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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/03/19

Bob Mason

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC slipped by 0.21% on Tuesday. Partially reversing a 5.06% rally from Monday, Bitcoin Cash ABC ended the day at $158.00.

A relatively bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $154.34. Holding above the first major support level at $153.95, Bitcoin Cash ABC recovered to an intraday high $160.38. The late in the day high saw Bitcoin Cash ABC fall well short of the first major resistance level at $166.27 before easing back to sub-$160 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.92% to $156.55. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $159.7 to a low $155.60 before steadying. In spite of the pullback, Bitcoin Cash ABC managed to steer clear of the first major support level at $154.77.

For the day ahead, a break back through to $157.60 levels would signal a move back into positive territory. Support from the broader market would be needed, however, to bring $160 levels into play.

In the event of a crypto rebound, we would expect the first major resistance level at $160.81 to pin back a move through to $162 levels on the day.

Failure to move through to $157.60 levels could see Bitcoin Cash ABC take a bigger hit later in the day. A fall through the morning low $155.60 would bring $154 levels and the first major support level at $154.77 into play.

Barring a crypto meltdown, however, we would expect Bitcoin Cash ABC to continue to hold above the 38.2% FIB of $152.

Litecoin – In Reverse

Litecoin gained 0.49% on Tuesday. Partially reversing a 2.17% fall from Monday, Litecoin ended the day at $59.29.

Moves through the early morning saw Litecoin rise to an early morning intraday high $59.67. Falling short of the 23.6% FIB of $60 and first major resistance level at $61.54, Litecoin fell to an intraday low $58.07.

The morning pullback saw Litecoin hold above the first major support level at $57.12 before recovering to $59 levels. Resistance at the 23.6% FIB pinned Litecoin back from a move back through to $60 levels on the day.

At the time of writing, Litecoin was down by 1.1% to $58.64. Tracking the broader market, Litecoin fell from a morning high $59.37 to a low $58.4 before finding support. Falling short of the first major resistance level at $59.95, Litecoin came within range of the first major support level at $58.35.

For the day ahead, a move back through to $59 levels would signal a possible rebound later in the day. Barring a broad-based crypto rally, however, we would expect Litecoin to fall short of $60 levels. The first major resistance level at $59.95 and the 23.6% FIB of $60 would likely pin Litecoin back on the day.

Failure to move back through to $59 levels could see Litecoin fall deeper into the red. A fall through the first major support level at $58.35 would bring $57 levels into play before any recovery. Barring a crypto meltdown, however, we would expect Litecoin to avoid the second major support level at $57.41.

Ripple Eases Back

Ripple’s XRP rose by 0.49% on Tuesday. Reversing a 0.32% fall from Monday, Ripple’s XRP ended the day at $0.32314.

A relatively range bound day saw Ripple’s XRP struggle for direction. A mid-morning intraday low $0.31942 saw Ripple’s XRP hold above the first major support level at $0.3177. Recovering through the day, Ripple’s XRP struck a late intraday high $0.32384 before easing back.

Despite the recovery, Ripple’s XRP fell short of the first major resistance level at $0.3260. More importantly, Ripple’s XRP failed to break through to $0.33 levels for a 6 th consecutive day.

At the time of writing, Ripple’s XRP was down by 0.86% to $0.32036. A bearish start to the day saw Ripple’s XRP slide from a morning high $0.32371 to a low $0.31915 before steadying. The early pullback saw Ripple’s XRP slide through the first major support level at $0.3204, having fallen short of the first major resistance level at $0.3248.

For the day ahead, a move through to $0.3220 levels would signal another run at the first major resistance level at $0.3248. Barring a broad-based rebound, we would expect Ripple’s XRP to fall short of the second major resistance level at $0.3266.

Failure to move back through $0.3220 levels could see Ripple’s XRP take a bigger hit later in the day. A fall back through the first major support level at $0.3204 to $0.31 levels would test the second major support level at $0.3177.

Barring a crypto meltdown, Ripple’s XRP would likely avoid heavier losses on the day.

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This article was originally posted on FX Empire

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