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Bob Mason
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Cryptomania

Bitcoin Cash – ABC – Hits sub-$130

Bitcoin Cash ABC fell by 1.37% on Wednesday. Following on from a 1.94% fall from Tuesday, Bitcoin Cash ABC ended the day at $129.98.

A choppy start to the day saw Bitcoin Cash ABC recover from a morning low $129.80 to strike an intraday high $133.22 before hitting reverse.

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Falling short of the first major resistance level at $135.11, Bitcoin Cash ABC slid to a late intraday low $124.84 before finding support. The pullback saw Bitcoin Cash ABC fall through the first major support level at $129.16 and second major support level at $126.82.

At the time of writing, Bitcoin Cash ABC was up by 1.14% to $131.46. Momentum from late Wednesday continued into the early hours. Bitcoin Cash ABC rose from a morning low $130.37 to a morning high $132.14 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $132.14 would bring $133 levels and the first major resistance level at $133.85 into play. Support from the broader market would be needed for a breakout from $133 levels. Wednesday’s high $133.22 and the 23.6% FIB of $134 would likely pin back any attempts at a run on Monday’s high $137.18.

Failure to move back through to $132 levels could test investor resolve later in the day. A pullback through the morning low $130.37 would bring sub-$130 levels into play before any recovery.

Barring a broad-based crypto sell-off, we would expect the first major support level at $125.47 to be left untested through the day, however. In the event of a sell-off, $123 levels could be touched before any recovery.

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Litecoin Sees Green

Litecoin gained 0.72% on Wednesday. Partially reversing a 1.56% fall from Tuesday, Litecoin ended the day at $44.96.

A relatively bullish morning saw Litecoin rise to a late morning intraday high $45.31 before coming under pressure. Falling short of the first major resistance level at $45.56, Litecoin tumbled to an intraday low $42.4 before bouncing back.

The sell-off saw Litecoin fall through the first major support level at $43.91 and second major support level at $43.15 before recovering to $44 levels.

At the time of writing, Litecoin was up by 0.49% to $45.18. A bullish start to the day saw Litecoin rise to a morning high $45.96 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $45 levels through the morning would support a run at the first major resistance level at $46.05. In the event of a broad-based rally could support, we would expect Litecoin to continue to come up short of $50 levels. The day’s second major resistance level at $47.13 would likely pin Litecoin back from a breakout on the day.

Failure to hold onto $45 levels could see Litecoin fall through $44.2 levels to bring the first major support level at $43.14 into play. In the event of a pullback, a visit to $42 levels and Wednesday’s low $42.4 could be on the cards before any recovery. We would expect Litecoin to steer clear of the second major support level at $41.31, however.

Ripple Gives up $0.32

Ripple’s XRP fell by 1.88% on Wednesday. Following on from a 3.47% slide on Tuesday, Ripple’s XRP ended the day at $0.31770.

Recovering from a morning low $0.31746, Ripple’s XRP rallied to an intraday high $0.32723 before hitting reverse. Ripple’s XRP came up well short of the first major resistance level at $0.3376 on the day.

Sliding through the afternoon, Ripple’s XRP fell to a late intraday low $0.30557 before recovering to $0.31 levels. The sell-off saw Ripple’s XRP fall through the first major support level at $0.3150. The day’s second major support level at $0.3064 prevented a visit to sub-$0.30 levels on the day.

At the time of writing, Ripple’s XRP was up by 0.4% to $0.31896. Ripple’s XRP rose from a low $0.31594 to a morning high $0.32180 before easing back. The day’s major support and resistance levels were left untested.

For the day ahead, a move back through to $0.32 levels would bring the first major resistance level at $0.3281 into play. We would expect Ripple’s XRP to come up short of $0.33 levels, barring a broad-based crypto rally.

Failure to move through to $0.32 levels could see Ripple’s XRP give up early gains. A pullback through the morning low $0.31594 could bring $0.30 levels into play. We would expect Ripple’s XRP to steer clear of sub-$0.30 levels, however. The first major support level at $0.3064 will likely prevent heavier losses.

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