7.56% on Saturday, more than reversing Friday’s 5.32% fall, to end the day at $0.86609. Saturday’s gains saw Ripple’s XRP move back into positive territory for the week, Monday through Friday, Wednesday’s 14.7% slide having done plenty of damage this week.

Ripple XRP’s intraday low $0.7875 in the early part of Saturday was the only negative, with a break out from the 23.6% FIB Retracement Level of $0.8477 by late morning supporting the continuation of the bullish trend formed at 6th April’s swing lo $0.45716.

While support levels were untested through the day, Ripple’s XRP broke through the first major resistance level of $0.8431 and 2nd major resistance level of $0.884 before easing back to $0.86 levels by the day’s end.

Holding above the day’s first major support level key to Ripple XRP’s bull trend.

There was no negative news to get in the way of Ripple XRP’s moves, with news hitting the wires of wider adoption of Ripple’s platform a positive, with talks of Ripple’s XRP taking the number one spot by the end of the year, a bullish but reasonable forecast, should the platform continue to see success and the cryptomarket avoids an implosion.

At the time of writing, Ripple’s XRP was up 1.68% to $0.87712, with a bounce at the start of the day seeing a break through the first major resistance level of $0.9107 to an intraday high $0.92102, before pulling back to current levels.

For the day ahead, a break back through to $0.92 levels would support a run at the day’s 2nd resistance level of $0.9554, though with the markets lacking any major catalysts, we can expect plenty of resistance that would likely see Ripple’s XRP close at around current levels, investors likely to hit the sell-button early.

Failure to break the current downward moves could see Ripple’s XRP fall back through to this morning’s $0.86182 low and begin to reverse some of Saturday’s gains, though with the 23.6% FIB Retracement Level of $0.8477 there to draw in buyers, any reversal is unlikely to result in a material slide for the day that should leave Ripple’s XRP in positive territory for the week.

XRP/USD 29/04/18 Hourly Chart

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This article was originally posted on FX Empire

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