Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/05/19

The majors are looking for a bounce back following Bitcoin’s trend-bucking gain on Thursday.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 1.04% on Thursday. Reversing a 0.8% gain from Wednesday, Bitcoin Cash ABC ended the day at $265.03

A bullish start to the day saw the rally to a mid-morning intraday high $276.19 before hitting reverse. The early rally saw Bitcoin Cash ABC break through the first major resistance level at $273.91. Hitting reverse through the afternoon, Bitcoin Cash ABC fell to a late afternoon intraday low $262.46.

Holding above the first major support level at $260.19, Bitcoin Cash ABC managed to move back through to $265 levels late on.

At the time of writing, Bitcoin Cash ABC was up by 0.74% to $267.00. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $265.54 to a high $268.59 before easing back.

Bitcoin Cash ABC left the major support and resistance levels untested early on in the day.

For the day ahead, a move back through to $268 levels would support a run at the first major resistance level at $273.33.

Support from the broader market would be needed, however, for a breakout through Thursday’s high $276.19.

Failure to move back through to $268 levels could see Bitcoin Cash ABC hit reverse later in the day. A pullback through the morning low $265.54 would bring Thursday’s low $262.46 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC would likely steer clear of sub-$260 support levels. Bitcoin Cash ABC will likely leave the first major support level at $259.60 untested on the day.

Litecoin is on the Move

Litecoin slipped by 0.48% on Thursday. Following on from a 1.36% fall on Wednesday, Litecoin ended the day at $72.16.

Tracking the broader market, Litecoin rose to a mid-morning intraday high $73.4 before hitting reverse. Falling short of the first major resistance level at $74.61, Litecoin fell to a late afternoon intraday low $71.36.

In spite of the pullback, Litecoin steered clear of the first major support level at $70.71 to move back through to $72 levels late on.

At the time of writing, Litecoin was up by 1.54% to $73.27. An early morning rally saw Litecoin rise from a morning low $71.94 to a high $73.67 before easing back. Holding above the first major support level at $71.21, Litecoin broke through the first major resistance level at $73.25.

For the day ahead, a move back through the morning high $73.67 would bring $74 levels into play before any pullback.

Barring a broad-based crypto rally, Litecoin would likely continue to come up short of $75 levels. The second major resistance level at $74.35 would likely pin Litecoin back in the event of a breakout.

Failure to move back through the morning high $73.67 could see Litecoin hit reverse later in the day. A fall back through the $72.3 levels would bring $71 levels and the first major support level at $71.21 into play.

Barring a broad-based crypto sell-off, Litecoin will likely steer clear of sub-$71 support levels on the day.

Ripple Trails the Pack

Ripple’s XRP slipped by 0.60% on Thursday. Following on from a 2.35% slide on Wednesday, Ripple’s XRP ended the day at $0.31547.

A bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.322 before sliding back.

Coming within range of the first major resistance level at $0.3249, Ripple’s XRP slid to a late afternoon intraday low $0.31392.

The reversal led Ripple’s XRP to within range of the first major support level at $0.3116 before steadying. While finding support late on, Ripple’s XRP failed to recover to $0.32 levels.

At the time of writing, Ripple’s XRP was up by 0.46% to $0.31693. Tracking the pack, Ripple’s XRP rose from a morning low $0.3147 to a high $0.32042 before easing back.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3203 before pulling back to trail the pack. Ripple’s XRP steered clear of the first major support level at $0.3123 early on.

For the day ahead, a move back through to $0.3180 levels would support another run at the first major resistance level at $0.3230.

Ripple’s XRP would need support from the broader market, however, to take a run at the second major resistance level at $0.3252.

Barring a broad-based crypto rally, Ripple’s XRP will continue to come up short of $0.33 levels.

Failure to move back through to $0.3180 levels could see Ripple’s XRP hit reverse later in the day. A fall through $0.3150 levels would bring the first major support level at $0.0.3123 into play.

Barring a crypto meltdown, Ripple’s XRP would likely steer clear of sub-$0.31 levels and the second major support level at $0.3091.

Please let us know what you think in the comments below

Thanks, Bob

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