Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/04/19

It’s back into the red for the majors after an afternoon recovery on Monday. Investor resilience could be tested today…
Bob Mason
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Bitcoin Cash – ABC – On the Defensive

Bitcoin Cash ABC rose by 1.83% on Monday. Partially reversing a 3.58% slide on Sunday, Bitcoin Cash ABC ended the day at $295.58.

A relatively choppy day saw Bitcoin Cash ABC recover from an early morning intraday low $287.63 to strike a late morning intraday high $295.81.

In spite of the choppy start to the day, Bitcoin Cash ABC steered clear of the day’s major support and resistance levels.

Of greater significance was an inability for Bitcoin Cash ABC to breakout from the 23.6% FIB of $291 on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.22% to $291.97. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $293.78 to a low $290.17 before finding support.

Whilst steering clear of the major resistance levels, Bitcoin Cash ABC fell through the 23.6% FIB of $291 to test the first major support level at $290.20.

For the day ahead, a move back through to $293 levels would support a run at the first major resistance level at $298.38.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to move through to $300 levels.

Barring a broad-based crypto rebound, Bitcoin Cash ABC will likely come up short of the second major resistance level at $301.19.

Failure to move back through to $293 levels could see Bitcoin Cash ABC fall deeper into the red. A pullback through the first major support level would bring $287 levels into play before any recovery.

Litecoin Hits Reverse

Litecoin slipped by 0.44% on Monday. Following on from a 5.37% tumble on Sunday, Litecoin ended the day at $76.93.

A bullish start to the day saw Litecoin rise from an intraday low $75.4 to a late morning high $78.19 before easing back. An early afternoon move saw Litecoin strike an intraday high $78.30 before falling to $75 levels.

Range-bound through the afternoon, Litecoin managed to reverse the morning losses and end the day at $76 levels.

In spite of the choppy day, Litecoin left the day’s major support and resistance levels untested. For the bulls, Litecoin failed to hit $80 levels for the first time since 2nd April.

At the time of writing, Litecoin was down 0.29% to $76.71. Tracking the broader market, Litecoin fell from a morning high $76.98 to a low $76.44 before finding support. The major support and resistance levels were untested early on.

For the day ahead, a move through to $76.90 levels would signal a shift in momentum later in the day. A breakthrough to $77 levels would bring the first major resistance level at $78.35 into play.

Support from the broader market would be needed, however, for Litecoin to take a run at $80 levels. Barring a broad-based crypto rally, Litecoin will likely come up short of the 38.2% FIB of $83.

Failure to move through to $76.90 levels could see Litecoin struggle through the day. A fall through $76.20 levels would bring the first major support level at $75.45 into play.

Barring a crypto sell-off, Litecoin will likely steer clear of sub-$74 support levels on the day.

Ripple Tracks the Pack

Ripple’s XRP rose by 0.61% on Monday. Partially reversing a 1.83% slide on Sunday, Ripple’s XRP ended the day at $0.32548.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.33427 before hitting reverse.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3306. The reversal saw Ripple’s XRP fall to a late afternoon intraday low $0.32087 before steadying.

Ripple’s XRP steered clear of the first major support level at $0.3176 to support a move back into positive territory.

At the time of writing, Ripple’s XRP was down 0.13% to $0.32506. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.32553 to a low $0.32425.

Steering clear of the major support and resistance levels, Ripple’s XRP managed to recover to $0.3250 levels.

For the day ahead, a move through to $0.3270 levels would be needed for Ripple’s XRP to take a run at $0.33 levels.

Support from the broader market would be needed, however, for Ripple’s XRP to breakthrough the first major resistance level at $0.3329.

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

Failure to move through to $0.3270 levels could see Ripple’s XRP take a hit later in the day. A fall through the morning low $0.32425 could bring sub-$ 0.3210 levels into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP will likely hold above the first major support level at $0.31395.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers