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

By:
Bob Mason
Published: Apr 4, 2019, 02:57 UTC

The majors are on the move again, after a minor blip late in the day on Wednesday. It could get choppy if red begins to appear on the board...

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Jumps Again

Bitcoin Cash ABC jumped by 23.3% on Wednesday. Following on from a 45.69% surge on Tuesday, Bitcoin Cash ABC ended the day at $300.89.

Another bullish start to the day saw Bitcoin Cash ABC rally to a morning high $290 before easing back. The early moves saw Bitcoin Cash ABC break through the first major resistance level at $272.26 before falling back to $240 levels.

The pullback was short-lived, however, with Bitcoin Cash ABC surging to a late intraday high and new swing hi $348.31. Bitcoin Cash ABC broke through the first major resistance level at $272.26 and second major resistance level at $300.75. A late pullback saw Bitcoin Cash ABC give up some of the day’s gains, whilst holding onto $300 levels.

At the time of writing, Bitcoin Cash ABC was up 2% to $306.9. A mixed start to the day saw Bitcoin Cash ABC rise from a morning low $293.68 to a high $320 before easing back.

The moves through the early hours left the day’s major support and resistance levels untested.

For the day ahead, a hold onto $300 levels through the morning would support another run at the first major resistance level at $352.33. Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through the morning high $320.

Failure to hold onto $300 levels could see Bitcoin Cash ABC test the first major support level at $245.43 before any recovery. Barring a crypto meltdown, we would expect Bitcoin Cash ABC to avoid sub-$240 support levels in the event of a pullback.

BCHABC/USD 04/04/19 Daily Chart

Litecoin Hits the $90s

Litecoin rose by 10.35% on Wednesday. Following on from a 28.4% rally on Tuesday, Litecoin ended the day at $85.6.

A bullish start to the day saw Litecoin break through the 38.2% FIB of $83 to hit a morning high $85.07 before easing back to sub-$80 levels. The 38.2% FIB and first major resistance level at $84.53 pinned Litecoin back early on.

Tracking the broader market, Litecoin rallied to a late intraday high $99.89 before sliding back to $80 levels. The rally saw Litecoin break back through the first major resistance level at $84.53 and second major resistance level at $91.56.

At the time of writing, Litecoin was up 0.61% to $86.12. A relatively choppy start to the day saw Litecoin rise from a morning low $83.05 to a high $90.84 before easing back.

The early moves saw Litecoin leave the major support and resistance levels untested.

For the day ahead, a move back through $87.5 would support another run at $90 levels later in the day. Barring another crypto rally, we would expect Litecoin to fall short of $100 levels. The first major resistance level at $97.98 and Wednesday’s high $99.89 would likely pin Litecoin back on the day.

Failure to move through $87.5 could see Litecoin give up some of this week’s gains. A fall through the 38.2% FIB of $83 could bring sub-$80 levels into play. Barring a crypto meltdown, however, we would expect the first major support level at $75.12 to be left untested.

LTC/USD 04/04/19 Daily Chart

Ripple Sees Red

Ripple’s XRP fell by 3.6% on Wednesday. Partially reversing a 12.07% rally from Tuesday, Ripple’s XRP ended the day at $0.34271.

Ripple’s XRP rallied to an early morning high $0.37469 before hitting reverse. Breaking through the first major resistance level at $0.3732, Ripple’s XRP slid back to $0.34 levels before finding support.

Steering clear of the major support levels, Ripple’s XRP bounced back to a late intraday high $0.3750 before taking a late tumble. The first major resistance level pinned Ripple’s XRP back for a 2nd time before the reversal into the red.

At the time of writing, Ripple’s XRP was up by 0.26% to $0.34359. Recovering from a start of a day morning low $0.33678, Ripple’s XRP rose to a morning high $0.34889 before easing back.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move through $0.3487 would bring $0.36 levels and the first major resistance level at $0.369 into play. Support from the broader market would be needed, however, for Ripple’s XRP to breakout from $0.35 levels.

Following Wednesday’s late sell-off, we would expect Ripple’s XRP to come up short of Wednesday’s high $0.375.

Failure to move through $0.3487 could see Ripple’s XRP hit reverse later in the day. A fall through to $0.33 levels could see Ripple’s XRP test the first major support level at $0.3223. Barring a broad-based sell-off, however, we would expect Ripple’s XRP to hold onto $0.32 levels in the event of a reversal.

XRP/USD 04/04/19 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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