Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/04/19

It’s a bearish start to the week, as the weekend sell-off spills into this morning. Heavier losses could be on the cards should key levels not be reached.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – On the Defensive

Bitcoin Cash ABC fell by 3.58% on Sunday. Following on from a 2.52% decline from Saturday, Bitcoin Cash ABC ended the week up 1.02% to $291.96.

A start of a day rise to an intraday high $303 saw Bitcoin Cash ABC fall short of the first major resistance level at $308.29 before hitting reverse.

Sliding through the morning, Bitcoin Cash ABC fell to an intraday low $280 before finding support. The reversal saw Bitcoin Cash ABC fall through the first major support level at $293.29 and second major support level at $286.64.

Of greater significance was a fall through the 23.6% FIB of $291 to visit $280 levels for the first time since last Monday.

At the time of writing, Bitcoin Cash ABC was down 1.02% to $288.97. Bitcoin Cash ABC rose to a morning high $292.62 before easing to a low $288.13. Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move back through the 23.6% FIB of $291 would support upward momentum later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through to $300 levels.

Barring a broad-based crypto rebound, Bitcoin Cash ABC will likely fall short of the first major resistance level at $303.31.

Failure to move through the 23.6% FIB could see Bitcoin Cash ABC come under more pressure. A slide through to $285 levels would bring the first major support level at $280.31 into play. A visit to $277 levels could be on the cards later in the day should sentiment not improve.

Litecoin Hits Reverse

Litecoin tumbled by 5.37% on Sunday. Following on from a 1.1% fall on Saturday, Litecoin ended the week down 7.81% at $77.23.

Tracking the broader market, Litecoin struck a start of a day intraday high $82.4 before hitting reverse.

Falling short of the first major resistance level at $83.29 and 38.2% FIB of $83, Litecoin slid to a mid-morning intraday low $73.54.

The reversal saw Litecoin fall through the day’s major support levels. A late morning recovery through the third major support level at $74.64 was the only positive from the day.

At the time of writing, Litecoin was down 1.32% to $76.21. A bearish start to the day saw Litecoin fall from a morning high $77.37 to a low $75.93. The major support and resistance levels were left untested early on.

For the day ahead a move back through to $77.7 levels would signal a shift in momentum later in the day. Support from the broader market would give Litecoin a run at $80 levels. A broad-based rally would be needed, however, for Litecoin to take a run at the first major resistance level at $81.91.

Litecoin will likely fall short of the 38.2% FIB of $83 on the day.

Failure to move through to $77.7 levels could see Litecoin fall deeper into the red. A fall through the morning low $75.93 would bring the first major support level at $73.05 into play.

Barring a crypto meltdown Litecoin will likely steer clear of sub-$70 levels on the day.

Ripple Tracks the Pack

Ripple’s XRP slid by 1.83% on Sunday. Following on from a 1.22% fall on Saturday, Ripple’s XRP ended the week down 2.43% at $0.32359.

An early morning intraday high $0.33164 saw Ripple’s XRP fall short of the first major resistance level at $0.3363.

Pressured by the broader market, Ripple’s XRP slid to a mid-day intraday low $0.31859 before finding support.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.3239 to call on support from the second major support level at $0.3180.

A late recovery limited the losses on the day.

At the time of writing, Ripple’s XRP was down 0.45% to $0.32215. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.32376 to a low $0.32106. Ripple’s XRP left the day’s major support and resistance levels untested early on.

For the day ahead, a move through $0.3250 levels would signal a bullish afternoon. A broad-based crypto rebound would be needed, however, for Ripple’s XRP to break back through to $0.33 levels.

While a breakthrough the first major resistance level at $0.3306 could be on the cards, Ripple’s XRP will likely fall short of the second major resistance level at $0.3377 on the day.

Failure to move through to $0.3250 levels could see Ripple’s XRP take a bigger hit on the day. A fall through the morning low $0.32106 would bring $0.31 levels back into play before any recovery. Barring another crypto meltdown, the first major support level at $0.3176 would likely limit any losses on the day.

Please let us know what you think in the comments below

Thanks, Bob

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