Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/04/18

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Bitcoin Cash sees more Red

Bitcoin Cash fell by 1.56% on Monday, partially reversing Sunday’s 6.08% gain, to end the day at $769.

Things could have been a lot worse for investors, with Bitcoin Cash taking a tumble within the first few hours of trading, an early morning intraday high $799 the only positive for the day, with Bitcoin sliding to a middle of the day $740.5.

The morning’s high came up against strong resistance, following the previous day’s rally, leading to a morning fall that saw Bitcoin Cash slide through the day’s first major support level of $749.13 to test buyer appetite at the 23.6% FIB Retracement Level of $742.9.

The good news for the day was the existence of buyer appetite, in spite of a negative sentiment across the broader market, with the day’s recovery to $769 continuing to support the bullish trend formed back at 6th April’s swing lo $600.1.

At the time of writing, Bitcoin Cash was down 1.19% to $758.8, with the markets unable to shake off Monday’s pullback in the early part of the day.

A morning $773.7 high came up short of the day’s first major resistance level of $798.5, with Bitcoin Cash’s $755.4 low managing to avoid the first major support level of $740, while relying on buying appetite at the 23.6% FIB Retracement Level of $752.1 to avoid a larger fall.

For the day ahead, a move back through to the morning’s high will be needed to have a run at the first major resistance level and $800 levels to restore some confidence, as investors look on to assess whether the U.S Tax deadline did in fact have any influence on the cryptomarkets in recent weeks.

Failure to break through to $780 levels could see support tested at the day’s first major support level, bringing into play the 38.2% FIB Retracement Level of $723 and the 2nd support level of $711.

We would expect Bitcoin Cash to hold above the 2nd support level, barring a realisation that recent moves have been speculative and nothing more, which could bring focus back onto the regulatory risk that has plagued the market through the year.

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Litecoin Looks to Buck the Trend

Litecoin fell by 2.94% on Monday, partially reversing Sunday’s 4.82% gain, to end the day at $128.63.

As was the case across the broader market, an early $133.36 intraday high, which came up short of the day’s first major resistance level, was overshadowed by a slide through the morning that saw Litecoin fall through the day’s first major support level of $128.38 and 23.6% FIB Retracement Level of $128.5 to an intraday low $125.11. The day’s low tested buying appetite at the 38.2% FIB Retracement Level of $125.3, while Litecoin managed to avoid the 2nd support level of $124.24 on the day.

Support at the 38.2% FIB Retracement Level led to a 2nd half of the day recovery, with Litecoin rallying in the final hour to move through the 23.6% FIB Retracement Level of $128.5 to end the day at $128.63.

At the time of writing, Litecoin was up 0.82%, bucking the trend across the broader market, with the late Monday rally continuing through the first hour of the day, Litecoin moving through to an intraday high $131.75 before easing back to sub-$130 levels.

The morning’s high failed to test the day’s first major resistance level of $132.96, while a morning low $128.62 tested buying appetite at the 23.6% FIB Retracement Level of $128.5, Litecoin managing to avoid a fall through to the day’s first major support level of $124.71.

Negative sentiment across the market this morning could influence later in the day should Litecoin fail to break back through to $130 levels and test the first major resistance level, with any pullback likely to see Litecoin fall through the day’s 38.2% FIB Retracement Level of $125.3 to test the first major support level of $124.71.

LTC/USD 17/04/18 Hourly Chart

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Ripple Slides but Holds on to $0.60 Levels

Ripple’s XRP slid 3.77%, following Sunday’s 8.86% rally, to end the day at $0.66464, Ripple’s XRP closing out at $0.60 levels for 5th consecutive day, while hitting $0.70 level highs for the 3rd day in 4.

A late rally on Sunday saw Ripple’s XRP hit a start of the day $0.70177 high before investors began to lock in profits from the previous week, the larger loss for Ripple’s XRP coming off the significantly higher gains for the week.

Having fallen short of the day’s first major resistance level, the morning reversal saw Ripple’s XRP fall through the day’s first major support level of $0.6544 and 23.6% FIB Retracement Level of $0.6475 to an intraday low $0.63755.

The broad based sell-off saw Ripple’s XRP find little support at the first major support level, with the pullback through the 23.6% FIB Retracement Level seeing investors move back in to avoid a further slide to $0.61 levels that would have tested the 2nd support level of $0.6133 and buying appetite at the 38.2% FIB Retracement Level of $0.61111.

At the time of writing, Ripple’s XRP was down 0.79% to $0.6578, with an early morning $0.64899 low holding well above the day’s first major support level of $0.6342, supporting an early run through to the morning’s $0.66764 high.

With support and resistance levels untested and Ripple’s XRP holding above the 23.6% FIB Retracement Level of $0.6475, sentiment across the broader market will likely have a hand in the moves through the day, with a run $0.70 levels to test the day’s first major resistance level of $0.6984 needed to look to reverse Monday’s losses.

Failure to move through to $0.69 levels in the middle of the day could see a pullback through the morning’s low and the 23.6% FIB Retracement Level to test the first major support level of $0.6342, any fall to sub-$0.60 levels likely to be avoided barring materially negative news hitting the wires.

XRP/USD 17/04/18 Hourly Chart

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