Yahoo News Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/04/18
Bitcoin Cash Finds Momentum
Bitcoin Cash gained 2.24% on Sunday, following Saturday’s 4.83% rise, to end the weekend at $653.4. The weekend gains seeing Bitcoin Cash move into positive territory for the full week, gaining 1.89% Monday through Sunday, bringing to an end a series of weekly losses.
An intraday low $636.3 came at the start of the day, holding well above the day’s first major support level of $611.6, with Bitcoin Cash managing to test the day’s first major resistance level of $659.4, with an intraday high $659.9 in the middle of the day before easing back in an afternoon of tight ranges.
While Bitcoin Cash managed to close out the week in positive territory, the 23.6% FIB Retracement Level of $714.3 remained elusive, with Bitcoin Cash having failed to touch $700 levels for four consecutive days and, more importantly, has not closed out the day at $700 levels since 30th March.
Bitcoin Cash has managed to form a short-term bullish trend through the weekend, the lack of a sell-off late Sunday providing further evidence that Bitcoin Cash may have bottomed out at Friday’s Swing Lo $600.1.
At the time of writing, Bitcoin Cash was up 2.87% to $671.8, with positive sentiment from the weekend flowing through to the early part of the week.
A morning $676.7 high broke through the day’s first major resistance level of $663.43 to test the 2nd resistance level of $673.47, before easing back, while the start of the day $653.4 low steered well clear of the day’s first major support level of $639.83.
For the day ahead, a move back through the morning $676.7 high would support a run at the 3rd major resistance level of $697.07 and $700 levels, with the 23.6% FIB Retracement Level of $714.3 giving Bitcoin Cash some room to run, though much will depend upon sentiment across the broader market through the day.
With the news wires market friendly, Bitcoin Cash will be looking to reverse the longer-term bearish trend, the weekend bullish trend bringing $700 levels into range for the first time since 5th April’s $717.3 high.
Failing to move back through the mornings high could see Bitcoin Cash face some selling pressure, though any pullback is unlikely to test the day’s first major support level of $639.83, barring dire news out of one of the cryptomarket’s key jurisdictions.
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Litecoin Regains $120 Levels
Litecoin gained 1.45% on Sunday, following Saturday’s 2.71% rise, to end the weekend at $117.75, recording a 2.44% weekly gain Monday through to Sunday.
An intraday low $115.02 in the early part of the morning was the only negative, the low steering well clear of the day’s first major support level of $112.59. A middle of the day intraday high $118.39 fell short of the day’s first major resistance level of $119.5 and the 23.6% FIB Retracement Level of $124.9, as Litecoin moved within relatively tight ranges through the day.
The moves through the weekend were driven by an improved sentiment across the cryptomarket and, with Litecoin and its peers finally closing out a week in positive territory, the bearish trend formed back at 21st March’s $175.5 could begin to reverse if the news wires continue to stay friendly in the early part of the week.
At the time of writing, Litecoin was up 2.42% to 120.52 as Litecoin jumped from an opening $117.67 to an early morning high $122.97, breaking through the day’s first major resistance level of $119.09 and 2nd resistance level of $120.42, while falling short of the 23.6% FIB Retracement Level of $124.9.
The hold above the first major resistance level and at $120 levels through the morning continues to support a short-term bullish trend formed at the end of March’s swing lo $109.27, while the longer-term bearish trend continues to remain intact.
For the day ahead, a move back through to $122 levels would support a run at the day’s 3rd resistance level of $123.79, bringing the 23.6% FIB Retracement Level of $124.9 into play later in the day, though sentiment across the broader market will need to remain positive for Litecoin to avoid a pull back at the 2nd resistance level.
Failure to move back through to $122 levels could see a late in the day reversal, though the day’s major support levels will unlikely be tested.
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Ripple Moves through $0.50
Ripple’s XRP gained 2.99% on Sunday, following Saturday’s 2.63% rise, to end the weekend at $0.49952. The upward momentum through the weekend pulled Ripple’s XRP into positive territory for the week, Ripple’s XRP up 3.99% Monday through Sunday.
The good news for Ripple investors will be the intraday high $0.50195, bringing to an end 3 consecutive days of failing to move through to $0.50 levels, with the day’s high breaking through the first major resistance level of $0.4994, while continuing to fall short of the 23.6% FIB Retracement Level of $0.518.
While a short-term bullish trend formed over the weekend, the longer-term bearish trend formed at 19th March’s swing hi $0.72872 remains intact, with Ripple’s XRP needing to move through the 38.2% FIB Retracement Level of $0.5583 and make a run at the 62% FIB Retracement Level of $0.6234 to reverse the long-term trend.
At the time of writing, Ripple’s XRP was up 0.96% to $0.50383, in what has been a choppy start to the week, Ripple’s XRP hitting an intraday high $0.51271 and a morning low $0.49652 in just a couple of hours, with Ripple’s XRP struggling to hold on to $0.50 levels in spite of more solid gains being seen across the broader market.
The morning’s high broke through the first major resistance level of $0.5067 and 2nd resistance level of $0.5138 to test selling pressure at the 23.6% FIB Retracement Level of $0.518 before pulling back, selling appetite too strong for a more sustained run at $0.55 levels.
For the day ahead, a move back through to $0.51 levels would support a run at the day’s high, though investors may hold back for another dip before jumping back in, which could see Ripple’s XRP pullback to sub-$0.50 levels in the afternoon, bringing the day’s first major support level of $0.4877 into play.
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This article was originally posted on FX Empire
