Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/04/19

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 3.73% on Monday. Partially reversing a 6.59% gain on Sunday, Bitcoin Cash ABC ended the day at $308.74.

In the early hours, Bitcoin Cash ABC rallied to an early morning intraday high $329 before hitting reverse. Falling short of the first major resistance level at $333.05, Bitcoin Cash ABC slid to a late morning intraday low $296.30.

The sell-off saw Bitcoin Cash ABC fall through the first major resistance level at $305.97 before recovering to $300 levels. Bitcoin Cash ABC managed to steer clear of sub-$300 levels through the afternoon.

At the time of writing, Bitcoin Cash ABC was down by 1.61% to $303.76. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $309.67 to a low $303.33 before steadying. The major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high to $311 levels would signal an afternoon rally. A move through to $311 levels would bring the first major resistance level at $326.39 into play. Barring a broad-based recovery, we would expect Bitcoin Cash ABC to struggle at $320 levels to limit any upside on the day. A crypto rebound could bring $330 levels into play before any pullback.

Failure to move back through the morning high could see Bitcoin Cash ABC take a bigger hit on the day. A fall through to sub-$300 levels would bring the first major support level at $293.69 into play. Barring a crypto meltdown, we would expect Bitcoin Cash ABC to hold above the 23.6% FIB of $291.

Litecoin Back down into the $80s

Litecoin declined by 2.62% on Monday. Following on from a 0.48% fall on Sunday, Litecoin ended the day at $89.49.

Tracking the broader market, Litecoin struck an early morning intraday high $94.36 before hitting reverse. Falling short of the first major resistance level at $95.15, Litecoin slid to a late morning intraday low $86.58.

The sell-off saw Litecoin slide through the first major support level at $88.87 before finding support to move back through to $89 levels.

At the time of writing, Litecoin was down by 1.64% to $88.02. A bearish start to the day saw Litecoin fall from a morning high $89.49 to a low $87.96 before steadying. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move through to $90 levels would signal a rebound later in the day. A breakthrough to $90 levels would bring the first major resistance level at $93.71 into play before any pullback. Barring a broad-based crypto rally, however, we would expect Litecoin to fall short of $95 levels. Monday’s high $94.36 would likely cap the upside on the day.

Failure to move through to $90 levels could see Litecoin struggle through the day. A pullback through to $87.5 levels would bring the $86 levels into play before any recovery. Barring a crypto meltdown, however, we would expect Litecoin to hold above the first major support level at $85.93.

Ripple Finds Support

Ripple’s XRP slid by 1.71% on Monday. Partially reversing a 3.1% rise from Sunday, Ripple’s XRP ended the day at $0.36073.

A bullish start to the day saw Ripple’s XRP hit an intraday high $0.3744 before succumbing to market forces.

Coming up against the first major resistance level at $0.3738, Ripple’s XRP slid to a late morning intraday low $0.34992.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.3575 to come within range of the second major support level at $0.3480.  Ripple’s XRP recovered to $0.36 levels in the afternoon to limit the losses for the day.

At the time of writing, Ripple’s XRP was down by 1.17% to $0.35650. A bearish start to the day saw Ripple’s XRP slide from a morning high $0.36111 to a low $0.35410. The pullback saw Ripple’s XRP come within range of the first major support level at $0.3490 early on.

For the day ahead, a move back through the morning high $0.3611 would be needed for a return to $0.37 levels. Barring a broad-based recovery, we would expect Ripple’s XRP to come up short of the first major resistance level at $0.3734.

Failure to move back through to $0.3611 could see Ripple’s XRP fall deeper into the red. A pullback through the morning low $0.3541 would bring the first major support level at $0.3490 into play. Barring a mass crypto sell-off, we would expect Ripple’s XRP to avoid a return to sub-$0.34 levels.

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Thanks, Bob