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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/04/19

Bob Mason
Updated

Bitcoin Cash – ABC – Tanks

Bitcoin Cash ABC tumbled by 10.81% on Thursday. Reversing a 2.37% gain from Wednesday, Bitcoin Cash ABC ended the day at $271.24.

A particularly bearish morning saw Bitcoin Cash ABC slide from an intraday high $304.10 to an intraday low $255.00.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the major support levels. The reversal also saw Bitcoin Cash ABC fall through the 23.6% FIB of $291 to call on support at the 38.2% FIB of $255.

A late move saw Ripple’s XRP break back through the third major support level at $271.09.

At the time of writing, Bitcoin Cash ABC was down by 4.14% to $260.00. Another bearish start to the day saw Bitcoin Cash ABC slide from a morning high $273.56 to a low $257.39.

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In spite of the early sell-off, Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move through to $276 levels would signal a possible shift in sentiment later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run $280 levels. Barring a broad-based crypto rebound, Bitcoin Cash ABC will likely fall well short of the first major resistance level at $298.56.

Failure to move through to $276 levels could see Bitcoin Cash ABC take a bigger hit through the day. A fall back through the morning low $257.39 would bring the first major support level at $249.46 into play.

Such a pullback would also see Bitcoin Cash ABC test support at the 38.2% FIB of $255 for a 2nd consecutive day.

A continued sell-off across the broader market could bring sub-$240 levels into play…

Litecoin Back in the $70s

Litecoin slumped by 10.4% on Thursday. Reversing a 1.96% gain from Wednesday, Litecoin ended the day at $79.23.

Tracking the broader market, Litecoin fell from a start of a day intraday high $88.90 to an intraday low $75.33.

Steering clear of the major resistance levels, Litecoin fell through the major support levels by late morning. Of greater significance was a fall through the 38.2% FIB of $83.

Support in the second half of the day led to Litecoin moving back through the third major support level at $78.02.

At the time of writing, Litecoin was down by 3.28% to $76.63. Tracking the broader market, Litecoin slid from a morning high $79.31 to a low $75.44 before finding support. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $80 levels would support a break through the 38.2% FIB of $83. Barring a broad-based crypto rally, Litecoin will likely fall well short of the first major resistance level at $86.98. For the bulls, a return to $80 levels would likely be as good as it can get on the day.

Failure to move through to $80 levels could see Litecoin slide back to $75 levels. A second pullback would likely bring the first major support level at $73.41 into play before any recovery.

Barring a crypto meltdown, Litecoin will likely steer clear of sub-$70 support levels.

Ripple Visits $0.32 Levels

Ripple’s XRP slid by 6.69% on Thursday. Reversing a 0.39% gain from Wednesday, Ripple’s XRP ended the day at $0.32976.

In line with the broader market, Ripple’s XRP tumbled from an intraday high $0.35394 to an intraday low $0.32265. The morning sell-off saw Ripple’s XRP slide through the first major support level at $0.3414 and second major support level at $0.3292.

Through the afternoon, Ripple’s XRP managed to recover to $0.33 levels, before easing back to $0.32 levels.

At the time of writing, Ripple’s XRP was down 1.93% to $0.32341. An early morning high $0.33118 came up short of the first major resistance level at $0.3483 before hitting reverse. Ripple’s XRP fell to a morning low $0.31795 before finding support.  The pullback saw Ripple’s XRP come within range of the first major support level at $0.3170.

For the day ahead, a move back through to $0.33 levels would be needed to bring the first major resistance level at $0.3483 into play. Barring a broad-based crypto rebound, however, we would expect Ripple’s XRP to fall well short of $0.34 levels. A return to $0.33 levels could be on the cards should Ripple’s XRP avoid a return to $0.31 levels.

Failure to move through to $0.33 levels could see Ripple’s XRP test the first major support level at $0.3170. Barring a crypto meltdown, Ripple’s XRP will likely steer clear of sub-$0.31 levels on the day.

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This article was originally posted on FX Empire

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