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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/04/19

By:
Bob Mason
Published: Apr 17, 2019, 04:11 UTC

It's a choppy start to the day. Holding onto current levels could see a move northwards later in the day.

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Tracks the Pack

Bitcoin Cash ABC gained 1.23% on Tuesday. Following on from an 8.8% rally on Monday, Bitcoin Cash ABC ended the day at $316.22.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $323.81. Falling well short of the first major resistance level at $336.62, Bitcoin Cash ABC fell to an early afternoon intraday low $302.33 before recovering.

Holding above the first major support level at $290.62, Bitcoin Cash ABC struck $320 in the late afternoon. Positive sentiment across the broader market prevented a heavier pullback late in the day.

At the time of writing, Bitcoin Cash ABC was down by 0.58% to $314.38. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $321.78 to a low $312. In spite of the pullback, Bitcoin Cash ABC left the day’s major support levels untested.

For the day ahead, a move back through to $314 levels would support a run at the first major resistance level at $325.91. Support from the broader market would be needed, however, for a breakthrough to $320 levels.

Barring a crypto rally later in the day, Bitcoin Cash ABC will likely come up short of $330 levels on the day.

Failure to move through to $314 levels could see Bitcoin Cash ABC test the first major support level at $304.43. Barring a broad-based crypto rally, Bitcoin Cash ABC will likely steer clear of sub-$300 levels. In the event of a sell-off, the second major support level at $292.64 will likely limit the downside on the day.

BCHABC/USD 17/04/19 Daily Chart

Litecoin Recovers to $80

Litecoin gained 3.48% on Tuesday. Partially reversing a 6.6% slide from Monday, Litecoin ended the day at $80.89.

Tracking the broader market, Litecoin struck a late morning high $79.92 before falling to an early afternoon intraday low $77.18.

Steering well clear of the major support and resistance levels, Litecoin rallied to a late afternoon intraday high $81.86.

In spite of the late rally, Litecoin fell short of the 38.2% FIB of $83 and the first major resistance level at $83.66.

At the time of writing, Litecoin was down 0.25% to $80.69. A choppy start to the day saw Litecoin rise to a morning high $82.18 before hitting reverse. Falling short of the first major resistance level at $82.77, Litecoin fell to a morning low $79.98 before steadying. Litecoin left the major support levels untested early on.

For the day ahead, a hold onto $80 levels through the morning would support another run at $82 levels. Support from the broader market would be needed, however, for Litecoin to break through the first major resistance level at $82.77.

Barring a broad-based crypto rally, Litecoin will likely come up short of the 38.2% FIB of $83 on the day.

Failure to hold onto $80 levels could see Litecoin pullback to $78 levels before any recovery. Barring a broad-based crypto sell-off, however, Litecoin will likely steer clear of the first major support level at $78.09.

LTC/USD 17/04/19 Daily Chart

Ripple Finds Support

Ripple’s XRP rose by 2.5% on Tuesday. Partially reversing a 3.51% fall from Monday, Ripple’s XRP ended the day at $0.32778.

A relatively bullish start to the day saw Ripple’s XRP rise to a late morning high $0.3234 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to an early afternoon intraday low $0.31727.

Holding well above the first major support level at $0.3098, Ripple’s XRP recovered to an intraday high $0.32732. In spite of the afternoon recovery, Ripple’s XRP continued to fall short of the first major resistance level at $0.3328.

At the time of writing, Ripple’s XRP was down by 0.6% to $0.32580. A bullish start to the day saw Ripple’s XRP rise to a morning high $0.32884 before hitting reverse. Falling short of the first major resistance level at $0.3310, Ripple’s XRP fell to a morning low $0.32461.

Ripple’s XRP held above the first major support level at $0.3209 in the early hours.

For the day ahead, a hold onto $0.3250 levels through the morning would support a recovery later in the day. A move through the morning high $0.32884 would bring the first major resistance level at $0.3310 into play.

Barring a broad-based crypto rally, Ripple’s XRP will likely come up short of the second major resistance level at $0.3342.

Failure to hold onto $0.3250 levels could see Ripple’s XRP take a bigger hit on the day. A fall through the morning low $0.32461 would bring the first major support level at $0.3209 into play.

Barring a crypto meltdown, sub-$0.32 levels will likely be avoided.

XRP/USD 17/04/19 Daily Chart

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Thanks, Bob

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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