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

By:
Bob Mason
Published: Apr 16, 2019, 02:26 UTC

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

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.

BCHABC/USD 16/04/19 Daily Chart

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.

LTC/USD 16/04/19 Daily Chart

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.

XRP/USD 16/04/19 Daily Chart

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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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