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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/03/19

By:
Bob Mason
Published: Mar 11, 2019, 04:23 UTC

While it's a mixed start to the majors, holding onto current levels could deliver a rally later in the day.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Holds onto $130

Bitcoin Cash ABC fell by 1.5% on Sunday. Partially reversing a 3.93% rise from Saturday, Bitcoin Cash ABC ended the week up 1.56% at $131.00.

A bullish start to the day saw Bitcoin Cash ABC rise to an intraday high $133.00 before hitting reverse.

Falling short of the first major resistance level at $135.30, Bitcoin Cash ABC fell to a mid-morning intraday low $129.00. Steering clear of the first major support level at $127.36, Bitcoin Cash ABC recovered to $131 levels before a 2nd sell-off.

$129 support levels were tested a second time before Bitcoin Cash ABC recovered to $130 levels in the late afternoon.

At the time of writing, Bitcoin Cash ABC was down by 0.37% to $130.51. Moves through the early hours saw Bitcoin Cash ABC fall from an end of Sunday 131.00 to a morning low $130.39 before finding support.

The major support and resistance levels were left untested early on.

For the day ahead, a move back through to $131 would support upward momentum through the afternoon. A breakthrough to $132 levels would bring the first major resistance level at $133 into play. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to struggle at the 23.6% FIB of $134.

A broad-based rally could see Bitcoin Cash ABC take a run at the second major resistance level at $135 before any pullback.

Failure to move through to $131 levels could see Bitcoin Cash ABC take a bigger hit before finding support. A pullback through the morning low $130.39 would bring $129 levels and the first major resistance level at $129 into play. Barring a crypto sell-off, we would expect Bitcoin Cash ABC to avoid sub-$129 levels on the day.

BCHABC/USD 11/03/19 Daily Chart

Litecoin – Hits Reverse

Litecoin fell by 1.98% on Sunday. Partially reversing a 3.83% gain from Saturday, Litecoin ended the week up 18.58% at $56.30.

Tracking the broader market through the day, Litecoin hit an early morning intraday high $57.45 before hitting reverse.

Falling well short of the first major resistance level at $59.25, Litecoin slid to a late afternoon intraday low $55.77. The pullback saw Litecoin come within range of its first major support level at $55.37 before moving back to $56 levels.

At the time of writing, Litecoin was up by 0.82% to $56.76. Litecoin rose from a morning low $56.29 to a morning high $56.95 before easing back. The day’s major support levels were left untested through the early hours.

For the day ahead, a hold above $56.6 levels through the morning would support a run at $57 levels.

Support from the broader market would likely lead to break out from the first major resistance level at $57.24. We would expect Litecoin to fall short of $59 levels in the event of a rebound, however. The second major resistance level at $58.19 would likely pin Litecoin back on the day.

Failure to hold above $56.6 levels could see Litecoin fall through the morning low $56.29 to $55 levels. We would expect the first major support level at $55.56 to be tested should Litecoin struggle later in the day. Litecoin would unlikely fall to sub-$55 levels, however, which would leave the second major support level at $54.83 untested.

LTC/USD 11/03/19 Daily Chart

Ripple Holds Steady

Ripple’s XRP fell by 0.28% on Sunday. Partially reversing a 1.88% rise from Sunday, Ripple’s XRP ended the week up 0.52% to $0.31919.

A relatively choppy day saw Ripple’s XRP slide from an early morning high $0.32157 to a mid-morning intraday low $0.31450.

Holding above the first major support level at $0.3138, Ripple’s XRP rallied to a late afternoon intraday high $0.32451. Falling short of the first major resistance level at $0.3258, Ripple’s XRP slid back to $0.31 levels late in the day.

At the time of writing, Ripple’s XRP was up by 0.22% to $0.31988. Recovering from a morning low $0.31801, Ripple’s XRP struck a morning high $0.32053 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto 0.3190 levels through the morning would support a move back through to $0.32 levels. Upward momentum would bring the first major resistance level at $0.3243 into play.

Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of $0.33 levels, however. The second major resistance level at $0.3294 would cap the upside in the event of a breakout.

Failure to hold onto $0.3190 levels could see Ripple’s XRP slide back through the morning low $0.31801 to $0.31500 levels. Barring a broad-based sell-off, we would expect Ripple’s XRP to steer clear of the first major support level at $0.3143 on the day.

XRP/USD 11/03/19 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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