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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/04/19

Bob Mason
Updated

Bitcoin Cash – ABC – Touches sub-$270

Bitcoin Cash ABC slid by 4.38% on Wednesday. Following on from a 1.12% fall on Tuesday, Bitcoin Cash ABC ended the day at $277.00.

A choppy morning saw Bitcoin Cash ABC slide from a start of a day intraday high $289.75 to a late morning low $270.68.

Steering clear of the major resistance levels, Bitcoin Cash ABC fall through the first major support level at $281.92 and second major support level at $273.36 before steadying.

A recovery to $277 levels was short-lived, with Bitcoin Cash ABC sliding to a late afternoon intraday low $269.

Whilst falling back through the 2nd major support level, sub-$270 support prevented heavier losses on the day.

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At the time of writing, Bitcoin Cash ABC was up by 2.33% to $283.47. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $280.64 to $284.23.

Bitcoin Cash ABC left the major resistance levels untested in spite of the early move.

For the day ahead, a move through to $285 levels would support a run at the first major resistance level at $288.17. Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through the 23.6% FIB of $291.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of $300 levels on the day.

Failure to move through to $285 levels could see Bitcoin Cash ABC hit reverse later in the day. A pullback to the morning low would bring $275 levels into play. Barring a crypto meltdown, Bitcoin Cash ABC would likely steer clear of the first major support level at $267.42.

Litecoin Sees More Red

Litecoin fell by 1.4% on Wednesday. Following on from a 3.46% slide on Tuesday, Litecoin ended the day at $73.14.

A particularly bearish start to the day saw Litecoin slide from an intraday high $75.14 to an intraday low $70.26.

Falling well short of the major resistance levels, Litecoin fell through the first major support level at $72.2. The second major support level at $70.09 prevented heavier losses in the early hours.

Recovery to a post-sell-off high $74.48 was short-lived, with Litecoin struggling at $73 levels through the afternoon.

At the time of writing, Litecoin was up by 0.7% to $73.65. Moves through the early hours saw Litecoin rise from a morning low $73.09 to a high $74.35 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $74 levels would bring the first major resistance level at $75.43 into play. Support from the broader market would be needed, however, for a breakout out from $75 levels. Barring a broad-based crypto rally, Litecoin would likely come up short of $80 levels on the day. The second major resistance level at $77.73 would likely limit the upside.

Failure to move back through to $74 levels could see Litecoin hit reverse. A pullback through $72.85 would bring $71 levels into play before any recovery.

Barring another crypto meltdown, Litecoin would likely steer clear of sub-$70 levels. The first major support level at $70.55 would likely limit the downside on the day.

Ripple Visits sub-$0.30

Ripple’s XRP tumbled by 5.76% on Wednesday. Following on from a 1.26% fall on Tuesday, Ripple’s XRP ended the day at $0.3029.

A relatively range-bound start to the day saw Ripple’s XRP strike a mid-morning intraday high $0.32292 before hitting reverse.

Falling short of the day’s major resistance levels, Ripple’s XRP tumbled to a mid-morning intraday low $0.28972.

The sell-off saw Ripple’s XRP slide through the major support levels before recovering to $0.3060 levels.

Pressure from the broader market ultimately led to a late pullback through the third major support level at $0.3039.

At the time of writing, Ripple’s XRP was down by 0.19% to $0.30233. A mixed start to the day saw Ripple’s XRP rise to a morning high $0.30426 before easing back to a morning low $0.30188.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead a move through to $0.3050 levels would support a partial recovery of Wednesday’s losses. Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level at $0.3206.

Barring a crypto rally, Ripple’s XRP will likely fall short of $0.33 levels for a 2nd consecutive day.

Failure to move through to $0.3050 levels could see Ripple’s XRP slide back through to sub-$0.30 levels.

Barring a broad-based sell-off, however, Ripple’s XRP would likely steer clear of the first major support level at $0.2874.

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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