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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/03/19

Bob Mason

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 1.35% on Wednesday. Following on from a 0.21% decline on Tuesday, Bitcoin Cash ABC ended the day at $157.55.

A particularly choppy daw saw Bitcoin Cash ABC fall from an intraday high $159.7 to a mid-day intraday low $154.0 before finding support.

The start of a day high saw Bitcoin Cash ABC fall short of the first major resistance level at $160.17. The reversal saw Bitcoin Cash ABC call on support at the first major support level at $154.77 to move back to $157 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.44% to $156.85. A mixed start to the day saw Bitcoin Cash ABC rise to a morning high $158.23 before pulling back. Falling short of the first major resistance level at $160.17, Bitcoin Cash ABC eased to a morning low $156.85.

For the day ahead, a move back through to $157 levels would support another run at $160 levels and the first major resistance level at $160.17. Support from the broader market would be needed, however, for Bitcoin Cash ABC to move back into positive territory.

Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $160 levels.

Failure to move through to $157 levels could see Bitcoin Cash ABC fall deeper into the red. A pullback to $155 levels would bring the first major support level at $154.47 into play. Barring a crypto sell-off, we would expect sub-$154 levels to be avoided.

Litecoin – Finds Support

Litecoin rose by 1.59% on Wednesday. Following on from a 0.49% gain on Tuesday, Litecoin ended the day at $60.21.

A relatively bearish first half of the day saw Litecoin slide to a late morning intraday low $56.8 before finding support. The reversal saw Litecoin fall through the first major support level at $58.35 and second major support level at $57.41.

Rebounding through the remainder of the day, Litecoin rallied to a late intraday high $60.91 before easing back. Litecoin broke through the first major resistance level at $59.95 and second major resistance level at $60.61. Of greater significance was Litecoin’s break through and hold above the 23.6% FIB of $60.

At the time of writing, Litecoin was down by 0.95% to $59.64. A bearish start to the day saw Litecoin fall from a morning high $60.4 to a low $59.57. The reversal saw Litecoin fall through the 23.6% FIB of $60. The day’s major support and resistance levels were left untested.

For the day ahead, a hold above $59.50 levels through the morning would support a recovery later in the day. Recovery across the broader market would support a move back through the 23.6% FIB. A broad-based crypt rally would be needed, however, to support a run at $61 levels. Barring a crypto rally, we would expect the first major resistance level at $61.81 to be left untested.

Failure to hold above $59.5 could see Litecoin slide back to test the first major support level at $57.7 before any recovery. Barring a crypto meltdown, we would expect Litecoin to avoid sub-$57 support levels on the day.

Ripple Tracks the Pack

Ripple’s XRP gained 0.53% on Wednesday. Following on from a 0.49% rise from Tuesday, Ripple’s XRP ended the day at $0.32485.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.31770 before finding support. Ripple’s XRP fell through the first major support level at $0.3204 to test the second major support level at $0.3177.

Recovering through the early afternoon, Ripple’s XRP rallied to an intraday high $0.32937 before easing back. Ripple’s XRP broke through the first major resistance level at $0.3248 and second major resistance level at $0.3266 on the way.

At the time of writing, Ripple’s XRP was down by 0.65% to $0.32273. Tracking the broader market, Ripple’s XRP fell from a morning high $0.326 to a low $0.3223 before steadying.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.324 levels would support a run at the first major resistance level at $0.3302. Sentiment across the broader market would need to materially improve, however, for Ripple’s XRP to rebound. Having failed to break through to $0.33 levels for a 7th day on Wednesday, a broad-based rally would be needed to support a breakout.

Failure to move back through to $0.324 levels could see Ripple’s XRP call on support at the first major support level at $0.3186. Barring a mass sell-off, we would expect sub-$0.31 support levels to be avoided on the day. The second major support level at $0.3123 would limit the downside in the event of a sell-off.

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This article was originally posted on FX Empire

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