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

Bitcoin Cash – ABC – Touches $132s

Bitcoin Cash ABC fell by 1.21% on Saturday. Reversing a 1.21% gain from Friday, Bitcoin Cash ABC ended the day at $129.5.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $132.19 before hitting reverse.

Falling short of the first major resistance level at $132.55, Bitcoin Cash ABC slid to a mid-morning intraday low $128.0. The reversal saw Bitcoin Cash ABC fall through the first major support level at $129.22 before partially recovering.

At the time of writing, Bitcoin Cash ABC was up by 0.77% to $130.5. Support at the start of the day gave Bitcoin Cash ABC a move back through to $130 levels. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $130 levels would support a run at $131 levels and the first major resistance level at $131.79. Support from the broader market would be needed to hold onto $131 levels and take a run at $132 levels later in the day. We would expect $134 levels and the second major resistance level at $134.09 to be left untested on the day.

Failure to hold onto $130 levels could see Bitcoin Cash ABC return to $128 levels later in the day. In the event of a crypto sell-off, the first major support level at $127.6 could come into play. We would expect Bitcoin Cash ABC to avoid sub-$127 levels in the event of a sell-off, however.

Litecoin Makes a Move

Litecoin rallied by 3.08% on Saturday. Following on from a 3.04% gain on Friday, Litecoin ended the day at $48.25.

A relatively choppy morning saw Litecoin fall to a late morning intraday low $46.41 before making a move.

Steering clear of the first major support level at $45.15, Litecoin rallied to an early afternoon intraday high $49.11.

The rally saw Litecoin break through the first major resistance level at $48.59 to hit its highest level since 24^th Feb before easing back.

At the time of writing, Litecoin was down by 0.33% to $48.09. A bullish start to the day saw Litecoin rise to a morning high $48.73 before easing back. Litecoin fell to a morning low $48.00 before steadying. Moves through the early morning left the day’s major support and resistance levels untested.

For the day ahead, a hold onto $48 levels would support a move through the morning high to bring $49 levels into play.  Support from the broader market would be needed to test the first major resistance level at $49.44. Barring a broad-based crypto rally, we would expect Litecoin to come up short of $50 levels.

Failure to hold onto $48 levels could see Litecoin slide through to sub-$47 levels. A reversal would see Litecoin call on the first major support level at $46.74. In the event of a broad-based sell-off, the second major support level at $45.22 could come into play later in the day. We would expect Litecoin to steer clear of sub-$45 support levels in the event of a sell-off.

 

Ripple Sees Red

Ripple’s XRP fell by 0.59% on Saturday. Partially reversing ay 0.87% gain from Friday, Ripple’s XRP ended the day at $0.3214.

A bearish morning saw Ripple’s XRP fall from an intraday high $0.3252 to an intraday low $0.3168.

Falling short of the first major resistance level at $0.3306, Ripple’s XRP called on support at the first major support level at $0.3174.

Ripple’s XRP managed to recover to $0.32 levels by the end of the day. Ripple’s XRP called on sub-$0.32 support through the afternoon to avoid heavier losses on the day.

At the time of writing, Ripple’s XRP was down by 0.26% to $0.32058. A start of the day morning high $0.0.32299 came up short of the first major resistance level at $0.3255. Falling back to a morning low $0.32011, Ripple’s XRP managed to steer clear of the major support levels.

For the day ahead, a hold onto $0.32 levels through the morning would support an afternoon recovery. Support from the broader market would be needed for Ripple’s XRP to breakout from the first major resistance level at $0.3255. We would expect Ripple’s XRP to struggle at $0.33 levels, however. The second major resistance level at $0.3295 would likely pin Ripple’s XRP back from more material gains on the day.

Failure to hold onto $0.32 levels would see Ripple’s XRP fall through the first major support level at $0.3171. Barring a broad-based crypto sell-off, we would expect Ripple’s XRP to avoid sub-$0.31 levels. In the event of a sell-off, the second major support level at $0.3114 should prevent heavier losses on the day.

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