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

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…
Bob Mason
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.

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.

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.

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Thanks, Bob

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