Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/04/19

A mixed start to the day could test the bulls later on. Failure to make another move might see some cream be taken off the top going into the weekend.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

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.

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.

 

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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