Yahoo Finance 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 2nd 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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This article was originally posted on FX Empire
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