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

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

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.

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.

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Thanks, Bob

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