Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/04/19

Bitcoin Cash – ABC – And the Breakout

Bitcoin Cash ABC surged by 45.69% on Tuesday. Rebounding from a 1.38% fall on Monday, Bitcoin Cash ABC ended the day at $243.77.

Bullish from the start of the day, Bitcoin Cash ABC rallied from an intraday low $166.76 to a late in the day intraday high $248.

Breaking through the day’s major resistance levels, Bitcoin Cash ABC smashed through the 62% FIB of $181. The moves saw Bitcoin Cash ABC form a near-term bullish trend having recovered from a late January swing lo $105.

At the time of writing, Bitcoin Cash ABC was up by 4.22% to $254.07. Bitcoin Cash ABC broke through the first major resistance level at $282.26 to hit a new swing high $290 before easing back.

For the day ahead, a hold onto $250 levels through the morning would support another rally later in the day. A move through to $265 levels would bring the first major resistance level at $272.26 back into play. Barring a broad-based crypto breakout, however, we would expect Bitcoin Cash ABC to come up short of the morning high $290 later in the day.

Failure to hold onto $250 levels could see Bitcoin Cash ABC hit reverse later in the day. A pullback through the morning low $241.41 could see Bitcoin Cash ABC hit $235 levels before any recovery.

Barring a mass sell-off, however, we would expect Bitcoin Cash ABC to hold well above the first major support level at $191.02. Avoiding sub-$220 levels will be key.

Litecoin Hits the $70s

Litecoin rallied by 28.4% on Tuesday. Following a 0.03% gain on Monday, Litecoin ended the day at $77.5.

Bullish from the early hours, Litecoin rallied from an intraday low $60.17 to a late intraday high $79.38.

Supported by a broad-based crypto rally, Litecoin broke through the major resistance levels on the way through to $70 levels. The breakout saw Litecoin come within range of the 38.2% FIB of $83 before easing back.

The day’s major support levels were left untested early in the day.

At the time of writing, Litecoin was up by 3.72% to $80.38. Another bullish start to the day saw Litecoin rally from a morning low $77.02 to a high $85.07 before easing back.

Steering clear of the major support levels, Litecoin broke through the 38.2% FIB of $83 and first major resistance level at $84.53 before sliding back.

For the day ahead, a hold onto $80 levels through the morning would support another breakout later in the day. Another crypto rally would bring the second major resistance level at $91.56 into play. Barring a crypto rally, however, we would expect Litecoin to face plenty of resistance at the 38.2% FIB later in the day to limit the upside.

Failure to hold onto $80 levels could see Litecoin fall back through the morning low $77.02 to $75 levels. Steering clear of $72 levels will be key on the day. A broad-based reversal could pull Litecoin through to $72 levels, which would bring sub-$70 levels into play. Barring a crypto meltdown, however, we would expect Litecoin to steer well clear of the first major support level at $65.32.

Ripple Lags the Pack

Ripple’s XRP rallied by 12.07% on Tuesday. Following on from a 1.04% rise on Monday, Ripple’s XRP ended the day at $0.35542.

Tracking the broader market, Ripple’s XRP rallied from an intraday low $0.3159 to an intraday high $0.36226.

While breaking through the day’s major resistance levels, Ripple’s XRP came up well short of the 23.6% FIB of $0.4164.

Bucking the trend from across the broader market, Ripple’s XRP had a relatively range-bound afternoon.

At the time of writing, Ripple’s XRP was down by 0.48% to $0.35372. A bullish start to the day saw Ripple’s XRP rise to a morning high $0.37469 before hitting reverse. Hitting the first major resistance level at $0.3732, Ripple’s XRP slid to a morning low 0.35006 before steadying. Ripple’s XRP left the day’s major support levels untested early on.

For the day ahead, a hold onto $0.35 levels would support a recovery later in the day. A move back through the first major resistance level would bring $0.38 levels into play before any pullback. Barring another crypto breakout, we would expect Ripple’s XRP to come up short of $0.39 levels on the day.

Failure to hold onto $0.35 levels could see Ripple’s XRP stay in the red through the day. A fall through $0.3450 levels would bring $0.33 levels into play before any recovery. Barring a mass sell-off, we would expect Ripple’s XRP to steer clear of the first major support level at $0.3268.

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