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

By:
Bob Mason
Published: Mar 5, 2019, 04:48 UTC

It's a slow start to the day for the trio. Failure to move through to key levels could lead to another sell-off later in the day.

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Slides Again

Bitcoin Cash ABC slid by 4.82% on Monday. Following on from a 1.4% fall on Sunday, Bitcoin Cash ABC ended the day at $122.77.

Bearish from the start of the day, Bitcoin Cash ABC slid to an early morning intraday low $120.64 before finding support. The reversal saw Bitcoin Cash ABC fall through the day’s major support levels.

Bitcoin Cash ABC fell short of the first major resistance level at $129.89 with a start of a day intraday high $128.99.

At the time of writing, Bitcoin Cash ABC was up by 0.57% to $123.47. Moves through the early morning saw Bitcoin Cash ABC rise to a morning high $123.52 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through to $124.2 levels would signal a possible bounce back from Monday’s losses. Barring a material shift in sentiment across the broader market, however, we expect Bitcoin Cash ABC to fall short of $130 levels.

The first major resistance level at $127.63 and Monday’s high $128.99 will likely limit any upside in the event of a rebound.

Failure to move through to $124.2 levels could see Bitcoin Cash ABC hit reverse later in the day. A fall through to $122 levels would bring the first major support level at $119.28 into play.

Barring a broad-based crypto sell-off, we would expect sub-$119 support levels to be left untested on the day.

BCHABC/USD 05/03/19 Daily Chart

Litecoin Back to $45 Levels

Litecoin tumbled by 3.88% on Monday. Following on from a 1.58% fall on Sunday, Litecoin ended the day at $45.64.

A start of a day intraday high $48.00 was Litecoin’s only bullish move of the day. Falling short of the first major resistance level at $48.55, Litecoin slid to a late morning intraday low $44.40.

The reversal saw Litecoin tumble through the first major support level at $46.6 and second major support level at $45.72 before finding support.

Amidst the bearish sentiment, Litecoin eased back through the second major support level at $45.72 late in the day.

At the time of writing, Litecoin was up by 0.11% to $45.69. Litecoin fell from a morning high $45.82 to an early morning low $45.33 before recovering. The relatively range bound start to the day left the major support and resistance levels untested.

For the day ahead, a move through to $46 levels would signal a partial recovery of Monday’s reversal. A breakthrough to $47 levels would bring the first major resistance level at $47.63 into play before any pullback.

Barring a broad-based crypto rally, we would expect Litecoin to come up short of the second major resistance level at $49.61. Litecoin will likely be pinned back by Monday’s high $48 in the event of a rebound.

Failure to move through to $46 levels could see Litecoin lose more ground on the day. A fall through the morning low $45.33 to $44 levels would test the first major support level at $44.03.

While we would expect Litecoin to steer clear of sub-$44 support levels, a broad-based sell-off could bring $43 levels into play before any recovery.

LTC/USD 05/03/19 Daily Chart

Ripple Holds on to $0.30 Levels

Ripple’s XRP fell by 2.66% on Monday. Following on from a 1.16% decline on Sunday, Ripple’s XRP ended the day at $0.3091.

Tracking the broader market, Ripple’s XRP hit an early intraday high $0.31914 before hitting reverse.

Coming up short of the first major resistance level at $0.3224, Ripple’s XRP fell to a late morning intraday low $0.30457.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3134 and second major support level at $0.3092 on the way down.

Ripple’s XRP eased back to $0.30 levels late in the day after an early afternoon recovery to $0.31 levels.

At the time of writing, Ripple’s XRP was up by 0.11% to $0.30944. Recovering from a morning low $0.30716, Ripple’s XRP hit a morning high $0.30969 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through to $0.3110 levels would signal a bounce back from Monday’s sell-off. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of $0.32 levels on the day. Ripple’s XRP will likely be pinned back by the first major resistance level at $0.3173 and Monday’s high $0.31914.

Failure to move through to $0.3110 levels could see Ripple’s XRP hit reverse later in the day. A fall through the morning low $0.30716 would bring the first major support level at $0.3027 into play.

Barring a mass-sell-off, we would expect Ripple’s XRP to continue holding onto $0.30 levels through the day.

XRP/USD 05/03/19 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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