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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/07/19

Bob Mason

Bitcoin Cash – ABC – Falls Back

Bitcoin Cash ABC gained 2.25% on Wednesday. Reversing a 2.59% fall from Tuesday, Bitcoin Cash ABC ended the day at $417.59.

A bullish start to the day saw Bitcoin Cash ABC rise to a morning high $418 before hitting reverse.

Coming up against the 23.6% FIB of $418, Bitcoin Cash ABC slid to a mid-morning intraday low $405 before rebounding.

Steering clear of the first major support level at $387.83, Bitcoin Cash ABC rallied to a late intraday high $423.11.

Bitcoin Cash ABC broke through the 23.6% FIB of $418 to come up against the first major resistance level at $423.54.

A late pullback saw Bitcoin Cash ABC fall back through the 23.6% FIB to $417 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.7% to $414.69. A positive start to the day saw Bitcoin Cash ABC rise to a morning high $419.13. Falling short of the first major resistance level at $425.47, Bitcoin Cash ABC fell to a morning low $414.69.

Whilst steering clear of the major support levels, Bitcoin Cash ABC fell through the 23.6% FIB of $418.

For the day ahead, a move back through to $415 levels would support a break back through the 23.6% FIB of $418.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $425.47.

Barring a broad-based crypto rebound, Wednesday’s high $423.11 would likely limit any upside on the day.

Failure to move through to $415 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through to $412 levels would bring the first major support level at $407.36 into play.

Litecoin in the Red

Litecoin rose by 2.69% on Wednesday. Partially reversing a 3.26% slide from Tuesday, Litecoin ended the day at $121.78.

A bullish start to the day saw Litecoin rally to an early morning intraday high $123.16 before hitting reverse.

Falling short of the first major resistance level at $124.27, Litecoin fell to a late afternoon intraday low $117.22.

Whilst steering clear of the major support levels, Litecoin found support at the 23.6% FIB of $117 to move back into positive territory.

At the time of writing, Litecoin was down by 1.84% to $119.54. Moves through the early hours saw Litecoin strike a morning high $122.4 before falling to a low $119.03.

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

For the day ahead, a move back through to $121 levels would support a move through to $123 levels later in the day.

Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $124.22.

Barring a broad-based crypto rally, Litecoin would likely come up short of the second major resistance level at $126.66.

Failure to move back through to $121 levels could see Litecoin take a bigger hit on the day. A fall through to $118 levels would bring the first major support level at $118.28 into play.

In the event of an extended reversal, support at the 23.6% FIB of $117 could be tested later in the day.

Ripple’s XRP Stuck in a Rut

Ripple’s XRP rose by 1.33% on Wednesday. Partially reversing a 1.98% fall from Tuesday, Ripple’s XRP ended the day at $0.40536.

Tracking the broader market, Ripple’s XRP rallied to a mid-morning intraday high $0.40752 before hitting reverse.

Falling well short of the major resistance levels and 23.6% FIB of $0.4164, Ripple’s XRP fell to a late afternoon intraday low $0.39599.

Steering clear of the major support levels, Ripple’s XRP found support from the broader market to bounce back to $0.40 levels late on.

At the time of writing, Ripple’s XRP was down by 0.9% to $0.40170. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.40659 to a low $0.40001.

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

For the day ahead, a move back through to $0.4030 levels would support a run at the first major resistance level at $0.4099.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of $0.41 levels on the day.

In the event of a rebound, the second major resistance level at $0.4145 would likely come into play before any pullback.

Failure to move back through to $0.4030 levels could see Ripple’s XRP slide back through the morning low $0.40001.

A fall through to sub-$0.40 levels would bring the first major support level at $0.3984 into play.

In the event of an extended sell-off, the second major support level at $0.3914 should limit the downside on the day.

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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