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Bob Mason
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Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC slid by 4.26% on Thursday. Partially reversing a 23.3% rally from Wednesday, Bitcoin Cash ABC ended the day at $288.35.

A rise to an early morning intraday high $320 was the only bullish move of the day. Falling short of the first major resistance level at $352.33, Bitcoin Cash ABC fell to a late afternoon intraday low $272.57.

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While steering clear of the major support levels, the pullback saw Bitcoin Cash ABC fall through the 23.6% FIB of $291.

Support late in the day kicked in to drive Bitcoin Cash ABC back to $295 levels before easing back by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 0.59% to $286.65. Moves in the early hours saw Bitcoin Cash ABC rise to a morning high $294.92 before falling to a low $286.64. While Bitcoin Cash ABC left the major support and resistance levels untested, the 23.6% FIB of $291 proved to be a challenge early on.

For the day ahead, a break back through the 23.6% FIB to $294 levels would bring $300 levels back into play. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to fall short of the first major resistance level at $314.71. In the event of a rally, a breakout from $300 levels would bring the second major resistance level at $341.07 into play.

Failure to move back through the 23.6% FIB could see Bitcoin Cash ABC pullback to $270 levels before any recovery. Barring a crypto meltdown, we would expect the first major support level at $267.28 to be left untested. In the event of a sell-off, the second major support level at $246.21 could come into play later in the day.

 

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Litecoin Back in the $80s

Litecoin fell by just 0.7% on Thursday. Following a 10.35% gain on Wednesday, Litecoin ended the day at $84.95.

Tracking the broader market, Litecoin rose to an early morning intraday high $90.84 before hitting reverse. Falling short of the first major resistance level at $97.98, Litecoin fell to an intraday low $80.37 before steadying.

While avoiding the day’s major support levels, Litecoin fell through the 38.2% FIB of $83 before finding support. A break back through the 38.2% FIB late in the day was positive for the bulls.

At the time of writing, Litecoin was by 0.46% to $85.34. A bullish start to the day saw Litecoin rise to a morning high $86.92 before easing back to a morning low $84.48. Litecoin steered clear of the major support and resistance levels early on. Holding above the 23.6% FIB of $83 was key in the early hours.

For the day ahead, a hold onto $85 levels would bring the first major resistance level at $90.4 into play. Barring a broad-based crypto rally, we would expect Litecoin to come up short of Wednesday’s high $99.89. In the event of a breakout, the second major resistance level at $95.86 could limit the upside on the day.

Failure to hold onto $85 levels could see Litecoin slide back to sub-$80 before any recovery. Barring a crypto sell-off, the first major support level at $79.93 would likely limit the downside on the day.

Ripple Buckles

Ripple’s XRP slid by 2.82% on Thursday. Following on from a 3.6% fall from Wednesday, Ripple’s XRP ended the day at $0.33304.

Recovering from a morning low $0.33678, Ripple’s XRP rose to a mid-morning intraday high $0.35148 before hitting reverse.

Falling short of the first major resistance level at $0.3690, Ripple’s XRP slid to an intraday low $0.32759.

In spite of the afternoon reversal, Ripple’s XRP avoided the major support levels to move back through to $0.33 levels.

At the time of writing, Ripple’s XRP was up 0.32% to $0.33411. A range-bound start to the day saw Ripple’s XRP rise from a morning low $0.33303 to a high $0.33561 before easing back.

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

For the day ahead, a move through to $0.3375 would bring $0.34 levels into play later in the day. Ripple’s XRP would need support from the broader market to take a run at the first major resistance level at $0.3472. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of $0.35 levels on the day.

Failure to move through to $0.3375 could see Ripple’s XRP hit reverse later in the day. A slide through the morning low $0.33303 would bring $0.32 levels into play before any recovery. Barring a crypto meltdown, we would expect Ripple’s XRP to hold above the first major support level at $0.3233.

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Thanks, Bob

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