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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/04/19

By:
Bob Mason
Published: Apr 2, 2019, 03:48 UTC

It's a positive start to the day for the trio, with the bulls likely to be eyeing a breakout from the recent ranges.

Cryptomania

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC fell by 1.38% on Monday. Reversing most of a 1.96% gain from Sunday, Bitcoin Cash ABC ended the day at $166.64.

Bearish through the morning, Bitcoin Cash ABC slid from a start of a day intraday high $169.11 to an intraday low $165.16. Bitcoin Cash ABC came within range of the first major resistance level at $169.34.

The morning reversal saw Bitcoin Cash ABC steer clear of the first major support level at $164.83 before recovering some of the day’s losses.

At the time of writing, Bitcoin Cash ABC was up by 1.55% to $169.22. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $166.76 to a high $169.22. Steering clear of the first major support level at $164.83, Bitcoin Cash ABC broke through the first major resistance level at $168.78.

For the day ahead, a hold above the first major resistance level at $169.22 would support a breakthrough to $170 levels. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the second major resistance level at $170.92.

Failure to hold above the first major resistance level could see Bitcoin Cash ABC give up the morning gains. A pullback through to $166 levels would bring $165 levels and the first major support level at $164.83 into play. We would expect Bitcoin Cash ABC to avoid sub-$164 levels in the event of a sell-off.

BCHABC/USD 02/04/19 Daily Chart

Litecoin Holds Onto $60

Litecoin gained just 0.03% on Monday. Following on from a 0.17% rise from Sunday, Litecoin ended the day at $60.35.

Tracking the broader market, Litecoin slid to a start of a day intraday low $59.9 before recovering.

Finding support at the first major support level at $59.91, Litecoin struck an early morning intraday high $60.83. The early rally saw Litecoin break through the 23.6% FIB of $60. Litecoin also broke through the first major resistance level at $60.63 before easing back.

Holding onto $60 levels through the afternoon, Litecoin recovered from a 2nd half of a day low $60.08 to reverse the losses from the day.

At the time of writing, Litecoin was up by 0.10% to $60.45. A relatively range-bound start to the day saw a Litecoin recover from a morning low $60.28 to a high $60.59 before easing back. The day’s major support and resistance level were left untested early on.

For the day ahead, a hold onto $60.40 levels through the morning would support a run at the first major resistance level at $60.82. Barring a broad-based crypto rally, we would expect Litecoin to fall short of $61 levels.

Failure to hold onto $60.40 levels could see Litecoin fall through the 23.6% FIB of $60 before any recovery. Barring a broad-based sell-off, we would expect the first major support level at $59.89 to prevent heavier losses on the day.

LTC/USD 02/04/19 Daily Chart

Ripple Eyes $0.32 Levels

Ripple’s XRP gained 1.04% on Monday. Reversing a 0.65% fall from Sunday, Ripple’s XRP ended the day at $0.31722.

A start of a day intraday low $0.31223 saw Ripple’s XRP steer clear of the first major support level at $0.3111.

Recovering through the morning, Ripple’s XRP rose to a late morning intraday high $0.31922 before easing back. Ripple’s XRP broke through the first major resistance level at $0.3166 to come up against the second major resistance level at $0.3193.

Relatively range-bound through the afternoon, Ripple’s XRP managed to move back through and hold above the first major resistance level.

At the time of writing, Ripple’s XRP was up by 0.67% to $0.31933. A bullish morning saw Ripple’s XRP rise from a morning low $0.31590 to a morning high $0.31998. Ripple’s XRP came within range of the first major resistance level at $0.3202. The early low saw Ripple’s XRP steer clear of the major support levels,

For the day ahead, a breakthrough the first major resistance level at $0.3202 would bring the second major resistance level at $0.3232 into play. Support from the broader market would be needed, however, for Ripple’s XRP to breakout from $0.3202 on the day. Positive news and support from the broader market could bring $0.33 levels into play later in the day.

Failure to break through to $0.32 levels could see Ripple’s XRP hit reverse later in the day. A fall through the morning low $0.31590 would bring the first major support level at $0.3132 into play. Barring a broad-based crypto sell-off, however, we would expect Ripple’s XRP to avoid sub-$0.31 support levels.

XRP/USD 02/04/19 Daily Chart

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Thanks, Bob

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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