Bitcoin Cash, Litecoin and Ripple Daily Analysis – 18/04/18
Bitcoin Cash Looks to Steady
Bitcoin Cash saw red for a 2nd consecutive day on Tuesday, falling 1.52% off the back of Monday’s 1.56% fall, to end the day at $756.3.
A poor start to the day left investors on the defensive. An early morning fall to test buyer support at the 23.6% FIB Retracement Level of $752.1 led to an intraday Bitcoin Cash rally, with Bitcoin Cash hitting an intraday high $788.2 before reversing through the latter part of the day.
The day’s high fell short of the first major resistance level of $798.5, with Bitcoin Cash relying on support at the 23.6% FIB Retracement Level by the day’s end, the only good news being that the day’s first major support level of $740 was left untested.
At the time of writing, Bitcoin Cash was up 2.17% to $773.8, with market sentiment improving through the middle part of the day, an intraday high $774.9 falling just shy of the day’s first major resistance level of $779.3, while Bitcoin Cash broke out from the 23.6% FIB Retracement Level of $752.1.
The morning’s $755.1 low held well above the day’s first major support level of $742.2, with hopes of a post U.S tax deadline rally beginning to be realized, though much will depend on moves later in the day.
For the day ahead, a move through to $780 levels would support a run at $800, which Bitcoin Cash hasn’t touched since 30th March, any failure to move through to $780 levels likely to see a pullback through the 23.6% FIB Retracement Level of $752.1 to test the first major support level of $742.2.
For now the bullish trend formed at 6th April’s $600.1 swing lo remains intact, but $800 levels will need to be reached for recovery to continue.
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Litecoin Finds its Wings
It was a trend bucking day for Litecoin on Tuesday, with Litecoin gaining 2.78% to reverse most of Monday’s 2.94% slide, ending the day at $132.19.
Litecoin was on the move early on Tuesday, while the vast majority of its peers struggled, with Litecoin rallying from the day’s $128.62 low to the day’s $140.55 high through the middle part of the day.
While the first major support level of $124.71 was left untested, the middle of the day move saw Litecoin rally break out from the 23.6% FIB Retracement Level of $128.5, moving through the day’s first major resistance level of $132.96 and 2nd resistance level of $137.28 with relative ease.
A pullback came short of the 3rd resistance level of $145.53 to end the day at $132.19, off the back of some profit taking. Holding at the first major resistance level and well above the 23.6% FIB Retracement Level continued to support the near-term bullish trend formed back at 6th April’s swing low $112.1.
The inclusion of Litecoin on South Korea’s Korbit certainly contributed to the moves, with investors seemingly moving on from the disappointments of Litepay that was pulled shortly after launch.
At the time of writing, Litecoin was on the move again, rising 2.53% to $135.55 in the early part of the day.
A morning high $137.25 came up short of the day’s first major resistance level of $138.95, while Litecoin recovered from a start of the day $132.11 low to break out from the 23.6% FIB Retracement Level of $133.8.
Litecoin’s inclusion onto one of South Korea’s oldest exchanges has certainly done wonders for Litecoin that had been lagging the market.
With this morning’s low steering clear of the day’s first major support level of $127.02, it’s looking bullish for the day, with the broader market’s gains providing a supportive environment for the front runners.
A move through the first major resistance level would support another run at $140 levels, bringing the 2nd resistance level of $145.72 into play, with Litecoin having plenty of ground to catch up on.
Failure to move through to $140 levels will likely see a pullback later in the day, though we will expect major support levels to be left untested, with buying appetite at the 23.6% FIB Retracement Level likely to be enough to prevent heavier losses.
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Ripple Sees Red Again, but $0.60 Consolidation Complete
Ripple’s XRP slipped 1.38% on Tuesday, following Monday’s 3.77% slide, to end the day at $0.6555.
Following a strong run last week, Ripple’s XRP tested support early on Tuesday, with a morning low $0.649 finding buyer support at around the 23.6% FIB Retracement Level of $0.6475. With the day’s first major support level of $0.6342 untested, a mid-morning rally saw Ripple’s XRP hit an intraday high $0.68434 and hold above $0.67 levels through the afternoon.
Failure to test the day’s first major resistance level of $0.6984 ultimately left investors locking in gains from the morning, with Ripple’s XRP pulling back to $0. 6555 by the close, failing to touch $0.70 levels.
Investors seemed to have moved on from the recent launch of a money transfer app by Bank Santander that uses Ripple’s blockchain tech to allow bank customers to make international payments to within Europe and to the U.S, though the continued adoption of Ripple’s offering is likely to be one of the key considerations should family office money begin to hit the cryptomarket.
At the time of writing, Ripple’s XRP was up 1.22% to $0.66467 in what had been a relatively range bound start to the day.
A morning $0.65105 low stood clear of the day’s first major support level of $0.6412 and the 23.6% FIB Retracement Level of $0.6475, with the day’s 0.67221 high coming within touching distance of the day’s first major resistance level of $0.6771, reflecting the bullish sentiment through the morning.
For the day ahead, a move through to $0.68 levels would support a run at the 2nd resistance level of $0.6986 and $0.70 levels, though a move through to $0.70 levels will need to come off the back of positive sentiment across the broader market.
Failure to move through to $0.68 levels will likely see a pullback through to the 23.6% FIB Retracement Level of $0.6475, bringing the first major support level into play, which should be enough for Ripple’s XRP to avoid more material losses on the day.
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This article was originally posted on FX Empire
