Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/04/19

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC rose by 2.37% on Wednesday. Partially reversing a 4.09% slide from Tuesday, Bitcoin Cash ABC ended the day at $304.16.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $290 before finding support. The early sell-off saw Bitcoin Cash ABC fall through the 23.6% FIB of $291, whilst holding above the first major support level at $288.12.

Relatively choppy through the rest of the day, Bitcoin Cash ABC managed to strike a late intraday high $314.06 before easing back.

The late recovery saw Bitcoin Cash ABC break through the first major resistance level at $307.79 and more importantly, hold above the 23.6% FIB.

At the time of writing, Bitcoin Cash ABC was down by 5.78% to $286.56. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $304.1 to a low $275 before steadying.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $288.12 and second major support level at $279.22. Of greater significance, however, was a pullback through the 23.6% FIB of $291.

For the day ahead, a move back through the 23.6% FIB would be needed for Bitcoin Cash ABC to take a run at $300 levels. Barring a major crypto rebound, however, we would expect Bitcoin Cash ABC to fall well short of $300 levels on the day.

Failure to move through to $291 levels could see Bitcoin Cash ABC slide back through to $270 levels. Bitcoin Cash ABC will likely avoid sub-$270 levels, however. The third major support level at $271.09 would likely limit the downside on the day.

Litecoin Avoids sub-$80

Litecoin gained 1.96% on Wednesday. Partially reversing a 2.91% fall from Tuesday, Litecoin ended the day at $88.43.

Range-bound through most of the day, Litecoin rose from a morning low $86.51 to a morning high $89.31 before easing.

A late afternoon rally saw Litecoin strike an intraday high $91.99 before sliding back. Litecoin broke through the first major resistance level at $89.79 before falling to an intraday low $86.51.

In spite of the pullback, Litecoin managed to recover to $88 levels to end the day in positive territory.

At the time of writing, Litecoin was down by 3.11% to $85.68. Tracking the broader market, Litecoin slid from a morning high $88.9 to a low $83.95 before finding support.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $85.96 before steadying.

For the day ahead, a move through the first major support level at $85.96 to $87 levels would be needed to signal a possible rebound. Litecoin would need to move through to $89 levels to bring the day’s major resistance levels into play. Barring a broad-based rebound, however, we would expect Litecoin to fall short of $88 levels and the first major resistance level at $91.44.

Failure to move back through the first major support level could see Litecoin take another hit later in the day. A fall through the morning low $83.95 would bring the second major support level at $83.5 into play. Barring a crypto meltdown, however, Litecoin would likely hold above the 38.2% FIB of $83 on the day.

Ripple Slides Again

Ripple’s XRP gained 0.39% on Wednesday. Partially reversing a 2.49% slide Tuesday, Ripple’s XRP ended the day at $0.3535.

Relatively bullish through most of the day, Ripple’s XRP rose to a late afternoon intraday high $0.36303.

Ripple’s XRP broke through the first major resistance level at $0.3587 before hitting reverse. The reversal saw Ripple’s XRP fall to an intraday low $0.34006 before recovering to $0.35 levels.

On the slide, Ripple’s XRP fell through the first major support level at $0.3479 and second major support level at $0.3437

At the time of writing, Ripple’s XRP was down by 4.66% to $0.33702. A particularly bearish start to the day saw Ripple’s XRP fall from a morning high $0.35394 to a low $0.32855.

Falling short of the major resistance levels, Ripple’s XRP slid through the first major support level at $0.3414.

For the day ahead, a move back through the first major support level at $0.3414 would signal a possible recovery. Ripple’s XRP would need to move through $0.3520 levels to bring $0.36 levels into play.

Barring a broad-based crypto rebound, however, we would expect Ripple’s XRP to fall well short of the first major resistance level at $0.3643.

Failure to move back through the first major support level could see Ripple’s XRP fall back to $0.32 levels. Barring a crypto meltdown, we would expect the second major support level at $0.3292 to keep $0.31 levels out of play.

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This article was originally posted on FX Empire

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