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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/04/19

By:
Bob Mason

It's a mixed start to the day for the majors. A weekend rally could be on the cards should the majors avoid key levels through the morning...

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Slides Again

Bitcoin Cash ABC slid by 3.14% on Friday. Following on from a 6.72% tumble on Thursday, Bitcoin Cash ABC ended the day at $255.02.

A relatively bullish start to the day saw Bitcoin Cash ABC rise to an intraday high $269.27 before hitting reverse.

Falling short of the first major resistance level at $279.15, Bitcoin Cash ABC fell to a late afternoon intraday low $251.34.

In spite of the reversal, Bitcoin Cash ABC steered clear of the first major support level at $249.92 to recover to $255 levels.

At the time of writing, Bitcoin Cash ABC was up by 2.28% to $260.85. Bucking the trend from the broader market, Bitcoin Cash ABC rose from $255.02 to a morning high $261.

In spite of the early move, Bitcoin Cash ABC left the major support and resistance levels untested.

For the day ahead, a move through to $262 levels would support a run at the first major resistance level at $265.75.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $270 levels and the second major resistance level at $276.47. Friday’s high $269.27 would likely pin Bitcoin Cash ABC back on the day.

In the event of a breakout, Bitcoin Cash ABC would likely fall short of $280 levels on the day.

Failure to move through to $262 levels could see Bitcoin Cash ABC hit reverse later in the day. A fall a pullback through $258.54 would bring $251 levels into play before any recovery.

Barring a crypto sell-off, Bitcoin Cash ABC would likely steer clear of sub-$250 levels and the first major support level at $247.82.

BCHABC/USD 27/04/19 Daily Chart

Litecoin on the Back Foot

Litecoin rose by 1.49% on Friday. Partially reversing a 3.39% slide from Thursday, Litecoin ended the day at $71.64.

A choppy start to the day saw Litecoin slide to an intraday low $68.88 before striking an intraday high $73.5.

The moves through the early hours saw Litecoin leave the major support and resistance levels untested.

Easing back from the early intraday high, Litecoin fell to an afternoon low $69.5 before finding support late in the day.

At the time of writing, Litecoin was down by 0.61% to $71.20. A bearish start to the day saw Litecoin fall from a morning high $71.83 to a low $71.13 before steadying.

Litecoin left the major support and resistance levels untested in the early hours.

For the day ahead, a move through to $71.40 levels would bring $72 levels back into play before any pullback. Support from the broader market would be needed, however, for Litecoin to take a run at $73 levels and the first major resistance level at $73.80.

Failure to move through to $71.40 levels could see Litecoin slide further into the red before any recovery.

A fall through to $70 levels would bring the first major support level at $69.18 into play. Barring a crypto meltdown, Litecoin would likely avoid a return to sub-$69 levels on the day.

LTC/USD 27/04/19 Daily Chart

Ripple Bounces Back

Ripple’s XRP rallied by 6.34% on Friday. Reversing a 3.93% slide from Thursday, Ripple’s XRP ended the day at $0.3092.

Bullish through the day, Ripple’s XRP rallied from a start of a day intraday low $0.28799 to a late intraday high $0.31149.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.3060. In spite of the day-long rally, Ripple’s XRP came up short of $0.32 levels and the second major resistance level at $0.3209. More modest gains elsewhere likely capped the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.38% to $0.30802. A relatively range-bound start to the day saw Ripple’s XRP fall from a morning high $0.31097 to a low $0.30757.

The early moves saw Ripple’s XRP leave the major support and resistance levels untested.

For the day ahead, a move through to $0.31 levels would support a run at the first major resistance level at $0.3178. Following Friday’s breakout, support from the broader market would be needed for return to $0.32 levels.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.3264.

Failure to move through to $0.31 levels could see Ripple’s XRP take another hit on the day. A fall through $0.3030 levels would bring the first major support level at $0.2943 into play.

Barring a crypto meltdown, Ripple’s XRP would likely avoid a return to $0.28 levels on the day.

XRP/USD 27/04/19 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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