Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/04/18
Bitcoin Cash rallied 4.83% on Saturday, reversing Friday’s 4.93% slide, to end the day at $655, as investors continued to buy into the dips through what has been a particularly volatile week across the cryptomarket.
Bitcoin Cash enjoyed to a number major moves through the day, the first coming at the start of the day, with Bitcoin Cash moving from its intraday low $607.2 to $634.7, coming up short of the first major resistance level of $636.77, the second coming in the middle part of the day, with Bitcoin Cash hitting an intraday high $655.
The day’s high broke through the first major resistance level of $636.77, which ultimately led to pullback to $640 levels by the close.
While Bitcoin Cash managed to break through the day’s first major resistance level, failing to move through to $700 levels and the 23.6% FIB Retracement Level of $714.3 continues to affirm the extended bearish trend.
At the time of writing, Bitcoin Cash was up 1.69% to $649.9, Bitcoin Cash recovering from an early morning $636.3 low to hit a morning high, consolidating Saturday’s recovery in the early part of the day.
For the day ahead, a move back through the morning’s high would support a run at the day’s first major resistance level of $659.4, while $700 levels may continue to be elusive, the cryptomarkets in desperate need of a weekend rally that doesn’t falter by the end.
Failing to test the day’s first major resistance level could see Bitcoin Cash pullback through to this morning’s low, but with the day’s first major support level sitting at $611.6, some quite dire news would need to hit the wires for a major reversal later in the day.
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Litecoin Fails to Impress
Litecoin had a less impressive day on Saturday, gaining just 2.71% to partially reverse Friday’s 4.36 slide, ending the day at $116.
Moves through the day were in line with the broader market, much of the gains coming within the first few hours of the day, Litecoin bouncing from an early intraday low $112.68 to $119.08, with a middle of the day jump to an intraday high $119.59 the end of it for the bulls.
The day’s high pushed through the first major resistance level of $118.63, while falling short of $120 levels and the 23.6% FIB Retracement Level of $124.9, the reversal in the 2nd half of the day coming at a key resistance level that has become a signal for investors to pull out and wait for another dip to jump back in.
The good news was that Litecoin managed to avoid major support levels through the day, though the bearish trend continues to remain intact.
At the time of writing, Litecoin was up 0.49% to $116.63, trailing the broader market in the early part of the day.
This morning’s $115 low saw Litecoin move into the red for a 3rd time in just a few hours, with a relatively positive start to the day across the market providing much needed support, in what has been a choppy start to the session. A $117.4 high came within the first hour, falling short of the first major resistance level of $119.5, leaving major support and resistance levels untested early on, the lack of direction likely to be a testy one for investors in the middle part of the day.
For the day ahead, Litecoin will need to make a run at $120 levels and avoid a sell-off at the first major resistance level of $119.5, with a break through the 23.6% FIB Retracement Level of $124.9 likely to be the confidence booster needed.
Failing to move into $120 levels will leave Litecoin in a bearish trend later in the day, investors likely to be wary going into the new week.
The broader market has provided support through the day, but investors may turn elsewhere if Litecoin fails to make a move.
