Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/04/19

It’s red across the board, with Wednesday’s late pullback spilling over to the early hours. Things could get dicey if there’s no partial recovery this morning.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC rose by 2.37% on Wednesday. Partially reversing a 4.09% slide from Tuesday, Bitcoin Cash ABC ended the day at $304.16.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $290 before finding support. The early sell-off saw Bitcoin Cash ABC fall through the 23.6% FIB of $291, whilst holding above the first major support level at $288.12.

Relatively choppy through the rest of the day, Bitcoin Cash ABC managed to strike a late intraday high $314.06 before easing back.

The late recovery saw Bitcoin Cash ABC break through the first major resistance level at $307.79 and more importantly, hold above the 23.6% FIB.

At the time of writing, Bitcoin Cash ABC was down by 5.78% to $286.56. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $304.1 to a low $275 before steadying.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $288.12 and second major support level at $279.22. Of greater significance, however, was a pullback through the 23.6% FIB of $291.

For the day ahead, a move back through the 23.6% FIB would be needed for Bitcoin Cash ABC to take a run at $300 levels. Barring a major crypto rebound, however, we would expect Bitcoin Cash ABC to fall well short of $300 levels on the day.

Failure to move through to $291 levels could see Bitcoin Cash ABC slide back through to $270 levels. Bitcoin Cash ABC will likely avoid sub-$270 levels, however. The third major support level at $271.09 would likely limit the downside on the day.

Litecoin Avoids sub-$80

Litecoin gained 1.96% on Wednesday. Partially reversing a 2.91% fall from Tuesday, Litecoin ended the day at $88.43.

Range-bound through most of the day, Litecoin rose from a morning low $86.51 to a morning high $89.31 before easing.

A late afternoon rally saw Litecoin strike an intraday high $91.99 before sliding back. Litecoin broke through the first major resistance level at $89.79 before falling to an intraday low $86.51.

In spite of the pullback, Litecoin managed to recover to $88 levels to end the day in positive territory.

At the time of writing, Litecoin was down by 3.11% to $85.68. Tracking the broader market, Litecoin slid from a morning high $88.9 to a low $83.95 before finding support.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $85.96 before steadying.

For the day ahead, a move through the first major support level at $85.96 to $87 levels would be needed to signal a possible rebound. Litecoin would need to move through to $89 levels to bring the day’s major resistance levels into play. Barring a broad-based rebound, however, we would expect Litecoin to fall short of $88 levels and the first major resistance level at $91.44.

Failure to move back through the first major support level could see Litecoin take another hit later in the day. A fall through the morning low $83.95 would bring the second major support level at $83.5 into play. Barring a crypto meltdown, however, Litecoin would likely hold above the 38.2% FIB of $83 on the day.

Ripple Slides Again

Ripple’s XRP gained 0.39% on Wednesday. Partially reversing a 2.49% slide Tuesday, Ripple’s XRP ended the day at $0.3535.

Relatively bullish through most of the day, Ripple’s XRP rose to a late afternoon intraday high $0.36303.

Ripple’s XRP broke through the first major resistance level at $0.3587 before hitting reverse. The reversal saw Ripple’s XRP fall to an intraday low $0.34006 before recovering to $0.35 levels.

On the slide, Ripple’s XRP fell through the first major support level at $0.3479 and second major support level at $0.3437

At the time of writing, Ripple’s XRP was down by 4.66% to $0.33702. A particularly bearish start to the day saw Ripple’s XRP fall from a morning high $0.35394 to a low $0.32855.

Falling short of the major resistance levels, Ripple’s XRP slid through the first major support level at $0.3414.

For the day ahead, a move back through the first major support level at $0.3414 would signal a possible recovery. Ripple’s XRP would need to move through $0.3520 levels to bring $0.36 levels into play.

Barring a broad-based crypto rebound, however, we would expect Ripple’s XRP to fall well short of the first major resistance level at $0.3643.

Failure to move back through the first major support level could see Ripple’s XRP fall back to $0.32 levels. Barring a crypto meltdown, we would expect the second major support level at $0.3292 to keep $0.31 levels out of play.

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Thanks, Bob

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