Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/04/18

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/04/18

Bitcoin Cash Recovers as Volatility Builds

Bitcoin Cash rallied 10.26% on Thursday, reversing Wednesday’s 8.46% slide, to end the day at $1,421.2.

The move back through to $1,400 levels reaffirmed the bullish trend formed back at 6th April’s swing lo $600.1, with the day’s gain bringing to an end two consecutive days of decline that came off the back of investors locking in profits from the almost month long rally.

An intraday high $1,427.6 came late in the day to break through the day’s first major resistance level of $1,409.83, with Bitcoin Cash able to avoid a sell-off at the resistance level by the day’s end.

The day was a choppy one however, with Bitcoin Cash falling to a day low $1,236.2 at the start of the day to test buyer appetite at the 38.2% FIB Retracement Level of $1,204.6 before an afternoon rally that saw Bitcoin Cash break clear of the 23.6% FIB Retracement Level of $1,347.5.

Bitcoin Cash managed to avoid testing the day’s first major support level of $1,295.73, which would have been the good news for the bulls after two consecutive days’ of decline.

At the time of writing, Bitcoin Cash was down 1.65% to $1,395.3, with a morning low $1,358.9 calling on support at the 23.6% FIB Retracement Level of $1,347.5, while managing to avoid a pullback to the day’s first major support level of $1,295.73.

A morning high $1,422.6 failed to test the day’s first major resistance level of $1,487.13, as Bitcoin Cash moved into reverse at Thursday’s resistance level late in the day.

For the day ahead, a move back through to $1,400 levels will be key for Bitcoin Cash to continue maintain the bullish trend, with any pullback to $1,350 likely to bring the day’s first major support level of $1,295.73 into play, though we would expect support at the 23.6% FIB Retracement Level of $1,347.5 to prevent sub-$1,300 levels through the day.

 

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Litecoin back into the $150s

Litecoin gained 5.9% on Thursday, to partially reverse Wednesday’s 12.32% slide, ending the day at $153.55.

Litecoin enjoyed a relatively smooth day on Thursday, with the day’s low $142.2 coming within the first hour of the day, while the day’s $154.65 high came in the final few hours, the day’s major support and resistance levels being left untested through the day.

While major support levels were left untested, Litecoin slipped through to the 38.2% FIB Retracement Level of $145.33 to test buyer appetite before a run back through to $150 levels by the close, an upward move across the broader market delivering the much needed support at the retracement levels.

At the time of writing, Litecoin was down 1.86% to $150.25, with Litecoin falling through the 23.6% FIB Retracement Level of $153.18 early on to come within reach of the day’s first major support level of $145.62, with a morning low $148.6.

With the broader market sitting in the red, Litecoin found little support at the 23.6% FIB Retracement Level, bringing the 38.2% FIB Retracement Level of $145.33 and first major support level of $145.62 into play, barring a shift in sentiment through the morning, support at the $150 psychological level may be not enough.

A move back through to a morning high $153.75 would support a run at the day’s first major resistance level of $158.07, with little news having hit the markets to shift the current bullish trend formed back at the 6th April’s swing lo $112.1.

LTC/USD 27/04/18 Hourly Chart

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Ripple Tracks the Market

Ripple’s XRP gained 6.96% on Thursday, partially reversing Wednesday’s 14.67% slide, to end the day at $0.84884, Ripple’s XRP failing to hit 0.90 levels for the first time since Monday.

An early morning $0.75793 was the only negative for Ripple’s XRP, the day’s low holding well above the first major support level of S0.7267, while calling on support at the 38.2% FIB Retracement Level of $0.7731 that supported a run through the afternoon to a day high $0.85634 before easing back at the close.

While the day’s high fell short of the first major resistance level of $0.8841, breaking clear of the 23.6% FIB Retracement Level of $0.8477 was key to supporting the bullish trend that has continued since 6th April’ swing lo $0.45716, with Ripple’s XRP holding above the 23.6% FIB Retracement Level at the close.

At the time of writing, Ripple’s XRP was down 1.43% to $0.83532 in what’s been a bearish start to the day across the market.

Support at the 23.6% FIB Retracement Level of $0.8477 failed to kick in, bringing sub-$0.80 support levels into play early on, with Ripple’s XRP needing to move through to $0.85 levels to support a run at the day’s first major resistance level of $0.8841 and go in search of $0.90 levels over the weekend.

Failure to move through to $0.85 levels could see Ripple’s XRP slide back to this morning’s $0.82371 low that would bring the day’s first major support level.

It’s been a bearish start, but with the bullish trend still intact and the news wires yet to deliver anything particularly dire for the markets, a reversal of this morning’ losses is plausible through the afternoon.

XRP/USD 27/04/18 Hourly Chart

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