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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/03/19

Bob Mason

Bitcoin Cash – ABC – Slides

Bitcoin Cash ABC slid by 2.68% on Tuesday. Following on from a 0.78% decline on Sunday, Bitcoin Cash ABC ended the day at $158.51.

Range-bound through the early morning, Bitcoin Cash ABC moved through to mid-morning intraday high $164.16 before hitting reverse.

A broad-based crypto sell-off led Bitcoin Cash ABC to an early afternoon intraday low $155.24. The reversal saw Bitcoin Cash ABC slide through the first major support level at $161.22 and second major support level at $158.55.

The early morning high saw Bitcoin Cash ABC come up short of the major resistance levels.

At the time of writing, Bitcoin Cash ABC was down by 1.52% at $156.11. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $158.69 to a low $156.11. In spite of the early pullback, the day’s major support and resistance levels were left untested.

For the day ahead, Bitcoin Cash ABC would need to move back through the morning high $158.69 to signal an afternoon rebound. A move through $159.30 levels would be needed, however, to bring the first major resistance level at $163.37 into play.

Barring support from the broader market, however, we would expect Bitcoin Cash ABC to come up short of $160 levels on the day.

Failure to move back through the morning high could see morning give up more ground through the day. A fall through to $155 levels would bring the first major support level at $154.45 into play. Barring another crypto sell-off, however, we would expect morning to avoid a pullback through the 38.2% FIB of $152.

Litecoin Tracks the Pack

Litecoin fell by 1.35% on Monday. Following on from a 1.62% decline from Sunday, Litecoin ended the day at $58.66.

A bullish start to the day saw Litecoin strike an intraday high $60.25 before hitting reverse. While falling short of the first major resistance level at $60.35, Litecoin managed to test selling pressure at the 23.6% FIB of $60.

The reversal throughout the day saw Litecoin fall through the first major support level at $58.66 to an intraday low $57.82. Support at the second major support level at $57.86 prevented heavier losses on the day and a move back to $58 levels.

At the time of writing, Litecoin was down 0.27% to $58.5. A choppy start to the day saw Litecoin rise to a morning high $58.89 before pulling back. Falling short of the first major resistance level and 23.6% FIB at $60, Litecoin fell to a morning low $58.15.

For the day ahead, a move through to $58.90 levels would be needed to give Litecoin another run at the first major resistance level and 23.6% FIB. Barring support from the broader market, we would expect the 23.6% FIB to pin Litecoin back from a breakout to $61 levels.

Failure to move through to $58.90 could see Litecoin fall back through the morning low $58.15 to $57 levels. Barring a broad-based sell-off, we would expect the first major support level at $57.57 to limit the downside on the day. In the event of a sell-off, a visit to $56 levels and the second major support level at $56.48 could be on the cards.

Ripple Avoids sub-$0.30

Ripple’s XRP slid by 1.86% on Monday. Following on from a 1.3% fall from Sunday, Ripple’s XRP ended the day at $0.30592

A rise to an early morning intraday high $0.31236 was the only bullish move of the day. Falling short of the first major resistance level at $0.3160, Ripple’s XRP slid to a late intraday low $0.30313.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3074. Finding support at the second major support level at $0.3031, Ripple’s XRP avoided sub-$0.30 levels on the day.

At the time of writing, Ripple’s XRP was down by 0.33% to $0.30490. A positive start to the day saw Ripple’s XRP rise to a morning high $0.30698 before easing back. Falling short of the first major resistance level at $0.3111, Ripple’s XRP fell to a morning low $0.30422.

For the day ahead, a move through to $0.3070 levels would support another run at the first major resistance level at $0.3111. Barring a broad-based crypto rally, we would expect Ripple’s XRP to fall short of $0.31 levels, however. In the event of a market rebound, Ripple’s XRP could break through the first major resistance level to $0.313 levels.

Failure to move through to $0.3070 could see Ripple’s XRP fall back through the morning low $0.30422. A broad-based reversal would see Ripple’s XRP call on support at the first major support level at $0.3019.  Barring a crypto meltdown, however, we would expect Ripple’s XRP to avoid sub-$0.30 levels.

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This article was originally posted on FX Empire

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