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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/04/19

Bob Mason

Bitcoin Cash – ABC – Struggles On

Bitcoin Cash ABC fell by 1.12% on Tuesday. Partially reversing a 1.83% gain on Monday, Bitcoin Cash ABC ended the day at $290.48.

It was a particularly choppy day for Bitcoin Cash ABC. Recovering from a morning low $290.17, Bitcoin Cash ABC rallied to a mid-morning intraday high $310 before hitting reverse.

Breaking through the 23.6% FIB of $291, Bitcoin Cash ABC also broke through the major resistance levels before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to an intraday low $287.40. Pulling back through the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $290.2 before finding support.

At the time of writing, Bitcoin Cash ABC was down 1.08% to $287.35. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $289.75 to a low $278 before finding support.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $281.92.

For the day ahead, a move back through to $296 levels would support a run at $300 levels later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $304.52.

Failure to move through to $296 levels could see Bitcoin Cash ABC slide back through the morning low $278.

Barring another crypto meltdown, however, Bitcoin Cash ABC will likely steer clear of the second major support level at $273.36.

Litecoin Sees More Red

Litecoin slid by 3.46% on Tuesday. Following on from a 0.44% decline on Monday, Litecoin ended the day at $74.32.

Tracking the broader market, Litecoin rallied to an early morning intraday high $79.77 before hitting reverse.

Breaking through the first major resistance level at $78.35, Litecoin came up against the second major resistance level at $79.78 to limit the upside on the day.

The reversal through the remainder of the day saw Litecoin slide to a late intraday low $73.87. Pulling back through the major resistance levels, Litecoin fell through the first major support level at $75.45 and second major support level at $73.98 before finding support.

At the time of writing, Litecoin was down by 1.05% to $73.54. Tracking the broader market, Litecoin slid from a morning high $75.14 to a low $70.26 before finding support.

The reversal saw Litecoin slide through the first major support level at $72.2. The second major support level at $70.09 prevented heavier losses in the early hours.

For the day ahead, a move back through to $75 levels would support a run at the first major resistance level at $78.10.

A broad-based crypto rally would be needed, however, for Litecoin to take a run at $80 levels. Barring support from the broader market, Litecoin will likely come up short of the second major resistance level at $81.89.

Failure to move back through to $75 levels could see Litecoin slide back through the first major support level at $72.20.

Barring another crypto reversal, Litecoin will likely continue to avoid sub-$70 levels on the day.

Ripple Bucks the Trend

Ripple’s XRP fell by 1.26% on Tuesday. Reversing a 0.61% rise from Monday, Ripple’s XRP ended the day at $0.32141.

A choppy start to the day saw Ripple’s XRP fall to a morning low $0.32368 before rallying to an intraday high $0.33135.

Steering well clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.3329 before hitting reverse.

The reversal saw Ripple’s XRP slide to a late intraday low $0.32101 before finding support. Ripple’s XRP managed to hold above the first major support level at $0.3195 on the day.

At the time of writing, Ripple’s XRP was flat at $0.32141. Bucking the broader market trend, Ripple’s XRP rose to a start of a day morning high $0.32246 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to a morning low $0.31782 before finding support.

The first major support level at $0.3178 limited the downside in the early hours.

For the day ahead, a move through to $0.3240 levels would be needed to bring the first major resistance level at $0.3282 into play.

Barring a broad-based crypto rebound, Ripple’s XRP will likely come up short of $0.33 levels, however. In the event of a crypto rally, the second major resistance level at $0.3349 will likely limit the upside on the day.

Failure to move through to $0.3240 levels could see Ripple’s XRP slide back to $0.31 levels. Barring a crypto meltdown, however, Ripple’s XRP will likely steer clear of the second major resistance level at $0.3143.

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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