Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/03/19

Bitcoin Cash – ABC – Visits $124 Levels

Bitcoin Cash ABC slid by 2.5% on Monday. Following on from a 1.5% fall on Sunday, Bitcoin Cash ABC ended the day at $127.13.

Bearish from the start of the day, Bitcoin Cash ABC fell from an intraday high $130.51 to a late afternoon intraday low $124.5.

Bitcoin Cash ABC slid through the first major support level at $129 and the second major support level at $127. The start of the day high fell well short of the first major resistance level at $133.

A partial recovery saw Bitcoin Cash ABC struggle to break back clear of the second major support level at $127.

At the time of writing, Bitcoin Cash ABC was down by 0.9% to $125.99. Moves through the early hours saw Bitcoin Cash ABC fall from a morning high $128.70 to a low $125.99. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $127.40 levels would signal a rebound through the afternoon. A breakthrough to $128 levels would give Bitcoin Cash ABC a run at the first major resistance level at $130.26. Barring a broad-based crypto rally, however, we would expect Bitcoin Cash ABC to come up short of recovering to $127 levels.

Failure to move through to $127.40 levels could see Bitcoin Cash ABC fall deeper into the red. A slide through to $124 levels could see Bitcoin Cash ABC fall through the first major support level at $124.25.

Barring a continued sell-off through the afternoon, we would expect Bitcoin Cash ABC to hold avoid sub-$123 levels on the day.

Litecoin – Tracks the Pack

Litecoin slid by 2.93% on Monday. Following on from Sunday’s 1.98% fall, Litecoin ended the day at $54.65.

A positive start to the day saw Litecoin strike an early morning intraday high $56.95 before hitting reverse. Falling short of the first major resistance level at $57.24, Litecoin slid to a late morning intraday low $53.75.

The reversal saw Litecoin fall through the first major support level at $55.56 and second major support level at $54.83.

While holding above the third major support level at $53.15, Litecoin failed to hold above the second major support level by the day’s end.

At the time of writing, Litecoin was down by 4.26% to $52.32. Tracking the broader market into the red, Litecoin fell from a start of a day morning high $54.71 to a morning low $52.2.

Falling short of the first major resistance level at $56.48, Litecoin fell through the first major support level at $53.28.

For the day ahead, a move back through to $55.10 levels would be needed to signal a run at $56 levels. Barring a sharp rebound across the broader market, we would expect Litecoin to fall short of the first major resistance level at $56.48.

Failure to move back through to $55 levels could see Litecoin take a bigger hit. A fall through the second major support level at $51.92 would bring $50 levels into play before any recovery.

Ripple Does Better than the Rest

Ripple’s XRP slipped by 0.85% on Monday. Following on from a 0.28% decline from Sunday, Ripple’s XRP ended the day at $0.31646.

Another choppy start to the day saw Ripple’s XRP rise to a late morning intraday high $0.32076 before hitting reverse.

Falling short of the first major resistance level at $0.3243, Ripple’s XRP fell to a mid-day intraday low $0.31276. The sell-off saw Ripple’s XRP fall through the first major support level at $0.3143 before steadying.

Bucking the trend, Ripple’s XRP found support to break back through the first major support level by the early afternoon.

At the time of writing, Ripple’s XRP was down by 1.28% to $0.31241. A particularly bearish start to the day saw Ripple’s XRP fall from a morning high $0.31720 to a morning low $0.31127. Falling short of the first major resistance level at $0.3206, Ripple’s XRP slid through the first major support level at $0.3126.

For the day ahead, a move back through to $0.3170 levels would support a rebound in the 2^nd half of the day. Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the first major resistance level at $0.3206.

Failure to move through to $0.3170 levels could see Ripple’s XRP struggle through the day. A fall through to $0.30 levels would likely see Ripple’s XRP fall through the second major support level at $0.3087.

Holding onto $0.31 levels through the morning would be key to avoiding the third major support level at $0.3007.

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