Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/02/19
Bitcoin Cash – ABC – Slides Back
Bitcoin Cash ABC fell by 2.44% on Sunday. Partially reversing Saturday’s 4.51% gain, Bitcoin Cash ABC ended the day at $116.83.
Through the day, Bitcoin Cash ABC struck a mid-morning intraday high $120.32 before hitting reverse.
Your capital is at risk
Bitcoin Cash ABC fell to a late in the day intraday low $115.39 before finding support. Bitcoin Cash ABC fell through the first major support level at $116.16 before a partial recovery. The start of a day intraday high fell short of the first major resistance level at $122.32.
For the week, Bitcoin Cash ABC ended the week with a 2.89% loss, with most of the damage coming from a 7% slide at the start of the week.
At the time of writing, Bitcoin Cash ABC up by 0.6% to $117.54. Rising from an end of Sunday $116.83 to $117.54, Bitcoin Cash ABC left the major support and resistance levels untested.
For the day ahead, Bitcoin Cash ABC would need to hold above $117.50 to bring $118 levels into play. Support from the broader market would be needed for Bitcoin Cash ABC to take a run at $119 levels and the first major resistance level at $119.64. Bitcoin Cash ABC will likely fall short of $120 levels on the day.
Failure to hold above $117.5 could see Bitcoin Cash ABC hit reverse later in the day. A fall through to $116 levels would likely see Bitcoin Cash ABC slide to $115 levels to bring the first major support level at $114.71 into play. Bitcoin Cash ABC will likely avoid heavier losses in the event of a reversal.
Litecoin Loses Ground
Litecoin fell by 3.83% on Sunday. Partially reversing a 5.69% rise from Saturday, Litecoin ended the day at $32.87.
Tracking the broader market, Litecoin rose to an early morning intraday high $34.58 before hitting reverse. Falling short of the first major resistance level at $34.84, Litecoin fell through the first major support level at $32.85 to a mid-afternoon intraday low $32.47.
Finding support late in the day, Litecoin moved back through to $33 levels to limit the damage, whilst the day’s losses cut Litecoin’s weekly gain to 2.65%.
At the time of writing, Litecoin was up by 1.4% to $33.33. A bullish start to the day saw Litecoin rise from a morning low S32.87 to a high $33.61. While making ground early on, Litecoin left the major support and resistance levels untested.
For the day ahead, a move back through the morning high would bring $34 levels and the first major resistance level at $34.14. into play. Support from the broader market would be needed for Litecoin, however, for Litecoin to breakout and bring $35 levels into play.
Failure to move back through the morning high could see Litecoin hit reverse. A fall through $33.30 could see Litecoin fall back through the morning low $32.87, to bring the first major support level at $32.03 into play. Litecoin will likely steer clear of sub-$32 levels in the event of a crypto sell-off.
Ripple Holds onto $0.30 Levels
Ripple’s XRP slid by 3.14% on Sunday. Reversing a 1.01% gain from Saturday, Ripple’s XRP ended the week down 1.32% at $0.3059.
A start of a day intraday high $0.31768 came up short of the day’s first major resistance level at $0.3206 before Ripple’s XRP hit reverse.
Sliding through the day, Ripple’s XRP fell through the first major support level at $0.3091 to an intraday low $0.30115. Ripple’s XRP found support at the second major support level at $0.3026 to move back through to $0.3050 levels by the day’s end.
At the time of writing, Ripple’s XRP was down by 0.57% to $0.30415. Ripple’s XRP rose to a start of a day morning high $0.30629 before falling to a morning low $0.30404. Moves through the morning left the day’s major support and resistance levels untested.
For the day ahead, a move through the morning high $0.30629 to $0.3090 levels would support a run at the first major resistance level at $0.3153. Ripple’s XRP would require support from the broader market, however, to take a run at $0.32 levels. In the event of a broad-based crypto rally, we would expect Ripple’s XRP to come up short of the second major resistance level at $0.3248.
Failure to move through the morning high could see Ripple’s XRP fall deeper into the red. A pullback through the morning low $0.30404 would likely bring the first major support level at $0.2988 into play before any recovery. Ripple’s XRP will likely steer clear of $0.28 levels, with the second major support level at $0.2917 there to prevent heavier losses on the day.