Bitcoin Cash – ABC – Sinks
Bitcoin Cash ABC tumbled by 14.9% on Thursday. Reversing a 1.9% gain from Wednesday, Bitcoin Cash ABC ended the day at $408.5.
It was bearish all the way. Bitcoin Cash ABC slid from a start of a day intraday high $486.35 to a late afternoon intraday low $381.8.
Falling well short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $450.62 and second major support level at $417.31.
Of greater significance on the day was a fall through the 23.6% FIB of $418. Finding support late in the day, Bitcoin Cash ABC managed to recover to $400 levels.
At the time of writing, Bitcoin Cash ABC was up by 1.52% to $414.72. Late support from Thursday continued into this morning, with Bitcoin Cash ABC rising from a morning low $408.5 to a high $414.72.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a move through to $425 levels would signal a run at $450 levels on the day. Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $469.30.
We would expect Bitcoin Cash ABC to come up short of Thursday’s high $486.35, however, in the event of a rebound.
Failure to move through to $425 levels could see Bitcoin Cash ABC take another hit. A fall through to sub-$400 levels would bring the first major support level at $364.75 into play.
Litecoin Tracked the Pack
Litecoin tumbled by 12.61% on Thursday. Following on from a 3.6% fall from Wednesday, Litecoin ended the day at $114.16.
A particularly bearish morning saw Litecoin slide from an intraday high $132.11 to a late morning low $110.12.
Litecoin fell through the first major support level at $122.66 and second major support level at $114.69. The start of the day high fell well short of the major resistance levels.
The reversal also saw Litecoin slide through the 23.6% FIB of $117.
Support through the afternoon led to a brief recovery to $122 levels before sliding back to an intraday low $109.09.
At the time of writing, Litecoin was up by 1.53% to $115.91. A bullish start to the day saw Litecoin rise from a morning low $112.82 to a high $116.62 before easing back.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move through the 23.6% FIB of $117 levels would support a return to $120 levels later in the day.
Litecoin would need support from the broader market, however, to take a run at the first major resistance level at $127.82.
Barring a broad-based crypto rebound, Litecoin would likely come up short of $130 levels on the day.
Failure to move through the 23.6% FIB could see Litecoin slide back into the red. A fall through the morning low $112.82 would bring the first major support level at $104.8 into play.
Barring a crypto meltdown, Litecoin should steer clear of sub-$100 support levels.
Ripple’s XRP Visits sub-$0.40
Ripple’s XRP slid by 11.69% on Thursday. Following on from a 1.27% fall from Wednesday, Ripple’s XRP ended the day at $0.40589.
Tracking the broader market, Ripple’s XRP slid from an intraday high $0.46433 to a mid-morning low $0.40450.
The reversal saw Ripple’s XRP fall through the first major support level at $0.4376 and second major support level at $0.4158.
Of greater significance was a fall through the 23.6% FIB of $0.4164.
A recovery to $0.43 levels was short-lived, with Ripple’s XRP sliding to a late afternoon intraday low $0.3900. The only positive on the day was a recovery to $0.40 levels.
At the time of writing, Ripple’s XRP was up by 0.78% to $0.40904. A positive start to the day saw Ripple’s XRP rise from a morning low $0.40304 to a high $0.41234.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead, a move through to $0.4200 levels would be needed to support a run at the first major resistance level at $0.4495.
Ripple’s XRP would need support from the broader market, however, to break out from $0.42 levels on the day.
Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.43 levels.
Failure to move through to $0.42 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.40304 would bring sub-$0.40 levels into play before any recovery.
Barring another crypto meltdown, Ripple’s XRP should steer well clear of the first major support level at $0.3762.
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Thanks, Bob
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