Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/12/18

The crypto majors get hit in the early hours of Monday eating into any gains made last week to resume the bearish sentiment from November.
Bob Mason
consensus

Bitcoin Cash – ABC Bucks the Trend

Bitcoin Cash ABC slipped by 0.43% on Sunday, partially reversing a 0.92% rise on Saturday, to end the week down 6.05% to $170.01.

A relatively mixed first half of the day saw Bitcoin Cash ABC pullback to a mid-morning intraday low $167.65 before finding support, Bitcoin Cash ABC steering clear of the first major support level at $164.83.

Bouncing back from the intraday low, Bitcoin Cash ABC rallied to a late morning intraday high $176.7, coming up against the day’s first major resistance level at $176.34 before easing back to $171 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 4.09% to $163.05, with a particularly bearish start to the day seeing Bitcoin Cash ABC slide from a start of a day morning high $169.74 to a morning low $162.92 before steadying, the reversal seeing Bitcoin Cash ABC slide through the first major support level at $166.21 to come within range of the second major support level at $162.4.

For the day ahead, a move back through the first major support level at $166.21 would signal the start of a possible recovery, with Bitcoin Cash ABC needing to break back through to $170 levels to signal a rebound to bring $175 levels and the first major resistance level at $175.26.

Failure to move back through the first major support level could see Bitcoin Cash ABC take a bigger hit later in the day, with a pullback through the morning low $162.92 bringing the day’s second major support level at $162.4 and $161 levels into play before any recovery.

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Litecoin Goes Full Circle

Litecoin fell by 1.27% on Sunday, partially reversing Saturday’s 6.7% rise, to end the week up 9.56% at $33.34.

A bullish start to the day saw Litecoin move through to an early morning intraday high $34.6 before hitting reverse, the day’s first major resistance level at $35.37 left untested on the day.

The morning reversal saw Litecoin fall to a late morning intraday low $32.78, steering well clear of the first major support level at $31.59 before moving back through to $33 levels and a relatively range bound afternoon.

At the time of writing, Litecoin was down 4.5% to $31.84, a broad based cryptomarket sell-off seeing Litecoin slide from a start of a day morning high $33.45 to a morning low $31.52, Litecoin falling through the first major support level at $32.55 and second major support level at $31.75 before steadying.

For the day ahead, a move back through the major support levels would be needed to signal a possible 2nd half of a day rebound, with Litecoin needing to move through the morning high $33.45 to bring $34 levels and the first major resistance level at $34.37 into play.

Failure to move back through the major support levels could see Litecoin struggle through the remainder of the day, with a fall back through the morning low $31.52 bringing $30.00 levels into play before any recovery, sub-$30 support levels unlikely to be tested on the day.

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Ripple Hits Reverse

Ripple’s XRP fell by 1.28% on Sunday, partially reversing Saturday’s 3.24% gain, to end the week down 2.82% to $0.37191.

A bullish start to the day saw Ripple’s XRP move through to an early morning intraday high $0.38585 before hitting reverse, the day’s high coming up short of the first major resistance level at $0.3874.

The morning reversal saw Ripple’s XRP slide to a late morning intraday low $0.3666, coming within range of the first major support level at $0.3623 before moving back through to $0.37 levels and a range bound 2nd half of the day.

At the time of writing, Ripple’s XRP was down 2.8% to $0.36150, with the morning’s broad based sell-off seeing Ripple’s XRP slide from a start of a day morning high $0.37252 to a morning low $0.358. The reversal saw Ripple’s XRP fall through the first major support level at $0.3637 to call on support at the second major support level at $0.3555 before recovering to $0.36 levels.

 

For the day ahead, a move back through the first major support level at $0.36370 would support a move back through to $0.37 levels, with Ripple’s XRP needing to move through to $0.3750 to support a run at the first major resistance level at $0.3830 later in the day.

Failure to move back through the first major support level will likely weigh on Ripple’s XRP later in the day, with a pullback through the morning low $0.358 bringing $0.34 levels into play before any recovery, the day’s third major support level at $0.3363 unlikely to be tested on the day.

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