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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/03/19

Bob Mason

Bitcoin Cash – ABC – Sees a 3rd Day in the Red

Bitcoin Cash ABC slid by 2.57% on Friday. Following on from a 0.76% fall on Thursday, Bitcoin Cash ABC ended the day at $126.46.

A bearish morning saw Bitcoin Cash ABC slide from an intraday high $130.15 to an early morning intraday low $125.69.

Falling short of the first major resistance level at $132.15, Bitcoin Cash ABC fell through the first major support level at $129.12 and second major resistance level at $127.86.

A bounce back to $129 levels by mid-morning failed to draw in support for a move back into positive territory. Bitcoin Cash ABC fell back to match the early morning intraday low before recovering to $126 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.56% to $127.69. A relatively range-bound start to the day saw moves within $127 levels. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $127.50 levels would support a breakthrough to $128 levels. Support from the broader market would be needed, however, to bring the first major resistance level at $129.18 into play.

Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $130 levels on the day. In the event of a crypto rebound, the second major resistance level at $131.89 could be tested before any pullback.

Failure to hold above $127.50 could see Bitcoin Cash ABC slide back to $125 levels. The pullback would bring the first major support level at $124.72 into play. Barring a crypto meltdown, however, we would expect Bitcoin Cash ABC to once again steer clear of Tuesday’s low $123.47.

Litecoin – Sees Red

Litecoin fell by 2.09% on Friday. Reversing most of Thursday’s 2.43% gain, Litecoin ended the day at $55.33.

A relatively choppy day saw Litecoin rise to a mid-morning intraday high $57.38 before easing back. Falling short of the first major resistance level at $59.04, Litecoin struggled to hold onto $56 levels through the day.

A late slide to an intraday low $54.02 saw Litecoin steer clear of the first major support level at $53.80 to recover to $55 levels.

At the time of writing, Litecoin was up by 2.22% to $56.56. A bullish start to the day saw Litecoin rise from a morning low $55.12 to a high $57.07 before easing back. Steering clear of the first major support level at $53.77, Litecoin came within range of the first major resistance level at $57.13.

For the day ahead, a move back through to $57 levels would support a breakthrough the first major resistance level at $57.13. Support from the broader market would be needed to bring Thursday’s high $58.87 into play later in the day. We would expect the second major resistance level at $58.94 to pin Litecoin back from $59 levels.

Failure to move back through to $57 levels could see Litecoin give up some of the morning gains. A pullback through to sub-$55.60 levels could bring $54 levels into play before any recovery. Barring a crypto sell-off, we would expect Litecoin to steer clear of the day’s support levels.

Ripple Tracks the Pack

Ripple’s XRP fell by 1.79% on Friday. Following on from a 1.08% decline on Thursday, Ripple’s XRP ended the day at $0.31444.

A mixed start to the day saw Ripple’s XRP rise from a morning low $0.31804 to an intraday high $0.3232. Falling short of the first major resistance level at $0.3249, Ripple’s XRP slid back to $0.31 levels.

Range-bound through the afternoon, Ripple’s XRP failed to break through to $0.32 levels before sliding to an intraday low $0.31015. Ripple’s XRP fell through the first major support level at $0.3173 and second major support level at $0.3144.

At the time of writing, Ripple’s XRP was down by 0.03% to $0.31436. Moves through the early hours saw Ripple’s XRP rise from a morning low $0.31292 to a high $0.31543 before easing back. The range-bound start to the day left the major support and resistance levels untested.

For the day ahead, a move through to $0.3160 levels would support a run at $0.32 levels. Improved sentiment across the broader market would bring the first major resistance level at $0.3217 into play.

Barring a crypto rally, we would expect Ripple’s XRP to come up short of $0.33 levels. The second major resistance level at $0.3290 would pin Ripple’s XRP back from a break out from 0.32% levels on the day.

Failure to move through to $0.3160 levels could see Ripple’s XRP test the first major support level at $0.3087 before any recovery. We would expect Ripple’s XRP to steer clear of sub-$0.30 levels in the event of a sell-off.

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This article was originally posted on FX Empire

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