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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/10/19

By:
Bob Mason
Published: Oct 4, 2019, 06:17 UTC

It's another choppy day ahead as Ripple's XRP looks to buck the trend...

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – Bucks the Trend Early

Bitcoin Cash ABC fell by 0.1% on Thursday. Partially reversing a 0.45% gain from Wednesday, Bitcoin Cash ABC ended the day at $223.29.

A choppy start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $225.28 before hitting reverse.

Falling short of the first major resistance level at $226.15, Bitcoin Cash ABC slid to a late afternoon intraday low $216.87.

The sell-off saw Bitcoin Cash ABC fall through the first major support level at $222.36 and second major support level at $219.84.

Late in the day, Bitcoin Cash ABC found support to move back through to $220 levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.99% to $221.08. A bearish start to the day saw Bitcoin Cash ABC slide from an early morning high $223.13 to a low $217.87.

Steering clear of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $218.35 before finding support.

For the day ahead, a move back through to $221.80 levels would support a rebound later in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from this morning’s high $223.13.

Barring a broad-based crypto rebound, the first major resistance level at $226.76 would likely cap any upside.

Failure to move back through to $221.80 levels could see Bitcoin Cash ABC fall deeper into the red. A fall back through the first major support level could see Bitcoin Cash ABC test the second major support level at $213.4.

BCHABC/USD 04/10/19 Daily Chart

Litecoin in the Red again

Litecoin rose by 0.02% on Thursday. Following a 1.07% gain from Wednesday, Litecoin ended the day at $56.44.

Tracking the broader market, Litecoin slid from an early morning high $56.61 to an early afternoon intraday low $53.62.

Litecoin fell through the first major support level at $55.56 and second major support level at $54.68

Holding above the third major support level at $53.23, Litecoin recovered to a late intraday high $57.05.

The late break out saw Litecoin come up against the first major resistance level at $57.01 before easing back in the final hour.

At the time of writing, Litecoin was down by 0.51% to 56.15. A bearish start to the day saw Litecoin slide from an early morning high $56.68 to a mid-morning low $55.24.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a hold onto $56 levels through the morning would support another run at $57 levels.

Litecoin would need the support of the broader market, however, to break through the first major resistance level at $57.79.

Failure to hold onto $56 levels could see Litecoin slide back to $54 levels before any recovery.

Barring an extended sell-off, the first major support level at $54.36 should limit the downside on the day.

LTC/USD 04/10/19 Daily Chart

Ripple’s XRP Gives up on $0.25

Ripple’s XRP fell by 2.61% on Thursday. Reversing a 2.03% rise from Wednesday, Ripple’s XRP ended the day at $0.24767.

Tracking the broader market through the morning, Ripple’s XRP slid from an early morning intraday high $0.25472 to an early afternoon intraday low $0.24250.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2487 and the second major support level at $0.2435.

Through the 2nd half of the day, Ripple’s XRP managed to break back through the second major support level.

Bearish sentiment, however, left Ripple’s XRP at sub-$0.25 levels on the day.

At the time of writing, Ripple’s XRP was up by 0.21% to $0.24820. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.25036 before falling to a low $0.24529.

Steering clear of the major support and resistance levels, Ripple’s XRP found support to move back into the green.

For the day ahead, a move back through to $0.2490 levels would support a run at the first major resistance level at $0.2541.

A shift in sentiment across the broader market would be needed, however, for Ripple’s XRP to take a run at Thursday’s high $0.25472.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of $0.26 levels for a 3rd consecutive day.

Failure to move back through to $0.2490 levels could see Ripple’s XRP hit reverse. A fall back through the morning low $0.24529 would bring the first major support level at $0.2419 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.24 levels on the day.

XRP/USD 04/10/19 Daily Chart

Please let us know what you think in the comments below

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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