Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/03/19

It’s back into the red for the trio. A hold onto key levels through morning would signal a 2nd rally of the week…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Bounces Back

Bitcoin Cash ABC rallied by 6.93% on Tuesday. Reversing a 4.82% slide from Monday, Bitcoin Cash ABC ended the day at $132.08.

Bullish from the start of the day, Bitcoin Cash ABC moved to a morning high $125.53 before a broad-based crypto rally kicked in.

Bitcoin Cash ABC rallied to an early afternoon intraday high $132.19 before briefly easing back to sub-$130 levels. The afternoon rally saw Bitcoin Cash ABC break through the first major resistance level at $127.63.

Selling pressure at the second major resistance level at $132.48 saw Bitcoin Cash ABC come up short of $133 levels on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.29% to $130.38. Moves through the early morning saw Bitcoin Cash ABC fall from a morning high $132.2 to a low $129.60. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $130 levels would support a move through the morning high to bring $133 levels into play. Support from the broader market would be needed for Bitcoin Cash ABC to take a run at the first major resistance level at $135.02.

Barring another broad-based crypto rally, we would expect Bitcoin Cash ABC to struggle to hold onto $135 levels in the event of a rally. The 23.6% FIB of $134 will likely pin Bitcoin Cash ABC back from more material gains on the day.

Failure to hold onto $130 levels could see Bitcoin Cash ABC slide through the morning low $129.60 to bring $128 levels into play. Baring a broad-based sell-off, Bitcoin Cash ABC would likely avoid the first major support level at $126.30.

Litecoin Rebounds to hit the $50s

Litecoin surged by 14.57% on Tuesday. Reversing a 3.88% fall from Monday, Litecoin ended the day at $52.3.

Tracking the broader market, Litecoin eased to an early intraday low $45.33 before finding support.

Steering clear of the first major support level at $44.03, Litecoin rallied to an intraday high $53.98 before easing back. The rally saw Litecoin break through the day’s major resistance levels to strike its highest price since 8th November.

Easing back late in the day, Litecoin fell back through the third major resistance level at $53.21 to $52 levels.

At the time of writing, Litecoin was down by 0.31% to $52.14. A relatively bearish start to the day saw Litecoin fall from a morning high $53.15 to a low $51.22 before steadying. Litecoin steered clear of the day’s major support and resistance levels early on.

For the day ahead, a hold onto $52 levels would support a move back through the morning high $53.15.

Barring a broad-based crypto rally, we would expect Litecoin to come up short of the first major resistance level at $55.74. Tuesday’s high $53.98 will likely pin Litecoin back from more material gains on the day.

Failure to hold onto $52 levels could see Litecoin slide through the morning low to $50 levels. Negative sentiment across the market could bring sub-$50 levels into play before any recovery. Barring a mass sell-off, however, we would expect Litecoin to steer clear of the first major support level at $47.09.

Ripple Trails the Pack

Ripple’s XRP rose by 4.4% on Tuesday. Reversing a 2.66% fall from Monday, Ripple’s XRP ended the day at $0.32269.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.30716 before finding support.

Steering clear of the first major support level at $0.3027, Ripple’s XRP rallied to a late afternoon intraday high $0.32556.

The rally saw Ripple’s XRP break through the first major resistance level at $0.3173. Coming up against the second major resistance level at $0.3255, Ripple’s XRP eased back, whilst holding onto $0.32 levels.

At the time of writing, Ripple’s XRP was down 0.99% to $0.31951. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.32380 to a low $0.31683 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $0.3185 would support a return to $0.32 levels later in the day. Support from the broader market would be needed, however, for Ripple’s XRP to take a run at the first major resistance level at $0.3298.

We would expect Tuesday’s high $0.32556 to pin Ripple’s XRP back from a breakout later in the day.

Failure to hold above $0.3185 could see Ripple’s XRP slide through the morning low $0.31683 to bring the first major support level at $0.3114 into play.

Barring a broad-based sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.31 levels and the second major resistance level at $0.3001.

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