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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/04/18

By:
Bob Mason
Updated: Apr 24, 2018, 04:19 UTC

The Cryptos are on the move and it's not just Bitcoin Cash that is catching the eye this morning, the crypto bulls in firm control in the early part of the week.

crypto

Bitcoin Cash Crushes Bitcoin and the Rest

Bitcoin Cash was on the move again on Monday, rallying 20.61% off the back of a 3.04% rise on Sunday, to end the day at $1,436.6, its highest level since the 21st February’s $1,555.9.

After a slow first hour that saw Bitcoin Cash ease back marginally to a day low $1,187.4, it was onwards and upwards from there, Bitcoin Cash rallying through the morning to hit an intraday high $1,459.7, breaking through the day’s first major resistance level of $1,264.83 and 2nd resistance level of $1,340.17.

The day’s high may have come short of the 3rd resistance level of $1,495.87, but support levels were left in the distance through the day, the start of the day low steering well clear of the first major support level of $1,109.13 and 23.6% FIB Retracement Level of $1,104.1.

Hard forks have tended to be popular and the Bitcoin Cash hard fork next month has certainly done the trick for Bitcoin Cash and the broader market.

At the time of writing, Bitcoin Cash was up 7.82% to $1,554.4, with the hard fork rally continuing to break through resistance levels.

This morning’s $1,566.5 high saw Bitcoin Cash break through the first major resistance level of $1,535.07 with ease in the early hours, as more and more jump on the bandwagon on hopes of free coins next month. Such is the rally that one does begin to wonder how much further Bitcoin Cash can go with more 3-weeks sill remaining until the fork.

For the day ahead, upbeat sentiment across the markets will continue to provide support, with Bitcoin Cash likely to test resistance at $1,600, a move through to the day’s 2nd resistance level of $1,633.53 a possibility when considering moves at the start of the week.

Bitcoin Cash could see a material slide should sentiment shift towards the hard fork and expectations of a new coin. A Bitcoin Cash pullback through to this morning’s $1,425 low at the start of the day could signal a sell-off, investors all too aware of how quickly sentiment can shift, though it’s not just the hard fork that’s driving Bitcoin Cash.

BCH/USD 24/04/18 Hourly Chart

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Litecoin Back into the $150s

Litecoin found its feet at the start of the week, gaining 4.1% on Monday, more than reversing Sunday’s 1.23% fall, to end the day at $152.59.

The weekend had been a bearish one for Litecoin, with the 4.48% fall on Saturday, so the Monday rally and recovery to $150 levels was key to continuing the bullish trend formed back at 6th April’s $112.1 swing lo.

An intraday low $146.35 came at the start of the day, with Litecoin breaking back into $150 levels by the late morning, hitting an intraday high $153.24 before a slight easing and relatively range bound afternoon.

While the day’s first major support level was untested in the early morning, the late morning run saw Litecoin break through the first major resistance level of $151.34, with Litecoin’s close above the resistance level reaffirming the bullish trend formed back in the first week of April.

The good news for the Litecoin bulls was the buck trending moves in the early part of the day and, with news hitting the wires of a sizeable remittance using Litecoin taking a matter of minutes with just a fee of $0.40, Litecoin may well garner some additional attention through the day ahead.

At the time of writing, Litecoin was up 4.53% to $159.5, in what’s been quite a run at the start of the day.

Within the first hour of the morning, Litecoin moved from an opening $152.59 to a morning high $161.48, breaking through the day’s first major resistance level of $155.1 and $157.62 with relative ease, to touch $160 levels for the first time since 27th March.

With Litecoin building a sizeable distance from key support levels, moves through the remainder of the day will be hinged on broader market sentiment, the morning’s gains likely to be attributed to the use of the Litecoin platform for the sizeable remittance on Monday, coupled with the bullish broader market sentiment.

For the day ahead, Litecoin will likely face selling pressure at $160 levels, with a move through to $162 needed to avoid a pullback to $150 levels this morning. The bullish trend remains intact and Litecoin should avoid testing key support levels, barring materially bad news hitting the wires later today. A pullback to $155 could signal a reversal and a test of sub-$150 support levels.

LTC/USD 24/04/18 Hourly Chart

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Ripple looking to make a splash

Ripple’s XRP gained 2.16% on Monday, following Sunday’s 0.51% fall, to end the day at $0.87666.

While managing to reverse Sunday’s fall, the move was not enough to offset Saturday’s 6.56% slide, with the Ripple’s XRP having struggled through the early part of the morning, leaving it trailing some of the crypto majors through the day.

In contrast to recent sessions, moves through the day were relatively range bound, with Ripple XRP’s early intraday low $0.84518 and middle of the day $0.88842 high leaving the day’s major support and resistance levels untested.

Thursday and Friday’s rally that outperformed even Bitcoin Cash has left Ripple’s XRP a little flat, but this could well change in the coming days, with news of the Litecoin transaction likely to bring the Ripple platform into the limelight.

At the time of writing, Ripple’s XRP was up 4.23% to $0.90911, moving back to $0.90 levels key this morning, having failed to test resistance levels on Monday.

It’s been a solid morning, with Ripple’s XRP hitting an early $0.93286 high before easing back, with Ripple’s XRP breaking through the day’s first major resistance level of $0.895 and 2nd resistance level of $0.9133 before easing back at the time of writing.

With support levels untested and Ripple’s XRP building a sizeable gap from the 23.6% FIB Retracement Level of $0.8385, it could be another strong day for the bulls, though much will depend upon the direction of Bitcoin and Bitcoin cash through the 2nd half of the day, Ripple’s XRP now needing to make a run at $0.95 levels to bring $1.00 levels into play.

We will expect Ripple’s XRP to find support at the $0.90 psychological level that should leave the day’s first major support level of $0.8518 untested today.

XRP/USD 24/04/18 Hourly Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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