Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/09/18

Bitcoin Cash on the Move

Bitcoin Cash fell by 3.51% on Monday, partially reversing Sunday’s 5.33% gain, to end the day at $628.8.

The damage came at the start of the day, with Bitcoin Cash falling from a first hour intraday high $657.2 to a late morning intraday low $623, the moves through the morning leaving the day’s major support and resistance levels untested.

A range bound 2^nd half of the day saw Bitcoin Cash struggle to hold on to $630 levels, with Bitcoin Cash easing back from an afternoon $639.1 high by the day’s end.

At the time of writing, Bitcoin Cash was up 0.72% to $633.4, with Bitcoin Cash recovering from a start of a day dip to a morning low $626.2 to a morning high $637.4 before steadying, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high and hold on to $637 levels through the morning would support further gains over the second half of the day, with a break through to $640 levels bringing the day’s first major resistance level at $649.67 and $650 levels back into play, though the news wires will need to remain friendly through the day.

Failure to move back through to $637 levels could see Bitcoin Cash hit reverse later in the day, with a pullback through the morning low $626.2 bringing the day’s first major support level at $615.47 into play.

Barring materially negative news, we would expect Bitcoin Cash to find support at sub-$620 levels in the event of a reversal, though investors will need to look out for the latest Bitcoin CTFC Commodity of Traders report, any rise in short positions likely to weigh on Bitcoin Cash and the broader market, which could bring the day’s second major support level at $602.13 into play late in the day.

Litecoin Looking for a Rebound

Litecoin fell by 1.28% on Monday, following on from Sunday’s 0.36% decline, to end the day at $65.38.

Tracking the broader market, Litecoin slipped from a start of a day intraday high $65.51 to an intraday low $64.4 before finding support through the afternoon, the early reversal seeing Litecoin call on support at the day’s first major support level at $64.6.

An afternoon recovery saw Litecoin move through to an afternoon high $66.2 before pulling back to $65 levels, the first major resistance level at $67.35 left untested on the day.

At the time of writing, Litecoin was up 1.99% to $66.67, with Litecoin recovering from a start of a day dip to a morning low $65.32 to a morning high $67.39, Litecoin breaking through the day’s first major resistance level at $65.79 and second major resistance level at $66.21 to test the day’s third major resistance level at $67.32 before easing back to $66 levels.

For the day ahead, holding on to $66 levels would support a move back through to $67 levels to bring the day’s third resistance level at $67.32 back into play, while we would expect Litecoin to face plenty of resistance to pin back any moves through to $68 levels.

Failure to hold on to $66 levels could see Litecoin slide back through the day’s first major resistance level to bring sub-$65 levels and the day’s first major support level at $64.68 into play, with direction through the latter part of the day likely to be dictated by broader market sentiment, any fall below $65.10 to be considered a bearish signal.

Ripple Holds Steady

Ripple’s XRP fell by 2.3% on Monday, following Sunday’s 1.45% decline, to end the day at $0.33411.

In line with the broader market, Ripple’s XRP slid from a start of a day intraday high $0.34426 to a late morning intraday low $0.33251, calling on support at the day’s first major support level at $0.3354 to recover to an afternoon $0.34032 high.

A late in the day pullback saw Ripple’s XRP slide back to $0.33 levels, with resistance at $0.34 levels proving to be too great on the day.

At the time of writing, Ripple’s XRP was up 0.52% to $0.33604, recovering from a start of a day low $0.33404 to a morning high $0.33752, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to 0.337 levels and hold through the morning would support stronger gains later in the day, with a move through to $0.34 levels bringing the day’s first major resistance level at $0.3414 into play.

Failure to move back through to $0.337 levels could see Ripple’s XRP slide back through the morning low $0.33404 to bring $0.32 levels and the day’s first major support level at $0.3297 into play before any recovery.

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