Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/01/19

Bitcoin Cash – ABC – Struggles

Bitcoin Cash ABC fell by 6.19% on Thursday, reversing a 4.04% gain from Wednesday, to end the day at $159.8.

It was bearish through much of the day, with Bitcoin Cash ABC falling from a start of a day intraday high $174.70 to late afternoon intraday low $156.85 before finding support to move back through to $159 levels by the day’s end.

The reversal saw Bitcoin Cash ABC slide through the 38.2% FIB of $163 and the first major support level at $162.07, while coming up short of the first major resistance level at $175.36 at the start of the day.

At the time of writing, Bitcoin Cash ABC was down 0.72% to $158.65, with moves through the early morning seeing Bitcoin Cash ABC rise from a morning low $156.81 to a morning high $160.71 before easing back, the major support and resistance levels left untested early on.

For the day ahead a move back through the morning high $160.71 to $164 levels would be needed to bring $170 levels and the first major resistance level at $170.72 into play before any pullback, Thursday’s high $174.7 likely to pin Bitcoin Cash ABC back from a breakout to $180 levels on the day.

Failure to move back through the morning high to $164 levels could see Bitcoin Cash ABC take a bigger hit later in the day, with a pullback through the morning low $156.81 bringing $153 levels and the day’s first major support level at $152.87 into play before any recovery, sub-$150 support levels unlikely to be in play on the day.

Litecoin Sees Red

Litecoin fell by 4.04% on Thursday, reversing Wednesday’s 3.98% gain, to end the day at $31.6.

Tracking the broader market, Litecoin fell from a start of a day intraday high $33.1 to a late afternoon intraday low $31.00 before retracing some of the losses through the final hours of the day.

The pullback saw Litecoin fall through the first major support level at $31.63, while coming up short of the first major resistance level at $33.94 at the start of the day, key for Litecoin being a hold onto $31 levels through the day.

At the time of writing, Litecoin was down 0.41% to $31.47, with Litecoin recovering from a start of a day morning low $31.21 to hit a morning high $31.79 before easing back into the red, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $31.79 to $31.9 would support a run at the first major resistance level at $32.8 before any pullback, Litecoin likely to be pinned back from a run through to the second major resistance level at $34 on the day.

Failure to move through to $31.9 could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $31.21 bringing $30 levels and the first major support level at $30.70 into play before any recovery, sub-$30 support levels unlikely to be in play barring a broad based crypto sell-off event.

Ripple Hits Reverse

Ripple’s XRP fell by 5.07% on Thursday, reversing a 2.55% rise from Wednesday, to end the day at $0.36734.

A bearish start to the day set the tone, with Ripple’s XRP falling from a start of a day intraday high $0.38760 to a morning low $0.37142 before getting hit by a second wave to fall to a late afternoon intraday low $0.36359.

The sell-off saw Ripple’s XRP slide through the first major support level at $0.3733 by late morning, while managing to hold onto $0.36 levels to avoid the second major support level at $0.3598 on the day.

At the time of writing, Ripple’s XRP was down 0.21% to $0.36658, a relatively range bound start to the day seeing a morning low $0.365 and morning high $0.36895 leave the day’s major support and resistance levels untested early on.

For the day ahead, a move back through the morning high $0.36895 to $0.373 levels would support a run at $0.38 levels to bring the first major resistance level at $0.3821 into play before any pullback, sentiment across the broader market needing to materially improve for Ripple’s XRP to take a run at $0.39 levels last struck on Wednesday.

Failure to move back through the morning high to $0.37 levels could see Ripple’s XRP pullback deeper into the red through the day, a fall through the morning low $0.365 bringing $0.35 levels and the first major support level at $0.3581 into play before any recovery, sub-$0.35 support levels unlikely to be in play on the day.

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