Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/04/19

The bulls are out early. Will this be a defining crypto moment?
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Tracks the Pack

Bitcoin Cash ABC slid by 3.69% on Wednesday. Reversing a 1.23% gain from Tuesday, Bitcoin Cash ABC ended the day at $309.15.

Bearish throughout the day, Bitcoin Cash ABC fell from a start of a day intraday high $321.79 to an intraday low $305.

While falling short of the first major resistance level at $325.91, Bitcoin Cash ABC held above the first major support level at $304.43. The early afternoon low also saw Bitcoin Cash ABC steer well clear of the 23.6% FIB of $291.

Perhaps more notably, it was just the 3rd time this year that Bitcoin Cash ABC avoided sub-$300 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.94% to $312.06. Bitcoin Cash ABC rose from a morning low $310 to a high $313.48 before easing back. The major support and resistance levels were left untested early on.

For the day ahead, a hold onto $312 levels through the morning would support further gains on the day. A move through to $314 levels would bring the first major resistance level at $318.96 into play. Support from the broader market would be needed, however, for Bitcoin Cash ABC to return to $320 levels.

Barring a broad-based crypto breakout, Bitcoin Cash ABC will likely come up short of the second major resistance level at $328.77.

Failure to hold onto $312 levels could see Bitcoin Cash ABC pullback through the morning low $310. A fall through to $306 levels would see Bitcoin Cash ABC test the first major support level at $302.17 before any recovery.

Barring a crypto sell-off, sub-$300 levels will likely be avoided on the day.

Litecoin Recovers to $80

Litecoin fell by 2.07% on Wednesday. Partially reversing a 3.48% gain from Tuesday, Litecoin ended the day at $79.15.

A bullish start to the day saw Litecoin strike an intraday high $82.18 before hitting reverse. Falling short of the first major resistance level at $82.77, Litecoin fell to a mid-day intraday low $78.52. Litecoin managed to hold above the first major support level to $78.09 to close out the day at $79 levels.

At the time of writing, Litecoin was up 2.2% to $80.89. Another bullish start to the day saw Litecoin rally from a morning low $79.14 to a high $81.85 before easing back.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $81.38.

For the day ahead, a move back through to $81 levels would see Litecon take a run at $82 levels. Barring a broad-based crypto rally, Litecoin will likely come up short of the 38.2% FIB of $83 and the second major resistance level at $83.61.

Failure to move through to $81 levels could see Litecoin hit reverse later in the day. A fall through to sub-$80 levels would likely bring $78 levels into play before any recovery.

Barring a broad-based sell-off, Litecoin will likely steer clear of the first major support level at $77.72.

Ripple Bucks the Trend

Ripple’s XRP rose by 3.14% on Wednesday. Following on from a 2.5% rise on Tuesday, Ripple’s XRP ended the day at $0.33812.

A relatively bearish morning saw Ripple’s XRP fell from to a late morning intraday low $0.32302.

Steering well clear of the first major support level at $0.3209, Ripple’s XRP rallied to $0.34 levels in the early afternoon. While easing back to $0.33 levels, Ripple’s XRP managed to strike a late intraday high $0.34467 before returning to $0.33 levels.

The bullish afternoon saw Ripple’s XRP break through the first major resistance level at $0.3310 and second major resistance level at $0.3342. The third major resistance level at $0.3442 limited the upside on the day.

At the time of writing, Ripple’s XRP was up by 1.05% to $0.34166. In the early hours, Ripple’s XRP rose from a morning low $0.33756 to a high $0.344 before easing back.

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

For the day ahead, a hold onto $0.34 levels would bring the first major resistance level at $0.3475 into play. Support from the broader market would be needed, however, for Ripple’s XRP to take a run at $0.35 levels.

Barring a broad-based crypto rally, Ripple’s XRP will likely come up short of the second major resistance level at $0.3569.

Failure to hold onto $0.34 levels could see Ripple’s XRP hit reverse. A fall through $0.3350 levels would bring the first major support level at $0.3259 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP will likely steer clear of $0.31 levels for a 2nd consecutive day.

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Thanks, Bob

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