Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/03/19

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC fell by 0.76% on Thursday. Following on from a 0.49% decline on Wednesday, Bitcoin Cash ABC ended the day at $130.39.

Another relatively choppy day saw Bitcoin Cash ABC rise to an early intraday high $132.65 before hitting reverse. Falling well short of the first major resistance level at $133.14, Bitcoin Cash ABC fell to an intraday low $129.62.

The reversal saw Bitcoin Cash ABC hold above the first major support level at $128.86 before finding support.

Bitcoin Cash ABC managed to move back through to $130 levels and an afternoon high $130.95 before easing back late in the day.

At the time of writing, Bitcoin Cash ABC was down by 1.07% to $129.00. A start of a day rise to a morning high $130.15 left the day’s major resistance level at $132.15 untested. Pulling back in the early hours, Bitcoin Cash ABC fell through the first major support level at $129.12 to a low $129.00.

For the day ahead, a move back through the morning high to $130.90 levels would support a run at the first major resistance level at $132.15. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $133 levels. Negative sentiment across the broader market and Thursday’s high $132.65 would likely limit the gains on the day.

Failure to move back through the morning high could see Bitcoin Cash ABC lose more ground on the day. A fall through to $128 levels would bring the second major support level at $127.86 into play before any recovery. In the event of a crypto meltdown, we would expect Bitcoin Cash ABC to hold above the current week’s low $123.47.

Litecoin – The Rally Continues

Litecoin gained 2.43% on Thursday. Following on from a 5.47% rise on Wednesday, Litecoin ended the day at $56.51.

A choppy start to the day saw Litecoin rise to a morning high $57.95 before falling into the red.

Litecoin broke through the first major resistance level at $57.43 before sliding to an intraday low $53.63.

Steering well clear of the first major support level at $52.07, Litecoin bounced back to an intraday high $58.87 before falling back. The rebound saw Litecoin break back through the first major resistance level to strike a new 2019 high.

At the time of writing, Litecoin was down by 1.98% to $55.39. A bearish start to the day saw Litecoin fall from a morning high $56.92 to a low $55.22 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $56.40 levels would signal a recovery of the early losses. Support from the broader market would bring Thursday’s high $58.87 into play before any pullback. Barring a broad-based crypto rally, we would expect Litecoin to come up short of $58 levels and the first major resistance level at $59.04 on the day.

Failure to move through to $56.40 levels could see Litecoin under pressure through the day. A pullback through the morning low $55.22 would bring $54 levels and the first major support level at $53.80 into play.

Barring a broad-based sell-off, we would expect Litecoin to avoid heavier losses on the day.

Ripple Drops Back

Ripple’s XRP fell by 1.08% on Thursday. Reversing a 0.28% rise from Wednesday, Ripple’s XRP ended the day at $0.32018.

A relatively bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.3268 before hitting reverse. Sliding through the late morning, Ripple’s XRP fell to an intraday low $0.31917 before steadying.

Steering clear of the day’s major support and resistance levels, Ripple’s XRP recovered to $0.32 levels through the afternoon.

At the time of writing, Ripple’s XRP was down by 0.24% to $0.3194. Moves through the early hours saw Ripple’s XRP fall from a morning high $0.3210 to a low $0.31804. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high to $0.3220 levels would signal an afternoon rebound. Support from the broader market would bring the first major resistance level at $0.3249 into play before any pullback. We would expect Ripple’s XRP to continue to fall short of $0.33 levels. The current week’s high $0.32948 and the second major resistance level at $0.3297 will likely cap the upside on the day.

Failure to move back through to $0.3210 levels could see Ripple’s XRP take a bigger hit later in the day. A slide through the morning low $0.31804 would bring the first major support level at $0.3173 into play before any recovery. We would expect Ripple’s XRP to steer clear of $0.30 levels, however, in the event of a sell-off.

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