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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/04/19

Bob Mason
Updated

Bitcoin Cash ABC rose by 0.2% on Friday. Partially reversing a 1.15% fall from Thursday, Bitcoin Cash ABC ended the day at $306.58.

A particularly bearish start to the day saw Bitcoin Cash ABC tumble to an intraday low $291.91 before finding support.

The reversal saw Bitcoin Cash ABC slide through the first major support level at $301.76 and second major support level at $297.07.

Recovering through the day, Bitcoin Cash ABC rallied to a late afternoon intraday high $312 before easing back. The first major resistance level at $312.31 held Bitcoin Cash ABC on the day.

At the time of writing, Bitcoin Cash ABC was up by 1.11% to $310. Recovering from a fall to a morning low $305.49, Bitcoin Cash ABC rose to a high $310. The day’s major support and resistance levels were left untested early on.

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For the day ahead, a hold above $305 levels through the morning would support further gains later in the day. A breakthrough to $312 levels would bring the first major resistance level at $315.08 into play.

Barring a broad-based crypto rally, Bitcoin Cash ABC will likely come up short of the second major resistance level at $323.59.

Failure to hold above $305 levels could see Bitcoin Cash ABC test the first major support level at $294.99. Barring a broad-based crypto reversal, however, Bitcoin Cash ABC would likely steer clear of sub-$290 support levels throughout the day.

Litecoin Tracks the Pack

Litecoin rose by 0.6% on Friday. Following on from a 3.69% rally on Thursday, Litecoin ended the day at $82.57.

Tracking the broader market, Litecoin slid to an early morning intraday low $80.02 before recovering.

In spite of the sell-off, Litecoin steered clear of the first major support level at $79.51. The recovery saw Litecoin strike a late afternoon intraday high $83.73 before easing back.

While falling short of the day’s major resistance levels, Litecoin broke through the 38.2% FIB of $83 before easing back to $82 levels.

At the time of writing, Litecoin was down 0.22% to $82.39. A mixed start to the day saw Litecoin fall from a morning high $82.93 to a low $81.80 before finding support. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $82 levels through the morning would support a recovery later in the day. A move through the morning high $82.93 would bring $84 levels and the first major resistance level at $84.19 into play.

Barring a broad-based crypto rally, Litecoin will likely struggle to hold above the 38.2% FIB of $83 in the event of a recovery.

Failure to hold onto $82 levels could see Litecoin fall deeper into the red. A fall through the morning low $81.80 could bring $80 levels into play before any recovery.

Barring a crypto meltdown, Litecoin will likely steer clear of sub-$80 levels. The first major support level at $80.48 will likely limit the downside on the day.

Ripple Looking for Support

Ripple’s XRP fell by 1.57% on Friday. Reversing a 0.42% rise from Thursday, Ripple’s XRP ended the day at $0.33364.

A bearish start to the day saw Ripple’s XRP slide from an intraday high $0.3390 to an intraday low $0.32902. The sell-off saw Ripple’s XRP fall through the first major support level at $0.3335.

Finding support at sub-$0.30 levels, Ripple’s XRP recovered to an afternoon high $0.33715 before easing back.

At the time of writing, Ripple’s XRP was up 0.06% to $0.33386. Recovering from a morning low $0.33324, Ripple’s XRP rose to a morning high $0.3350 before easing back.

The moves through the early hours left the major support and resistance levels untested.

For the day ahead, a move through to $0.3340 levels would support a run at the first major resistance level at $0.3388. Support from the broader market would be needed, however, for Ripple’s XRP to take a run at $0.34 levels.

Barring a broad-based crypto rally, Ripple’s XRP will likely come up short of the second major resistance level at $0.3439.

Failure to move through to $0.3340 levels could see Ripple’s XRP hit reverse later in the day. A fall through the morning low $0.33324 would bring the first major support level at $0.3288 into play. Barring a crypto sell-off, Ripple’s XRP will likely steer clear of $0.31 levels on the day. The second major support level at $0.3239 would limit the downside in the event of a reversal.

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Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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