Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/04/19

Bitcoin Cash ABC is on the move early, while Ripple’s XRP continues to struggle. Will it be a breakout or a breakdown?
Bob Mason
Bitcoin 1

Bitcoin Cash – ABC – Bucks the Trend

Bitcoin Cash ABC rallied by 8.8% on Monday. Following on from a 3.36% rise from Sunday, Bitcoin Cash ABC ended the day at $314.43.

A bullish start to the day saw Bitcoin Cash ABC rise from an intraday low $289 to a morning high $310 before easing back.

The early rally saw Bitcoin Cash ABC break through the 23.6% FIB of 291, first major resistance level at $296.37 and second major resistance level at $303.03.

Following a pullback to sub-$300 levels, Bitcoin Cash ABC rallied to an intraday high $335 before easing back.

The early afternoon rally saw Bitcoin Cash ABC break through the day’s major resistance levels before falling back through the third major resistance level at $321.84.

At the time of writing, Bitcoin Cash ABC was up by 0.27% to $315.29. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $312.37 to a high $323.81 before easing back.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $312 levels through the morning would support a move back through the morning high $323.81. Following Monday’s news related moves, support from the broader market would be needed for Bitcoin Cash ABC to take a run at the first major resistance level at $336.62.

Failure to hold above $312 levels could see Bitcoin Cash ABC slide back to sub-$300 levels.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC will likely steer clear of the 23.6% FIB of $291 and first major support level at $290.62.

Litecoin Sees More Red

Litecoin slumped by 6.6% on Monday. Reversing most of a 7.6% rally on Sunday, Litecoin ended the day at $78.24.

An early morning rise to an intraday high $84.73 was the only bullish move of the day. Falling short of the major resistance levels, Litecoin slid to a late afternoon intraday low $74.95 before steadying.

The sell-off saw Litecoin fall through the 38.2% FIB of $83 and the first major support level at $78.87.

At the time of writing, Litecoin was Litecoin was up by 0.13% to $78.34. Early on, Litecoin rise from a morning low $77.72 to a high $79 before easing back. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $79.31 would bring $80 levels back into play. Support from the broader market would be needed, however, for Litecoin to take a run at the 38.2% FIB of $83. Barring a crypto rally, Litecoin will likely come up short of the 38.2% FIB and first major resistance level at $83.6.

Failure to move through $79.31 could see Litecoin fall back into the red. A fall through the morning low $77.72 would bring $75 levels into play before any recovery. Barring a crypto meltdown, Litecoin will likely steer well clear of the first major support level at $73.88.

Ripple Trails the Pack

Ripple’s XRP fell by 3.51% on Monday. Reversing a 0.91% gain from Sunday, Ripple’s XRP ended the day at $0.3200.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.33534 before hitting reverse.

Coming within range of the first major resistance level at $0.3357, Ripple’s XRP fell to a late afternoon intraday low $0.31232.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3260 and second major support level at $0.3205.

While recovering to $0.32 levels, Ripple’s XRP failed to hold above the second major support level by the day’s end.

At the time of writing, Ripple’s XRP was flat at $0.31999. A mixed start to the day saw Ripple’s XRP rise from a morning low $0.31743 to a high $0.32004. The early moves saw Ripple’s XRP steer clear of the day’s major support and resistance levels.

For the day ahead, a move through to $0.3230 levels would bring $0.33 levels into play later in the day. Support from the broader market would be needed for Ripple’s XRP to take a run at the first major resistance level at $0.3328.

Barring a crypto rebound, Ripple’s XRP will likely continue to fall short of $0.34 levels on the day.

Failure to move through to $0.3230 levels could see Ripple’s XRP hit reverse later in the day. A fall through the morning low $0.31743 would bring the first major support level at $0.3098 into play.

Barring a crypto sell-off, Ripple’s XRP will likely steer well clear of the second major support level at $0.2995.

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