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

By:
Bob Mason
Published: Apr 7, 2019, 03:29 UTC

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...

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.

BCHABC/USD 07/04/19 Daily Chart

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.

LTC/USD 07/04/19 Daily Chart

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.

XRP/USD 07/04/19 Daily Chart

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Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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