Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/04/18

Bitcoin Cash Leads the way

Bitcoin Cash gained 3.04% on Sunday, following on from Saturday’s 2.51% rise, to end the day at $1,189.5, its highest finish since the 7th March’s $1,203.9 close.

The gains through the weekend saw Bitcoin Cash rally 52.3% for the week, Monday through Sunday, the rally coming off the back of improved sentiment across the cryptomarket, coupled with the positive impact from the anticipated hard fork next month.

An early intraday low $1,104.1 steered clear of the day’s first major support level of $1,049.97 and 23.6% FIB Retracement Level of $1,049, while the day’s $1,259.8 high broke through the first major resistance level of $1,221.67 before pulling back late in the day to a $1,189.5 close.

At the time of writing, Bitcoin Cash was up 10.65% to $1,318, the hard fork rally in full swing at the start of the week.

After a choppy end to the weekend, Bitcoin Cash rallied through to an early $1,329.8 high, breaking through the day’s first major resistance level of $1,264.83, with the 2nd resistance level of $1,340.17 now firmly in its sights.

With the day’s major support levels untested in the early morning, positive sentiment across the broader market will likely continue providing support, with a break through $1,340 levels likely to bring $1,400 levels into play, while the 3rd major resistance level of $1,495.87 may be left untested following strong gains in the early morning.

Any pullback towards the morning’s $1,187.4 will likely find plenty of support at the $1,200 psychological level, the Bitcoin Cash bull-run firmly intact following last week’s gains.

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Litecoin Treads Water

Litecoin slipped 1.23% on Sunday, following Saturday’s 4.48% slide, to end the week at $146.51. The weekend slide left Litecoin up just 10.6% for the week, Monday through Sunday, trailing some of the majors.

An intraday high $153 in the late morning was the only upside for Litecoin, which came up short of the day’s first major resistance level of $156.87, leading to a pullback to sub-$150 levels late in the day.

The day’s $145.01 low held above the first major support level of $140.79, while calling on support at the 23.6% FIB Retracement Level of $146.48 to hold off more material losses through the day.

At the time of writing, Litecoin was up 0.74% to $147.68 in what’s been a relatively range bound start to the day.

A morning $148.96 high came off the back of a start of the day $146.35, with the moves through the morning leaving the day’s major support and resistance levels untested.

With the weekend’s declines coming from some profit taking, a move back through to $150 levels will be key for Litecoin in the middle part of the day, to bring the first major resistance level of $151.34 into play. Failing to break back through to $150 levels could see Litecoin reverse in the later part of the day, though we would expect the first major support level of $143.35 to be left untested, Litecoin expected to receive plenty of support at the 23.6% FIB Retracement Level of $146.48.

LTC/USD 23/04/18 Hourly Chart

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Ripple Struggles Early

Ripple’s XRP slipped 0.51% on Sunday, following Saturday’s 6.56% sell-off, to end the day at $0.86002. The weekend’s losses left Ripple’s XRP with a 24.5% gain for the week, Monday through Sunday, with the declines coming off the back of profit taking following some strong gains on Thursday and Friday.

Ripple’s XRP managed to break back through to $0.90 levels for a 3rd consecutive day, in spite of the pullback, while an intraday high $0.91623 fell short of the day’s first major resistance level of $0.9387.

An intraday low $0.83575 held well above the first major resistance level of $0.8003, while calling on support at the 23.6% FIB Retracement Level of $0.8385, leading to a late in the day recover to $0.86 levels.

At the time of writing, Ripple’s XRP was up 0.22% to $0.86001, recovering from an early fall to a morning low $0.83744, calling on support at the 23.6% FIB Retracement Level of $0.8385 to leave the day’s first major support level of $0.8251 untested early on.

For the day ahead, a move back through to $0.875 would support a run at the day’s first major resistance level of $0.9056, with sub-$0.90 levels drawing in investors at the start of the week.

Failure to move through to $0.90 levels and test the first major resistance level could see a pullback to the morning’s low, bringing the first major support level of $0.8251 into play. Barring a material deterioration in market sentiment later in the day however, we would expect Ripple’s XRP to recover some of the lost ground from the weekend, with the bullish trend firmly intact in spite of the weekend’s losses.

XRP/USD 23/04/18 Hourly Chart

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