Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/02/19

Another bearish start to the day will test investor resilience as the week comes to a close. A breakthrough to key levels will be needed for a rebound.
Bob Mason
Investing and stock market concept gain and profits with faded candlestick charts.

Bitcoin Cash – ABC – Hits $120

Bitcoin Cash ABC rallied by 4.51% on Saturday, following on from a 1.1% rise on Friday, to end the day at $120.

A bullish start to the days saw Bitcoin Cash ABC rally from a mid-morning intraday low $114.63 to a late morning intraday high $120.79 before easing back to $117 levels in the early afternoon.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $117.64 to come up against the second major resistance level at $120.51 before falling back.

A late bounce back saw Bitcoin Cash ABC break back through the first major resistance level to $120 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 0.31% to $119.64. Moves through the early morning saw Bitcoin Cash ABC fall from a start of a day morning high $119.80 to a morning low $118.68 before recovering to $119 levels. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $119 levels through the morning would support another break through to $120 levels. Support from the broader market would be needed for Bitcoin Cash ABC to breakout from $120 levels to take a run at the first major resistance level at $122.32, with Saturday’s high $120.79 likely to deliver plenty of resistance.

Failure to hold onto $119 levels could see Bitcoin Cash ABC fall through 118.50 to bring $116 levels and the first major support level at $116.16 into play before any recovery. Heavier losses are not expected in the event of a sell-off.

Litecoin Targets $35

Litecoin rallied by 5.69% on Saturday, following a 3.58% gain from Friday, to end the day at $34.18.

It was particularly range-bound through the majority of the day, with Litecoin seeing a morning low $32.19 and morning high $33.09 ahead of an end of day surge.

Leaving the major support levels untested through the day, Litecoin rallied to a late intraday high $34.18. Litecoin broke through the first major resistance level at $33.53 to hit $34 levels for the first time since 10th December, while coming up short of the second major resistance level at $34.69.

At the time of writing, Litecoin was down 0.82% to $33.90. Litecoin fell from a start of a day morning high $34.58 to a morning low $33.67 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead a hold above $33.50 levels through the morning would support a move back through to $34 levels to bring the first major resistance level at $34.84 into play. The bulls will be eyeing $35 levels, with support from the broader market needed to give Litecoin a run at the second major resistance level at $35.51.

Failure to hold above $33.50 levels could see Litecoin slide back through to $32 levels to call on support at the first major support level at $32.85. Barring a broad-based crypto sell-off, we would expect Litecoin to avoid sub-$32 support levels on the day.

Ripple Sees a Choppy Week Continue

Ripple’s XRP rose by 1.01% on Saturday, reversing a 1.04% from Friday, to end the day at $0.31570.

A relatively choppy day saw Ripple’s XRP fall from a morning high $0.31528 to an early afternoon intraday low $0.30743 before finding support.

Holding above the first major support level at $0.30310, Ripple’s XRP moved back through to $0.31 levels ahead of a late in the day broad-based crypto rally. Ripple’s XRP struck an intraday high $0.31884, coming within range of the first major resistance level at $0.31970 before easing back.

At the time of writing, Ripple’s XRP was down by 1.05% to $0.31240. Ripple’s XRP fell from a morning high $0.31768 to a morning low $0.31183 before finding support. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through $0.3140 levels to the morning high $0.31768 would be needed to bring the first major resistance level at $0.3206 into play. Ripple’s XRP would need support from a broad-based crypto rally to take a run at the second major resistance level at $0.3254. Saturday’s high $0.31884 will likely place plenty of resistance to leave $0.33 levels off the table for the day.

Failure to move back through $0.3140 could see Ripple’s XRP take a bigger hit later in the day. A fall through the morning low $0.31183 could see Ripple’s XRP pullback to $0.30 levels to bring the first major support level at $0.3091 into play. We would expect the second major support level at $0.3026 to be left untested on the day.

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