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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 19/03/19

Bob Mason

Bitcoin Cash – ABC – Bucks the Trend

Bitcoin Cash ABC gained 5.06% on Monday. Reversing a 1.55% fall from Sunday, Bitcoin Cash ABC ended the day at $160.64.

A particularly bullish start to the day saw Bitcoin Cash ABC rally from an intraday low $152.9 to an intraday high $165.22. Bitcoin Cash ABC broke through the first major resistance level at $157.65 and second major resistance level at $162.14.

A mid-morning reversal saw Bitcoin Cash ABC ease back to $156 levels before steadying. The pullback saw Bitcoin Cash ABC fall through the first and second major resistance levels.

Late support kicked in to drive Bitcoin Cash ABC back through to $160 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 1.65% to $157.995. Moves through the early morning saw Bitcoin Cash ABC fall from Monday’s end of the day $160.64 to a $157.995. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $159.60 levels would signal an afternoon recovery. Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from $160 levels. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of the first major resistance level at $166.27 on the day.

Failure to move back through $159.60 levels could see Bitcoin Cash ABC take a bigger hit later in the day. A pullback through to $156 levels could see Bitcoin Cash ABC test the first major support level at $153.95. Barring a mass sell-off, we would expect Bitcoin Cash ABC to hold above the 38.2% FIB of $152.

Litecoin – Back at sub-$60

Litecoin slid by 2.17% on Friday. Following on from a 1.18% fall on Sunday, Litecoin ended the day at $58.99.

Tracking the broader market, Litecoin rallied to an early morning intraday high $62.22 before hitting reverse. The morning rally saw Litecoin break through the first major resistance level at $61.08 and second major resistance level at $61.87.

A mid-morning sell-off saw Litecoin tumble to an intraday low $57.80. Litecoin fell through the first major support level at $59.44 and second major support level at $58.59. More significantly, Litecoin fell through the 23.6% FIB Retracement Level of $60.

At the time of writing, Litecoin was up 0.34% to $59.19. Litecoin moved from a morning low $58.97 to a high $59.67 in the early hours. In spite of the early moves, Litecoin fell short of the 23.6% FIB of $60 and the first major resistance level at $61.54.

For the day ahead, a move through $59.70 would support a break through the 23.6% FIB to bring $61 levels into play. Support from the broader market would be needed, however, for Litecoin to break through the first major resistance level at $61.54.

Barring a broad-based crypto rally, we would expect Litecoin to fall short of $61 levels on the day.

Failure to move through $59.70 to $60 levels could see Litecoin hit reverse later in the day. A fall through the morning low $58.97 could see Litecoin fall through to $57 levels before any recovery.

Barring a broad-based sell-off, we would expect Litecoin to steer clear of the first major support level at $57.12 on the day.

Ripple Eases Back

Ripple’s XRP fell by 0.32% on Monday. Following on from a 0.9% decline on Sunday, Ripple’s XRP ended the day at $0.32155.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $0.32666 before hitting reverse. Ripple’s XRP broke through the first major resistance level $0.3253 before sliding to an intraday low $0.31837. The reversal saw Ripple’s XRP fall through the first major support level at $0.3204. Support from the second major support level at $0.3183 prevented heavier losses.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.32117. Moves through the early hours saw Ripple’s XRP rise from a morning low $0.32093 to a high $0.32252. A relatively range bound start to the day left the major support and resistance levels untested.

For the day ahead, a move back through the morning high would support a run at the first major resistance level at $0.3260. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of $0.33 levels on the day.

Failure to move back through the morning high could see Ripple’s XRP fall through to $0.31 levels. A pullback would bring the first major resistance level at $0.3177 into play. Barring a broad-based sell-off, we would expect the second major support level at $0.3139 to limit the downside on the day.

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This article was originally posted on FX Empire

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