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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/07/19

Bob Mason

Bitcoin Cash – ABC – in Recovery

Bitcoin Cash ABC fell by 2.59% on Tuesday. Partially reversing a 4.11% gain from Monday, Bitcoin Cash ABC ended the day at $408.02.

A bearish start to the day saw Bitcoin Cash ABC fall from an early intraday high $418.87 to a late morning intraday low $383.16.

Falling well short of the major resistance levels, Bitcoin Cash ABC fell through the 23.6% FIB of $418 and the first major support level at $394.38.

Finding support through the afternoon, Bitcoin Cash ABC recovered to $400 levels to limit the loss on the day. In spite of the partial recovery, Bitcoin Cash ABC was unable to move back through the 23.6% FIB…

At the time of writing, Bitcoin Cash ABC was up by 1.1% to $412.50. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $408.41 to a high $418.0.

Whilst falling short of the first major resistance level at $423.54, the 23.6% FIB of $418 continued to limit progress.

For the day ahead, Bitcoin Cash ABC would need to steer clear of sub-$410 levels to support another run at the first major resistance level at $423.54.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the 23.6% FIB of $418.

An extended crypto rally through the day could see Bitcoin Cash ABC test the second major resistance level at $439.06.

Failure to avoid sub-$410 levels could see Bitcoin Cash ABC slide back through to sub-$400 levels.

Barring a broad-based crypto sell-off, the first major support level at $387.87 should limit any downside on the day.

Litecoin Finds Support

Litecoin slid by 3.26% on Tuesday. Reversing a 0.42% gain from Monday with interest, Litecoin ended the day at $118.59.

A particularly bearish morning saw Litecoin slide from an intraday high $123.41 to a mid-morning intraday low $111.2.

The reversal saw Litecoin slide through the 23.6% FIB of $117 and the first major support level at $114.94.

Finding support through the afternoon, Litecoin managed a brief return to $120 levels before easing back. The 23.6% FIB proved to be the resistance line on the day.

At the time of writing, Litecoin was up by 1.63% to $120.52. A bullish start to the day saw Litecoin rise from a morning low $118.54 to a high $123.16 before easing back.

Litecoin left the major support and resistance levels untested and also held above the 23.6% FIB of $117.

For the day ahead, a hold above the 23.6% FIB of $117 through the morning would support a bullish day ahead.

A move back through the morning high $123.16 would bring the first major resistance level at $124.27 into play.

Barring a broad-based crypto rally, Litecoin would likely see any upside capped at $126 levels on the day.

Failure to hold above the 23.6% FIB of $117 could see Litecoin test the first major support level at $112.06 before any recovery.

Barring a crypto sell-off later in the day, Litecoin should steer clear of sub-$110 support levels on the day.

Ripple’s XRP Tracks the Pack

Ripple’s XRP fell by 1.98% on Tuesday. Partially reversing a 3.4% gain from Monday, Ripple’s XRP ended the day at $0.39991.

Tracking the broader market, Ripple’s XRP fell from an early intraday high $0.41187 to a late morning intraday low $0.38414.

Falling well short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.3922.

Recovery through the afternoon saw Ripple’s XRP return to $0.4040 levels before sliding back to sub-$0.40 levels.

At the time of writing, Ripple’s XRP was up by 0.74% to $0.40288. Tracking the broader market, Ripple’s XRP rose from a morning low $0.39989 to a high $0.40711 before easing back.

Ripple’s XRP left the major support and resistance levels untested early on and also fell short of the 23.6% FIB of $0.4164.

For the day ahead, a hold onto $0.40 levels through the morning would support further gains later in the day.

A move back through the morning high $0.40711 would bring the first major resistance level at $0.4131 into play.

Ripple’s XRP would need the support of the broader market, however, to break through the 23.6 % FIB of $0.4164.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.42 levels on the day.

Failure to move back through the morning high $0.40711 could see Ripple’s XRP hit reverse. A fall through to sub-$0.40 levels would bring the first major support level at $0.3854 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.38 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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