Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/04/19

The bulls are looking to wrap up a solid week, with more gains. Litecoin 100 could light the markets. Look out for Bitcoin and $5,500…
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Leads the Way

Bitcoin Cash ABC gained 2.65% on Saturday. Following on from a 2.67% rise on Friday, Bitcoin Cash ABC ended the day at $302.45.

A range-bound morning saw Bitcoin Cash ABC ease to an intraday low $284.17 before making a move.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the 23.6% FIB of $291 to hit an intraday high $331.90. Bitcoin Cash ABC broke through the first major resistance level at $303.72 and second major resistance level at $313.16.

Coming within range of the third major resistance level at $334.33, Bitcoin Cash ABC slid back to $290.00 before bouncing back to $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 4.25% to $315.31. Recovering from a morning low $300, Bitcoin Cash ABC rallied to a morning high $315.31.

For the day ahead, a hold onto $310 levels through the morning would support another breakout later in the day. A move through to $320 would support a run at the first major resistance level at $328.18. Another crypto rally would bring $350 levels and the second major resistance level at $353.9 into play before any pullback.

Failure to hold onto $310 levels could see Bitcoin Cash ABC give up the morning gains. A fall through to sub-$300 levels would bring the first major support level at $280.45 into play before any recovery. Barring a crypto meltdown, we would expect Bitcoin Cash ABC to void sub-$280 levels on the day.

For the bulls, holding above the 23.6% FIB of $291 will be key to avoiding a heavy loss on the day.

Litecoin Eyes $100

Litecoin rose by 3.93% on Saturday. Following on from a 4.65% gain on Friday, Litecoin ended the day at $92.37.

A bearish start to the day saw Litecoin fall to an intraday low $85.31 before finding support. Steering clear of the major support levels, Litecoin rallied to an intraday high $97.88 before easing back.

Litecoin broke through the first major resistance level at $91.48 and second major resistance level at $94.07. A late pullback to sub-$90 was short-lived, with Litecoin breaking back through to $93 levels late in the day.

At the time of writing, Litecoin was up by 0.74% to $93.05. A mixed start to the day saw Litecoin fall to a morning low $91.29 before recovering to a morning high $93.76.

Litecoin left the day’s major support and resistance levels untested early on.

For the day ahead, a hold onto $93 levels through the morning would support another breakout later in the day. A move through the morning high $93.76 to $95 levels would bring the first major resistance level at $98.4 into play. Support from the broader market would be needed, however, for Litecoin to break through to $100 levels.

Barring a broad-based crypto breakout, we would expect Litecoin to come up short of the second major resistance level at $104.42.

Failure to hold onto $93 levels could see Litecoin fall back through to $91 levels before any recovery. Barring a cryptomarket sell-off, we would expect Litecoin to hold well above the first major support level at $85.83.

Ripple Makes a Move

Ripple’s XRP fell by 2.96% on Saturday. Partially reversing a 10.01% rally from Friday, Ripple’s XRP ended the day at $0.35619.

Tracking the broader market, Ripple’s XRP fell to a mid-morning intraday low $0.3516 before finding support.

Steering clear of the major support levels, Ripple’s XRP rallied to an early afternoon intraday high $0.36851 before sliding back.

Falling well short of the first major resistance level at $0.3889, Ripple’s XRP fell back to $0.35 levels late in the day.

At the time of writing, Ripple’s XRP was up by 2.55% to $0.36528. A bullish start to the day saw Ripple’s XRP rally from morning low $0.35472 to a high $0.3710 before easing back. Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.3659.

For the day ahead, a move back through the first major resistance level would bring $0.37 levels back into play. Support from the broader market would be needed for Ripple’s XRP to take a run at the second major resistance level at $0.3757. In the event of a breakout, we would expect Ripple’s XRP to come up short of Friday’s high $0.38353.

Failure to move back through the first major resistance level could see Ripple’s XRP give up the morning gains. A pullback through $0.3588 could see Ripple’s XRP test the first major support level at $0.3490. Barring a crypto sell-off, however, we would expect Ripple’s XRP to avoid sub-$0.35 levels on the day.

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Thanks, Bob

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