Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/03/19

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC fell by 0.49% on Wednesday. Partially reversing Tuesday’s 6.93% rally, Bitcoin Cash ABC ended the day at $131.27.

A relatively choppy day saw Bitcoin Cash ABC recover from a morning low $129.31 to strike an intraday high $132.6.

Falling well short of the first major resistance level at $135.02, Bitcoin Cash ABC slid to an intraday low $128.32 before finding support.

Bitcoin Cash ABC steered clear of the first major support level at $126.3 before recovering to $131 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.09% to $131.16. A positive start to the day saw Bitcoin Cash ABC rise to a morning high $131.53 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $131 levels through the morning would support a run at the first major resistance level at $133.14. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $135 levels. The 38.2% FIB Retracement of $134 will likely continue to pin Bitcoin Cash ABC back from a breakout on the day.

Failure to hold onto $131 levels could see Bitcoin Cash ABC slide through $130.70 levels to bring sub-$130 levels into play. Barring a crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of the first major support level at $128.86, however.

 

Litecoin Hits another 2019 High

Litecoin rose by 5.47% on Wednesday. Following on from Tuesday’s 14.57% rally, Litecoin ended the day at $55.17.

A bearish start to the day saw Litecoin fall to an intraday low $51.22 before recovering. Steering clear of the first major support level at $47.09, Litecoin rallied to an intraday high $56.58.

The breakout saw Litecoin break through the first major resistance level at $55.74 before easing back to $54 levels. The late morning intraday high was Litecoin’s highest since 15^th October’s $56.77.

At the time of writing, Litecoin was up by 4.39% to $57.59. A particularly bullish start to the day saw Litecoin rally form a morning low $54.69 to a high $57.89. Holding well above the first major support level at $52.07, Litecoin broke through the first major resistance level at $57.43.

For the day ahead, a hold above the first major resistance level at $57.43 would support at $58 levels before any pullback. An early move through to $58 levels could bring the second major resistance level at $59.68 into play. We would expect Litecoin to fall short of $60 levels and the 23.6% FIB of $60, however, in the event of a breakout.

Failure to hold above the first major resistance level could see Litecoin give up some of the morning’s gains. A fall through to $56 levels would bring the morning’s opening $55.17 into play before any recovery. We would expect Litecoin to steer well clear of the first major support level at $52.07 in the event of a sell-off. Holding above $54.30 levels in the event that Litecoin comes under pressure.

Ripple Sees more Green

Ripple’s XRP gained 0.28% on Wednesday. Following on from a 4.4% rise on Tuesday, Ripple’s XRP ended the day at $0.32360.

Another bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.31683 before finding support.

Steering clear of the first major support level at $0.3114, Ripple’s XRP rallied to a late afternoon intraday high $0.32948. Ripple’s XRP came up against the first major resistance level at $0.3298 before easing back through the latter part of the day.

At the time of writing, Ripple’s XRP was up by 0.71% to $0.32590. Recovering from an early morning low $0.3220, Ripple’s XRP rose to a morning high $0.32680, before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $0.32350 levels would support another run at the first major resistance level at $0.32980. Ripple’s XRP will likely face plenty of resistance through the day, however, to limit the upside. Barring a broad-based crypto rally, Ripple’s XRP will likely fall short of $0.33 levels and the second major resistance level at $0.3360. Ripple’s XRP has failed to touch $0.33 levels since 1^st March.

Failure to hold above $0.32350 levels could see Ripple’s XRP fall to $0.31 levels to test the first major support level at $0.3171. Sentiment across the broader market would need to materially deteriorate, however, for sub-$0.31 support levels to be tested. The second major support level at $0.3107 would likely prevent heavier losses in the event of a pullback.

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