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

It’s back in the red early on. The balance of power remains with the bulls, however, which could deliver an afternoon recovery.
Bob Mason
Bitcoin coin on white keyboard

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 2nd 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.

Buy & Sell Cryptocurrency Instantly

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US