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.

Buy & Sell Cryptocurrency Instantly

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US