Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/03/19
Bitcoin Cash – ABC – Finds Support
Bitcoin Cash ABC gained 1.61% on Thursday. Reversing a 0.24% fall from Wednesday, Bitcoin Cash ABC ended the day at $130.57.
Bitcoin Cash ABC rallied to an early morning intraday high $133.87 before easing back. The early moves saw Bitcoin Cash ABC break through the day’s major resistance levels before hitting reverse.
Selling pressure at the 23.6% FIB Retracement Level of $134 led to a slide back to an intraday low $127.24. Steering clear of the major support levels, a return to $132 levels in the early afternoon was brief, while Bitcoin Cash ABC continued to find strong support at sub-$130 levels.
For the bulls, Bitcoin Cash ABC managed to hold above the second major resistance level at $129.03 by the day’s end.
At the time of writing, Bitcoin Cash ABC was up by 0.9% to $131.74. Moves through the early morning saw Bitcoin Cash ABC rise to a morning high $132.22. Falling short of the first major resistance level at $133.88, Bitcoin Cash ABC eased back to $131 levels.
For the day ahead, a hold onto $131 levels through the morning would support a move back through to $132 levels. Support from the broader market would be needed, however, for a return to $133 levels. We would expect Bitcoin Cash ABC to be pinned back from a breakthrough to $134 levels. The first major resistance level at $133.88 and the 23.6% FIB of $134 would likely limit the upside on the day.
Failure to hold onto $131 levels could lead to a fall through to $129 levels before any recovery. Barring a broad-based crypto reversal, we would expect Bitcoin Cash ABC to steer clear of the first major support level at $127.25.
Litecoin – Sees Green
Litecoin gained 1.02% on Thursday. Partially reversing a 2.03% fall from Wednesday, Litecoin ended the day at $55.61.
An early afternoon spike saw Litecoin strike an intraday high $57.74 before pulling back. Litecoin broke through the first major resistance level at $56.31 to come up against the second major resistance level at $57.55.
The pullback saw Litecoin fall through the first major support level at $53.97 to an intraday low $53.11.
At the time of writing, Litecoin was up by 1.06% to $56.20. A bullish start to the day saw Litecoin rise from a morning low $55.60 to a high $56.42 before easing back. The day’s major support and resistance levels were left untested early on.
For the day ahead, a hold onto $56 levels through the morning would support a run at $57 levels later in the day. Support from the broader market could see Litecoin breakthrough the first major resistance level at $57.86 to hit $58 levels. In the event of a rally, would expect Litecoin to continue to come up short of 23.6% FIB of $60, however.
Failure to hold onto $56 levels could see Litecoin slide to $54 levels before any recovery. In the event of a broad-based sell-off, the day’s first major support level at $53.23 would likely be tested. We would expect Litecoin to steer clear of sub-$53 support levels, in the event of a reversal.
Ripple Joins the Pack
Ripple’s XRP fell by 0.83% on Thursday. Reversing a 1.11% gain from Wednesday, Ripple’s XRP ended the day at $0.31728.
A relatively range-bound morning saw Ripple’s XRP rise to an early morning intraday high $0.323 before easing back. Falling short of the first major resistance level at $0.3307, Ripple’s XRP eased to a morning low $0.3165.
An early afternoon intraday low $0.29521, saw Ripple’s XRP slide through the first major support level at $0.3115 and second major support level at $0.3029 before bouncing back to $0.31 levels.
At the time of writing, Ripple’s XRP was up by 0.03% to $0.31738. A range-bound start to the day saw Ripple’s XRP rise from a morning low $0.3168 to a high $0.31925, before easing back. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move back through the morning high $0.31925 would bring $0.32 levels and the first major resistance level at $0.3285 into play. Barring a broad-based crypto rally, we would expect $0.33 levels to be left untouched. In the event of a rally, Ripple’s XRP could test the second major resistance level at $0.3396 before any pullback. We would expect Ripple’s XRP to come up short of $0.34 levels.
A pullback through $0.3120 levels would bring $0.30 levels into play before any recovery. In the event of a sell-off, we would expect the first major support level at $0.3007 to come into play. A fall to $0.29 levels would likely be as bearish as it gets on the day.
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This article was originally posted on FX Empire
