Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/04/19

Bitcoin Cash – ABC – Sees More Red

Bitcoin Cash ABC fell by 4.09% on Tuesday. Following on from a 3.73% decline on Monday, Bitcoin Cash ABC ended the day at $297.01.

A bearish morning saw Bitcoin Cash ABC slide from an intraday high $309.67 to an intraday low $290. Steering clear of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $293.69. More significantly, Bitcoin Cash ABC also fell through the 23.6% FIB of $291.

Support in the late morning saw Bitcoin Cash ABC recover to $300 levels before easing back to $297 levels late on.

At the time of writing, Bitcoin Cash ABC was up by 1.39% to $301.12. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $297.06 to a high $304 before easing back.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $300 levels would support another run at the first major resistance level at $307.79. Barring a crypto rally, however, we would expect Bitcoin Cash ABC to come up short of the second major resistance level at $318.56.

In the event of a crypto rally, we expect Bitcoin Cash ABC to break back through to $320 levels before any pullback.

Failure to hold onto $300 levels could see Bitcoin Cash ABC resume its recent slide. A fall through to $295 levels would bring the first major support level at $288.12 into play. Barring a crypto meltdown, Bitcoin Cash ABC would likely steer clear of sub-$280 support levels.

Litecoin Avoids sub-$80

Litecoin declined by 2.91% on Tuesday. Following on from a 2.62% fall from Monday, Litecoin ended the day at $86.89.

Tracking the broader market, Litecoin fell from a morning high $89.49 to a mid-morning intraday low $83.81. The pullback saw Litecoin fall through the first major support level at $85.93 before recovering.

A late morning recovery saw Litecoin strike an intraday high $89.7 before easing back through the 2^nd half of the day. The day’s major resistance levels were left untested through the day.

In spite of the reversal, however, Litecoin managed to hold above the 38.2% FIB of $83 on the day.

At the time of writing, Litecoin was up by 1.98% to 88.61. Moves through the early hours saw Litecoin rise from a morning low $86.51 to a high $88.95. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a hold above $87 levels through the morning would support further gains later in the day. A move through to $89 levels would bring the first major resistance level at $89.79 and $90 levels into play. Barring a broad-based crypto rally, however, we would expect Litecoin to fall short of the second major resistance level at $92.69.

Failure to hold above $87 levels could see Litecoin take another hit on the day. A fall through $86.80 would bring $85 levels into play before any recovery.

Barring a crypto sell-off, however, we would expect Litecoin to hold above the first major support level at $83.90 and 38.2% FIB of $83.

Ripple Slides Again

Ripple’s XRP slid by 2.49% on Tuesday. Following on from a 1.71% fall from Monday, Ripple’s XRP ended the day at $0.35212.

A particularly bearish start to the day did the damage. Ripple’s XRP fell from an intraday high $0.36111 to a mid-morning intraday low $0.35033.

Falling short of the major resistance levels, Ripple’s XRP also managed to hold above the major support levels. A range-bound second half of the day saw Ripple’s XRP move within the $0.35 handle.

At the time of writing, Ripple’s XRP was up by 1.08% to $0.35594. A positive start to the day saw Ripple’s XRP rise from a morning low $0.35072 to a high $0.35689. The major support and resistance levels were left untested early on.

For the day ahead, a hold above $0.3540 levels would support another run at the first major resistance level at $0.3587. Support from the broader market would be needed for Ripple’s XRP to break back through to $0.36 levels. Barring a crypto rally, we would expect Ripple’s XRP to come up short of the second major resistance level at $0.3653.

Failure to hold above $0.3540 could see Ripple’s XRP slide through to $0.34 levels before any recovery. Barring a crypto meltdown, however, the first major support level at $0.3479 would likely limit the losses on the day.

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