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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/03/19

Bob Mason

Bitcoin Cash – ABC – Sees more Red

Bitcoin Cash ABC slid by 3.36% on Thursday. Following on from a 1.35% fall from Wednesday, Bitcoin Cash ABC ended the day at $152.63.

A choppier day than usual saw Bitcoin Cash ABC rise to a mid-day intraday high $159.36 before hitting reverse.

Falling short of the first major resistance level at $160.17, Bitcoin Cash ABC slid to an intraday low $147. Bitcoin Cash ABC fell through the first major support level at $154.47 and second major support level at $151.38. The reversal also saw Bitcoin Cash ABC tumble through the 38.2% FIB of $152, before recovering to $152 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.34% to $152.11. A quiet start to the day saw Bitcoin Cash ABC recover from a start of a day fall to $152.00. The range-bound start to the day left the major support and resistance levels untested. In spite of the pullback, Bitcoin Cash ABC managed to avoid falling through the 38.2% FIB of $152.0.

For the day ahead, a move through to $153 levels would signal a run at $157 levels. A breakthrough to $157 levels would bring the first major resistance level at $158.99 into play. Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from $153 levels.

Failure to move through to $153 could see Bitcoin Cash ABC fall deeper into the red. A fall through the 38.2% FIB of $152 could bring sub-$150 levels back into play before any recovery. Barring a broad-based crypto sell-off, however, we would expect the first major support level at $146.63 to be left untested.

Litecoin Slides

Litecoin fell by 2.99% on Thursday. Reversing a 1.59% gain from Wednesday, Litecoin ended the day at $58.41.

Bearish from the start of the day, Litecoin fell from an intraday high $60.40 to an early afternoon intraday low $57.2. The reversal saw Litecoin fall through the first major support level at $57.7 before finding support. The 23.6% FIB continued to prove significant on the day, with Litecoin falling back through to sub-$60 levels.

The day’s major resistance levels were left untested, while Litecoin also failed to break back through the 23.6% FIB of $60.

At the time of writing, Litecoin was down by 0.02% to $58.40. A relatively range-bound start to the day saw Litecoin rise from a morning low $58.07 to a high $58.48. The day’s major support and resistance levels were left untested, with Litecoin also falling short of the 23.6% FIB of $60.

For the day ahead, a move through to $58.7 levels would support a break back through the 23.6% FIB. Support from the broader market would be needed, however, for Litecoin to breakout from the first major resistance level at $60.14.

Barring a crypto rally, we would expect Litecoin to continue to come up short of $62 levels on the day.

Failure to move through to $58.70 levels could see Litecoin slide back through the morning low $58.07. A pullback would bring the first major support level at $56.94 into play before any recovery.

Barring a crypto meltdown, we would expect Litecoin to steer clear of sub-$56 support levels through the day.

Ripple Sees Deep Red

Ripple’s XRP fell by 3.02% on Thursday. Reversing a 0.53% gain from Wednesday, Ripple’s XRP ended the day at $0.31499.

Tracking the broader market, Ripple’s XRP fell from a start of a day intraday high $0.326 to an early afternoon intraday low $0.30818.

While falling well short of the first major resistance level at $0.3302, Ripple’s XRP slid through the first major support level at $0.3186 and second major support level at $0.3123.

The broad-based crypto sell-off saw Ripple’s XRP hit sub-$0.31 levels for the first time in a week.

At the time of writing, Ripple’s XRP was down by 0.35% to $0.31389. A bearish start to the day saw Ripple’s XRP fall to a morning low $0.31179 before striking a morning high $0.31529.

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

For the day ahead, a move through to $0.3160 levels would signal a run at $0.32 levels later in the day. Support from the broader market would bring the first major resistance level at $0.3246 into play. Barring a mass rally, we would expect Ripple’s XRP to continue to come up short of $0.33 levels.

Failure to move through $0.3160 levels could see Ripple’s XRP take a bigger hit on the day. A pullback through the morning low $0.31179 would bring sub-$0.31 levels into play. In the event of a sell-off, we would expect the first major support level at $0.3068 to prevent a slide back to sub-$0.30 levels.

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This article was originally posted on FX Empire

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