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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/04/19

By:
Bob Mason
Published: Apr 24, 2019, 03:30 UTC

The Bitcoin rally failed to support the broader market. This could be a real test for the bulls mid-week...

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Struggles On

Bitcoin Cash ABC fell by 1.12% on Tuesday. Partially reversing a 1.83% gain on Monday, Bitcoin Cash ABC ended the day at $290.48.

It was a particularly choppy day for Bitcoin Cash ABC. Recovering from a morning low $290.17, Bitcoin Cash ABC rallied to a mid-morning intraday high $310 before hitting reverse.

Breaking through the 23.6% FIB of $291, Bitcoin Cash ABC also broke through the major resistance levels before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to an intraday low $287.40. Pulling back through the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $290.2 before finding support.

At the time of writing, Bitcoin Cash ABC was down 1.08% to $287.35. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $289.75 to a low $278 before finding support.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $281.92.

For the day ahead, a move back through to $296 levels would support a run at $300 levels later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $304.52.

Failure to move through to $296 levels could see Bitcoin Cash ABC slide back through the morning low $278.

Barring another crypto meltdown, however, Bitcoin Cash ABC will likely steer clear of the second major support level at $273.36.

BCHABC/USD 24/04/19 Daily Chart

Litecoin Sees More Red

Litecoin slid by 3.46% on Tuesday. Following on from a 0.44% decline on Monday, Litecoin ended the day at $74.32.

Tracking the broader market, Litecoin rallied to an early morning intraday high $79.77 before hitting reverse.

Breaking through the first major resistance level at $78.35, Litecoin came up against the second major resistance level at $79.78 to limit the upside on the day.

The reversal through the remainder of the day saw Litecoin slide to a late intraday low $73.87. Pulling back through the major resistance levels, Litecoin fell through the first major support level at $75.45 and second major support level at $73.98 before finding support.

At the time of writing, Litecoin was down by 1.05% to $73.54. Tracking the broader market, Litecoin slid from a morning high $75.14 to a low $70.26 before finding support.

The reversal saw Litecoin slide through the first major support level at $72.2. The second major support level at $70.09 prevented heavier losses in the early hours.

For the day ahead, a move back through to $75 levels would support a run at the first major resistance level at $78.10.

A broad-based crypto rally would be needed, however, for Litecoin to take a run at $80 levels. Barring support from the broader market, Litecoin will likely come up short of the second major resistance level at $81.89.

Failure to move back through to $75 levels could see Litecoin slide back through the first major support level at $72.20.

Barring another crypto reversal, Litecoin will likely continue to avoid sub-$70 levels on the day.

LTC/USD 24/04/19 Daily Chart

Ripple Bucks the Trend

Ripple’s XRP fell by 1.26% on Tuesday. Reversing a 0.61% rise from Monday, Ripple’s XRP ended the day at $0.32141.

A choppy start to the day saw Ripple’s XRP fall to a morning low $0.32368 before rallying to an intraday high $0.33135.

Steering well clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.3329 before hitting reverse.

The reversal saw Ripple’s XRP slide to a late intraday low $0.32101 before finding support. Ripple’s XRP managed to hold above the first major support level at $0.3195 on the day.

At the time of writing, Ripple’s XRP was flat at $0.32141. Bucking the broader market trend, Ripple’s XRP rose to a start of a day morning high $0.32246 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to a morning low $0.31782 before finding support.

The first major support level at $0.3178 limited the downside in the early hours.

For the day ahead, a move through to $0.3240 levels would be needed to bring the first major resistance level at $0.3282 into play.

Barring a broad-based crypto rebound, Ripple’s XRP will likely come up short of $0.33 levels, however. In the event of a crypto rally, the second major resistance level at $0.3349 will likely limit the upside on the day.

Failure to move through to $0.3240 levels could see Ripple’s XRP slide back to $0.31 levels. Barring a crypto meltdown, however, Ripple’s XRP will likely steer clear of the second major resistance level at $0.3143.

XRP/USD 24/04/19 Daily Chart

Please let us know what you think in the comments below

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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