Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/01/19

The majors are under pressure early on, but it’s not the first time, with an afternoon recovery not out of the question.
Bob Mason
Cryptos

Bitcoin Cash – ABC – Holds On

Bitcoin Cash ABC rose by 4.04% on Wednesday, following on from a 9.7% rally on Tuesday, to end the day at $169.9.

A late in the day intraday high $172.99 saw Bitcoin Cash ABC break through the first major resistance level at $168.84, with Bitcoin Cash ABC  managing to break out from the 38.2% FIB Retracement Level of $163 that had been pinning Bitcoin Cash ABC back from a move through to $170 levels.

A mid-morning intraday low $159.70 was as bad as it got for the day, Bitcoin Cash ABC steering clear of the first major support level at $151.94 ahead of the afternoon rally.

At the time of writing, Bitcoin Cash ABC was up 0.76% to $171.19, with Bitcoin Cash ABC falling from a start of a day morning high $174.70 to a morning low $167.94 before recovering to $170 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, holding onto $170 levels through the morning would support another run at the first major resistance level at $175.36, with continued support from the broader market needed for Bitcoin Cash ABC to take a run at $180 levels and the day’s second major resistance level at $180.82.

Failure to hold onto $170 levels could see Bitcoin Cash ABC pullback through the morning low $167.94 to bring the day’s first major support level at $162.07 into play before any recovery, sub-$160 levels unlikely to be in play on the day.

Litecoin Back in the Red

Litecoin gained 3.98% on Wednesday, following on from a 6.38% gain on Tuesday, to end the day at $32.94.

A range bound start to the day saw Litecoin ease back to a late morning intraday low $31.33, steering well clear of the day’s first major support level at $29.87.

Upward momentum through the rest of the day saw Litecoin break through the first major resistance level at $32.72 to strike an intraday high $33.64 before easing back to $32 levels, the second major resistance level at $33.77 holding Litecoin back from more upside, with a second consecutive day in the green reversing New Year Day’s 5.64% slide.

At the time of writing, Litecoin was down 0.61% to $32.74, with moves through the early morning seeing Litecoin fall from a morning high $33.10 to a low S32.51 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $32.70 levels would support another move through to $33 levels to bring the day’s first major resistance level at $33.94 into play, while Litecoin will likely fall short of the second major resistance level at $34.95, with Wednesday’s high $33.64 likely to pin back any breakout from the first major resistance level.

Failure to hold onto $32.70 levels could see Litecoin fall back through the morning low $32.51 to bring $31 levels and the first major support level at $31.63 into play before any recovery, sub-$31 support levels unlikely to be tested barring a broad based crypo meltdown later in the day.

Ripple Hits Reverse

Ripple’s XRP rose by 2.55% on Wednesday, following on from a 4.4% gain on Tuesday, to end the day at $0.38683.

A bearish start to the day saw Ripple’s XRP pullback to a late morning intraday low $0.36967 before finding support through the rest of the day, Ripple’s XRP managing to hold above the first major support level at $0.3642.

The recovery saw Ripple’s XRP break through the first major resistance level at $0.3838 to an intraday high $0.39306, testing the day’s second major resistance level at $0.3904 before easing back to $0.38 levels.

At the time of writing, Ripple’s XRP was down 1.37% to $0.38154, Ripple’s XRP falling from a start of a day morning high $0.3876 to a morning low $0.3789 before recovering to $0.38 levels, the major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.3840 levels would support a run at $0.39 levels to bring the first major resistance level at $0.3967 into play before any pullback, $0.40 levels and the second major resistance level at $0.3967 unlikely to be in play barring a material shift in sentiment across the broader market.

Failure to move back through to $0.384 levels by the early afternoon could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.3789 bringing the first major support level at $0.3733 and $0.36 levels into play before any recovery, the second major support level at $0.3598 unlikely to be in play through the day.

Buy & Sell Cryptocurrency Instantly

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US