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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/01/19

Bob Mason

Bitcoin Cash – ABC – Struggles Continue

Bitcoin Cash ABC gained 0.38% on Friday, following a 6.19% slide on Thursday, to end the day at $158.86.

A mixed day saw Bitcoin Cash ABC rise to a late morning intraday high $163.19, testing selling pressure at the 38.2% FIB Retracement Level before hitting reverse, the day’s first major resistance level at $170.72 left untested.

The reversal saw Bitcoin Cash ABC fall to an intraday low $153.00, calling on support at the first major support level at $152.87 before recovering to $158 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 0.54% to $158.00, with a trend bucking start to the day seeing Bitcoin Cash ABC fall from an early morning high $161.52 to a morning low $158.00, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $158 levels through the morning would support a move back through the morning high $161.52 to bring the 38.2% FIB Retracement Level of $163 and the first major support level at $163.70 into play, with the broader market needing a sustained rally through the day to support a break through the second major resistance level at $168.54 to bring $170 levels into play.

Failure to hold onto $158 levels through the morning could see Bitcoin Cash ABC fall back deeper into the red, with a fall through $155 levels bringing the day’s first major support level at $153.51 into play before any recovery, sub-$150 support levels unlikely to be in play through the day.

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Litecoin Finds Support

Litecoin gained 1.33% on Friday, partially reversing a 4.04% loss from Thursday, to end the day at $32.02.

A relatively bullish morning saw Litecoin rise to a mid-morning intraday high $32.64 before sliding to an early afternoon intraday low $31.01, Litecoin coming within reach of the first major resistance level at $32.8, while steering clear of the major support levels on the day.

Tracking the broader market, a late recovery saw Litecoin move back through to $32 levels by the day’s end, sub-$31 levels avoided on the day.

At the time of writing, Litecoin was up 2.5% to $32.82, Friday’s late rally continuing into the early hours of this morning, with Litecoin rising from a start of a day $32.01 to strike a morning high $33.13 before easing back to $32 levels, Litecoin breaking through the first major resistance level at $32.77 early on in the day.

For the day ahead, a hold above the first major resistance level at $32.77 would support another break through to $33 levels to bring the second major resistance level at $33.52 into play before any pullback, $34 levels likely to remain out of reach through the day.

Failure to hold above the first major resistance level could see Litecoin pullback through the morning low $32.01 to bring $31 levels back into play, while we would expect Litecoin to steer clear of $30 levels, with the day’s first major support level at $31.14 there to prevent heavier losses in the event of a sell-off.

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Ripple Steadies

Ripple’s XRP gained 0.23% on Friday, partially reversing a 5.07% slide from Thursday, to end the day at $0.36855.

Tracking the broader market, Ripple’s XRP rose to a late morning intraday high $0.37434 before hitting reverse, with selling pressure from the broader market leading Ripple’s XRP to an intraday low $0.3584.

Finding support at the first major support level at $0.3581, Ripple’s XRP broke back through to $0.37 levels late in the day before easing back to $0.36 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 1.02% to $0.37230, with moves through the early morning seeing Ripple’s XRP rally from a start of a day morning low $0.36810 to strike a morning high $0.37823 before easing back, Ripple’s XRP coming up against the first major resistance level at $0.3758 early on in the day.

For the day ahead, a hold onto $0.37 levels through the morning would support another break through the first major resistance level at $0.3758 to bring $0.38 levels into play before any pullback, the second major resistance level at $0.3830 likely to prevent any more material gains in the event of a day long rally.

Failure to hold onto $0.37 levels could see Ripple’s XRP pullback through the morning low $0.36810, with sub-$0.367 levels bringing the day’s first major support level at $0.3590 into play before any recovery, heavier losses not expected through the day, barring a broad based crypto sell-off.

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This article was originally posted on FX Empire

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