Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/04/18

5 April 2018, 08: 05
 

Bitcoin Cash Bearish Trend Back

Hopes of a crypto revival faded early in the day on Wednesday, with Bitcoin Cash unable to make it 3 consecutive days of gains and, worse yet, reversed most of Tuesday’s 10.09% rally with an 8.63% fall to an end of day $645.

Momentum through the early part of the morning, which continued on from Tuesday evening, saw Bitcoin Cash strike an intraday high $717.3. The day’s high fell short of the first major resistance level of $733.53, with investors pulling out of the market, with risk aversion attributed to the slide through the day.

Following the morning’s high, it was downhill all the way, with Bitcoin Cash falling through the day’s first major support level of $667.73 to an intraday low $630.8 in the final hour of the day, testing support at the 2nd support level of $629.47.

The slide through Wednesday also reversed the short term bullish trend formed at Sunday’s swing lo $621, as Bitcoin Cash closed out below the day’s 62% FIB Retracement Level of $659.9, leaving the longer-term bearish trend formed back at the 21st March swing hi $1,084 intact.

At the time of writing, Bitcoin Cash was down 0.39% to $645.3, in what has been a relatively choppy start to the day.

After a morning slide to an intraday low $628.7, Bitcoin Cash managed to bounce back to $650 levels and into positive territory before easing back to current levels, with investors set to make a move through the middle of the day to recover Wednesday’s losses.

A move through to this morning’s $656.7 high would support a run at the day’s first major resistance level of $697.93 and $700 levels, with the 23.6% FIB Retracement Level of $730.27 giving Bitcoin Cash enough wriggle room through the middle part of the day.

Failure to move through to the day’s first major support level will test investor resolve later in the day, with a pullback to the morning’s $628.7 low likely to bring the day’s first major support level of $611.43 into play.

While risk aversion was attributed to Wednesday’s slide, improved sentiment through the early part of the morning should provide some support, though direction through the day will ultimately be hinged on the news wires.

BCH/USD 05/04/18 Hourly Chart

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Litecoin Bucking Trends

Things were not much better for Litecoin on Wednesday, Litecoin reversing Tuesday’s 12.53% gain, with a 12.05% slide to an end of day $117.96.

The bulls were out in force through the first few hours of the day, pushing Litecoin through to an intraday high $135.15, with momentum carrying through from Tuesday’s night’s rally, but as the tensions between China and the U.S heated up through the day, the worse it got for Litecoin.

Litecoin tumbled through the day’s first major support level of $122.24 to an intraday low $115.5 in the final hours of the day, the only good news being that Litecoin managed to steer clear of the 2nd support level of $110.48.

With Tuesday’s gain reversed, Litecoin’s short-term bullish trend also reversed through the 2nd half of the day, with the longer-term bearish trend affirmed as sentiment darkened through the day, leaving buyers on the side lines at the day’s 62% FIB Retracement Level of $120.7. Litecoin also showed little chance of a move through the needed $150 to fully reverse the longer-term bearish trend formed at 21st March swing hi $175.5.

At the time of writing, Litecoin was up 1.25% at $119.72 as the mood across the cryptomarket improved through the morning.

Litecoin fell to an early morning low $113.75 at the start of the day, as Wednesday’s negative sentiment lingered into Thursday, before a bounce back to an intraday high $121.5, support and resistance levels untested through the first part of the morning.

For the day ahead, a move back through to this morning’s $121.5 would support a run at the day’s first major resistance level of $130.24, though the sentiment across the broader market will need to be upbeat for Litecoin to avoid a build-up of selling pressure at the day’s 23.6% FIB Retracement Level of $124.9.

Failure to move through to $124 levels would likely see Litecoin see a pull back towards Wednesday’s $115.5 low, to bring the day’s first major support level of $110.59 into play.

We can expect a choppy day ahead for Litecoin, and sentiment across the broader market will be key for the day ahead.

LTC/USD 05/04/18 Hourly Chart

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Ripple back at sub-$0.50

Ripple’s XRP joined the pack in the red on Wednesday, falling 10.43% to an end of day $0.49045, reversing Tuesday’s 10.63% gain.

Ripple investors managed to hold out for longer than some of the cryptos through the morning, with Ripple XRP’s intraday high $0.55366 hit in the late morning and not at the start of the day.

The day’s high fell short of the first major resistance level of $0.5709, with even the more resilient Ripple investors running for the door as the broader market sell-off took its toll through the 2nd half of the day.

A slide through the day’s first major support level of $0.5064 to an intraday low $0.48077 left Ripple’s XRP back at sub-$0.50 levels by the close, with the short term bullish trend formed at Sunday’s swing lo $0.45292 coming to an abrupt end, as buyers failed to jump in through the day’s 62% FIB Retracement Level of $0.4915.

At the time of writing, Ripple’s XRP was down 0.64% to $0.48835, with a start of the day dive to a morning low $0.47136  moving to within touching distance of the day’s first major support level of $0.4629 before retracing back to $0.488 levels.

A morning high 0.49916 in the last hour fell short the day’s first major resistance level of $0.5358, any material gains through the morning on hold, with sentiment mixed across the broader cryptomarket early on.

For the day ahead, a move through to $0.50 levels would support a run at the day’s 23.6% FIB Retracement Level of $0.518, while a move through to the day’s first major resistance level will need support from a broader market rally.

Failure to move through to $0.50 levels could see Ripple’s XRP pull back to this morning’s $0.47136 low and bring the day’s first major support level into play through the afternoon.

XRP/USD 05/04/18 Hourly Chart