Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/12/18

Another bearish start to the day sees the majors in the red, with a failure to recover by late morning raising the prospects of another sell-off.
Bob Mason

Bitcoin Cash – ABC Hits Reverse

Bitcoin Cash ABC tumbled by 7.28% on Monday, following a 0.43% fall on Sunday, to end the day at $157.38.

A bearish start to the day saw Bitcoin Cash ABC slide to a morning low $160.4, the sell-off seeing Bitcoin Cash ABC fall through the first major support level at $166.21 and second major support level at $162.4 before recovering to $166 levels by the middle of the day.

The upside wasn’t to hold with a second sell-off seeing Bitcoin Cash ABC slide to an intraday low and new swing lo $154.07, holding above the third major support level at $153.35 before steadying.

At the time of writing, Bitcoin Cash ABC was down 2.59% to $153.31, with Bitcoin Cash ABC rising to an early morning high $157.27 before hitting reverse, falling to a morning low and new swing lo $153.31, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $157.27 would be needed to bring $160 levels back into play, while we would expect Bitcoin Cash ABC to fall well short of the first major resistance level at $166.72, with Bitcoin Cash ABC likely to face plenty of resistance at $160.

Failure to move back through the morning high could see things go from bad to worse, with a fall through the first major support level at $151.05 bringing sub-$150 into play before any recovery should sentiment across the broader market continue to deteriorate through the day.

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Litecoin Deep in the Red

Litecoin slumped by 8.52% on Monday, following a 1.27% fall on Sunday, to end the day at $30.50.

Tracking the broader market, Litecoin slipped through the first major support level at $32.55 to an early morning low $31.27 before steadying.

An early afternoon sell-off did the damage, with Litecoin sliding through the second major support level at $31.75 to an intraday low $29.56, calling on support at the third major support level at $29.93 to move back through to $30 levels by the day’s end.

At the time of writing, Litecoin was down 0.59% to $30.32, with moves through the early morning seeing Litecoin rise from a morning low $29.97 to a morning high $31.01 before easing back into the red, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $31 levels and hold above $31.17 by the early afternoon would support a run at $32 levels to bring the day’s first major resistance level at $32.78 into play before any pullback, $33 levels unlikely to be in play later today.

Failure to move back through to $31 levels could see Litecoin take another tumble later today, with a pullback through the morning low likely to bring the day’s first major support level at $28.89 into play before any recovery, sub-$28 support levels unlikely to be tested in the event of another sell-off.

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Ripple Hits Better than the Rest

Ripple’s XRP fell by 5.9%, following Sunday’s 1.28% loss, to end the day at $0.34986.

Bearish from the start of the day, Ripple’s XRP fell through the first major support level at $0.3637 to an early morning low $0.358, calling on support at the second major support level at $0.3555 to hold steady through the rest of the morning.

Pressure from the broader market ultimately weighed, with Ripple’s XRP sliding through the second major support level at $0.3555 to a late in the day intraday low $0.34631 before finding support.

At the time of writing, Ripple’s XRP was down 0.52% to $0.34804, with moves through the early morning seeing Ripple’s XRP rise to a morning high $0.35523 before pulling back to a morning low $0.34649, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high $0.35523 to $0.356 would support a run at $0.36 levels to bring the day’s first major resistance level at $0.3662 into play, with a broad based rally bringing $0.37 levels into play before any pullback, $0.38 levels and the day’s second major resistance level at $0.3824 unlikely to be visited on the day.

Failure to move back through to $0.355 levels could see Ripple’s XRP take a bigger hit later in the day, with a fall back through the morning low $0.34649 bringing sub-$0.34 levels and the day’s first major support level at $0.3399 into play, with the second major support level at $0.3300 in play should sentiment fail to improve later in the day.

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