Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/04/19
Bitcoin Cash – ABC – Looking for a Rebound
Bitcoin Cash ABC slumped by 6.72% on Thursday. Following on from a 4.38% slide from Wednesday, Bitcoin Cash ABC ended the day at $262.
Relatively range-bound through most of the day, Bitcoin Cash ABC fell from an early morning intraday high $284.23 to a morning low $275.87 before recovering.
Through the afternoon, Bitcoin Cash ABC held onto $280 levels ahead of a late crypto meltdown.
Bitcoin Cash ABC tumbled through the first major support level at $267.42 and second major support level at $257.83 to an intraday low $255.
While managing to recover to $260 levels, the sell-off marked a 3rd day in the red out of 4 for the week.
At the time of writing, Bitcoin Cash ABC was up 1.53% to $266.00. Recovering from a morning low $258.98, Bitcoin Cash ABC struck a morning high $269.27 before easing back.
In spite of the choppy start to the day, Bitcoin Cash ABC left the major support and resistance levels untested.
For the day ahead, a move back through to $267 levels would support another run at $270 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 $279.15.
Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $275 levels on the day.
Failure to move back through to $267 levels could see Bitcoin Cash ABC resume the slide. A pullback through to $250 levels could bring the first major support level at $249.92 into play.
Barring another crypto meltdown, however, Bitcoin Cash ABC would likely avoid sub-$250 levels on the day.
Litecoin in Recovery
Litecoin slid by 3.39% on Thursday. Following on from a 1.4% fall on Wednesday, Litecoin ended the day at $70.67.
A mixed start to the day saw Litecoin recover from a morning low $72.02 to a late morning intraday high $74.73.
Steering clear of the major support and resistance levels, Litecoin had a particularly range-bound afternoon ahead of yet another crypto sell-off. Litecoin slid through the first major support level at $70.55 to a late intraday low $68.88 before recovering to $70 levels. It was Litecoin’s first visit to sub-$70 since 2nd April.
At the time of writing, Litecoin was up by 2.11% to $72.16. A choppy start to the day saw Litecoin slide to a morning low $68.88 before striking a high $73.5.
Litecoin left the major support and resistance levels untested despite the choppy start to the day.
For the day ahead, a move back through to $73 levels would support another run at the first major resistance level at $73.97.
Support from the broader market would be needed, however, for Litecoin to break back through to $74 levels. In the event of a crypto rebound, Litecoin could strike $75 levels before any pullback.
Failure to move through to $73 levels could see Litecoin hit reverse later in the day. A slide through to $69 levels would bring the first major support level at $68.12 into play.
In the event of another crypto meltdown, the second major support level at $65.58 could come into play.
Ripple Recovers from sub-$0.30
Ripple’s XRP fell by 3.93% on Thursday. Following on from a 5.76% tumble on Wednesday, Ripple’s XRP ended the day at $0.2910.
Tracking the broader market, Ripple’s XRP rose to an early afternoon intraday high $0.3920 ahead of the late sell-off.
Falling short of the first major resistance level at $0.3206, Ripple’s XRP tumbled to an intraday low $0.28248.
The reversal saw Ripple’s XRP fall through the first major support level at $0.2874 before recovering to $0.29 levels.
At the time of writing, Ripple’s XRP was up by 3.14% to $0.30015. Tracking the broader market, Ripple’s XRP slid to a morning low $0.28799 before striking a high $0.30529.
While steering clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.3060.
For the day ahead, a hold onto $0.30 levels through the morning would support another run at $0.3050 levels. Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level.
In the event of a breakout, the second major resistance level at $0.3209 could come into play.
Failure to hold onto $0.30 levels could see Ripple’s XRP hit reverse later in the day. A slide through to $0.28 levels would bring the first major support level at $0.2793 into play.
Barring another crypto meltdown, Ripple’s XRP would likely steer clear of sub-$0.27 support levels on the day.
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Thanks, Bob
This article was originally posted on FX Empire
