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

By:
Bob Mason
Published: Apr 18, 2019, 03:05 UTC

The bulls are out early. Will this be a defining crypto moment?

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.

BCHABC/USD 18/04/19 Daily Chart

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.

LTC/USD 18/04/19 Daily Chart

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.

XRP/USD 18/04/19 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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