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

By:
Bob Mason
Published: Apr 19, 2019, 01:57 UTC

It's deep red for the majors early on. With support levels already tested, it could be a painful day ahead for the bulls.

Cryptomania

Bitcoin Cash – ABC – Struggles

Bitcoin Cash ABC fell by 1.15% on Thursday. Following on from a 3.69% slide from Wednesday, Bitcoin Cash ABC ended the day at $306.45.

A bullish start to the day saw Bitcoin Cash ABC rise to an early intraday high $313.48 before easing back. Falling short of the first major support level at $318.96, Bitcoin Cash ABC fell to an intraday low $302.93.

Coming within range of the first major support level at $302.17, Bitcoin Cash ABC recovered to $309 levels late on, before easing back in the final hour.

At the time of writing, Bitcoin Cash ABC was down by 4.74% to $291.91. A particularly bearish start to the day saw Bitcoin Cash ABC slide from a morning high $305.98. The sell-off saw Bitcoin Cash ABC fall through the first major support level at $301.76 and second major support level at $297.07.

For the day ahead, a hold above the 23.6% FIB of $291 through the morning would support a partial recovery.

Barring a broad-based crypto rebound, however, Bitcoin Cash ABC will likely fall well short of the major resistance levels. In the event of a rebound, Bitcoin Cash ABC would need to move through $307 levels to bring the first major resistance level at $312.31 into play.

Failure to hold above the 23.6% FIB could see Bitcoin Cash ABC take a bigger hit on the day. A fall through to $290 levels could see Bitcoin Cash ABC test the third major support level at $286.52.

Barring a complete crypto meltdown, Bitcoin Cash ABC will likely steer clear of sub-$280 levels.

BCHABC/USD 19/04/19 Daily Chart

Litecoin Recovers Makes a Move

Litecoin rallied by 3.69% on Thursday. Reversing a 2.07% fall from Wednesday, Litecoin ended the day at $82.07.

Tracking the broader market through the morning, Litecoin rose from an intraday low $79.14 to a morning high $81.85 before easing back.

A break through the first major resistance level at $81.38 led to a pullback to sub-$80 levels before a late afternoon rally.

Litecoin broke back through the first major support level at $81.38 and 38.2% FIB of $83 to an intraday high $83.90. The second major resistance level at $83.61 pinned back a move through to $84 levels.

At the time of writing, Litecoin was down by 1.4% to $80.92. Tracking the broader market, Litecoin fell from a morning high $82.13 to a low $80.75 before steadying. Whilst leaving the major support and resistance levels untested, Litecoin fell through the 38.2% FIB of $83.

For the day ahead, a move back through $81.70 would bring the 38.2% FIB of $83 back into play. Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $84.27. Barring a broad-based rebound, Litecoin will likely fall short of the 38.2% FIB on the day.

Failure to move through $81.70 levels could see Litecoin fall deeper into the red. A slide through the morning low $70.75 would bring the first major support level at $79.51 into play.

Barring a crypto meltdown, Litecoin will likely avoid a fall to $77 levels on the day.

LTC/USD 19/04/19 Daily Chart

Ripple Bucks the Trend

Ripple’s XRP gained 0.42% on Thursday. Following on from a 3.14% rise on Wednesday, Ripple’s XRP ended the day at $0.33921.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.3499 before pulling back.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3475 before the pullback. Ripple’s XRP fell back to a late afternoon intraday low $0.3365 before steadying. The day’s major support levels were left untested throughout the day.

At the time of writing, Ripple’s XRP was down by 2.57% to $0.3305. Bearish in the early hours, Ripple’s XRP fell from a morning high $0.3390 to a low $0.3301 before steadying. Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.3335.

For the day ahead, a move back through $0.3335 to $0.34 levels would bring the first major resistance level at $0.3474 into play. Support from the broader market would be needed, however, for Ripple’s XRP to breakout from $0.3330 levels.

Barring a broad-based crypto rebound, Ripple’s XRP will likely come up short of $0.34 levels on the day.

Failure to move through to $0.3335 could see Ripple’s XRP take another hit later in the day. A fall through to $0.32 levels would bring the second major support level at $0.3278 into play.

Barring a meltdown, Ripple’s XRP will likely steer clear of $0.31 levels and the third major support level at $0.3139.

XRP/USD 19/04/19 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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