Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/10/19

It’s back into the red following Wednesday’s gains. A move through to key levels by late morning would be needed to support a rebound.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Bucks the Trend Early

Bitcoin Cash ABC rose by 0.45% on Wednesday. Partially reversing a 1.2% fall from Tuesday, Bitcoin Cash ABC ended the day at $224.89.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $221.10.

Steering clear of the first major support level at $217.15, Bitcoin Cash ABC rose to a mid-day high $224.87 before falling back.

Falling short of the first major resistance level at $232.24, Bitcoin Cash ABC fell back to $221 levels.

Finding support from the broader market late on, Bitcoin Cash ABC recovered to $224 levels to close out the day in the green.

At the time of writing, Bitcoin Cash ABC was up by 0.18% to $225.28. A relatively bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $223.52 to a high $225.28.

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

For the day ahead, a move through to $225.50 levels would support a run at the first major resistance level at $226.15.

Sentiment across the broader market would need to improve, however, for Bitcoin Cash ABC to break through to $226 levels.

In the event of a broad-based crypto rebound, Bitcoin Cash ABC would likely break through the second major resistance level at $227.42.

Failure to move through to $225.50 levels would likely see Bitcoin Cash ABC hit reverse.

A fall back through the morning low $223.52 would bring the first major support level at $222.36 into play.

Barring an extended crypto sell-off, the second major support level at $219.84 should limit any downside on the day.

Litecoin in the Red again

Litecoin rose by 1.07% on Wednesday. Reversing a 0.52% decline from Tuesday, Litecoin ended the day at $56.43.

A choppy start to the day saw Litecoin fall to a mid-morning low $55.32 before striking a morning high $56.68.

Falling short of the first major resistance level at $57.41, Litecoin fell back to an early afternoon intraday low $55.26.

Steering clear of the first major support level at $54.53, Litecoin bounced back to a late intraday high $56.71.

While coming up short of the first major resistance level at $57.41, the late recovery provided the upside on the day.

At the time of writing, Litecoin was down by 0.50% to $56.15. A bearish start to the day saw Litecoin fall from an early morning high $56.61 to a low $56.02 before steadying.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, holding onto $56 levels through the morning would support a run at the first major resistance level at $57.01.

Litecoin would need the support of the broader market, however, to break out from the morning high $56.61.

Barring a broad-based crypto rebound, Litecoin will likely come up short of the second major resistance level at $57.58.

Failure to hold onto $56 levels would bring the first major support level at $55.56 into play before any recovery.

Barring an extended sell-off through the day, Litecoin should steer clear of the second major support level at $54.68.

Ripple’s XRP Holds onto $0.25

Ripple’s XRP rose by 2.03% on Wednesday. Partially reversing a 3.53% slide from Tuesday, Ripple’s XRP ended the day at $0.25394.

A bearish start to the day saw Ripple’s XRP fall to a late morning intraday low $0.24560.

Holding above the first major support level at $0.2426, Ripple’s XRP rallied to an early afternoon intraday high $0.2560.

Falling short of the first major resistance level at $0.2585, Ripple’s XRP slid back to sub-$0.25 levels before finding support late on.

The late recovery saw Ripple’s XRP move back through to $0.25 levels and into the green for the day.

At the time of writing, Ripple’s XRP was down by 0.52% to $0.25263. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25472 to a low $0.25135.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, Ripple’s XRP would need to move back through to $0.2540 levels to support a run at the first major resistance level at $0.2560.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2540 levels.

In the event of a broad-based crypto rally, Ripple’s XRP would likely break through the second major resistance level at $0.2581.

Failure to move back through to $0.2540 levels would likely see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.25135 would bring the first major support level at $0.2487 into play before any recovery.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level at $0.2435 would likely limit any downside.

Please let us know what you think in the comments below

Thanks, Bob

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