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

The bulls showed their teeth on Tuesday and there could be more to come. Moves through the day will likely define the rest of the week.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

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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Thanks, Bob

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