Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/04/19

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC gained 2.67% on Friday. Partially reversing a 4.26% slide from Thursday, Bitcoin Cash ABC ended the day at $294.29.

A relatively choppy day saw Bitcoin Cash ABC fall to an early morning intraday low $280.25 before making a move. Steering clear of the first major support level at $267.28, Bitcoin Cash ABC rallied to an intraday high $301.42.

The early afternoon high saw Bitcoin Cash ABC come up short of the first major resistance level at $314.71 before easing back.

The upside through the day saw Bitcoin Cash ABC move back through the 23.6% FIB of $291.

At the time of writing, Bitcoin Cash ABC was down by 1.56% to $289.7. Early moves saw Bitcoin Cash ABC fall from a morning high $295 to a low $285.74 before finding support. Whilst steering clear of the major support levels, Bitcoin Cash ABC fell through the 23.6% FIB of $291.

For the day ahead, a move back through the 23.6% FIB of $291 would support an afternoon recovery. Support from the broader market would bring $295 levels into play before any pullback. Barring a broad-based rally, we would expect Bitcoin Cash ABC to come up short of $300 levels on the day.

Failure to move back through the 23.6% FIB could see Bitcoin Cash ABC take a bigger hit in the day. A fall through the morning low $285.74 would bring the first major support level at $282.55 into play. Barring a crypto sell-off, we would expect Bitcoin Cash ABC to hold avoid sub-$280 levels on the day.

Litecoin Struggles at $90

Litecoin rallied by 4.65% on Friday. Reversing a 0.7% fall from Thursday, Litecoin ended the day at $88.88.

A dip to an early morning intraday low $84.13 was the only bearish move of the day. Steering clear of the first major support level at $79.93, Litecoin rallied to an intraday high $90.4.

The breakout saw Litecoin come up against the first major resistance level at $90.40 before easing back. While steering clear of the major support and resistance levels, Litecoin managed to hold above the 38.2% FIB of $83.

At the time of writing, Litecoin was down by 1.28% to $87.74. Litecoin fell from a morning high $88.89 to a low $87.07 before steadying. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $88 levels would bring $90 levels back into play before any pullback. Barring another crypto rally, Litecoin will likely fall short of first major resistance level at $91.48. In the event of a broad-based rally, however, a move through to $95 levels could be on the cards.

Failure to move through to $88 levels could see Litecoin fall deeper into the red. A pullback through the morning low to $86 levels would bring the first major support level at $85.21 into play. Barring a crypto meltdown, however, we would expect Litecoin to hold above the 38.2% FIB of $83.

Ripple Plays Catch Up

Ripple’s XRP rallied by 10.01% on Friday. Reversing a 2.82% fall from Thursday, Ripple’s XRP ended the day at $0.36635.

A bullish morning saw Ripple’s XRP rally from an intraday low $0.33303 to a mid-morning intraday high $0.38353.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.3472 and second major resistance level at $0.3613. The day’s third major resistance level at $0.3852 pinned Ripple’s XRP back from more material gains on the day.

Ripple’s XRP eased back to 0.36 levels and a range-bound 2^nd half of the day.

At the time of writing, Ripple’s XRP was down by 0.94% to $0.36292. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.36706 to a low $0.36177.

Ripple’s XRP steered clear of the major support and resistance levels early on.

For the day ahead, a hold above $0.3615 levels through the morning would support an afternoon recovery. A move back through to $0.3650 levels would bring $0.37 levels into play before any pullback. Support from the broader market would be needed for Ripple’s XRP to take a run at $0.38 levels, however. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of the first major resistance level at $0.3889.

Failure to hold above $0.3610 could see Ripple’s XRP slide back to $0.34 levels before any recovery. Barring a broad-based crypto sell-off, however, we would expect Ripple’s XRP to hold above the first major support level at $0.3384. In the event of a crypto meltdown, a return to Friday’s low $0.33303 could be on the cards.

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