Advertisement
Advertisement

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 13/03/19

By:
Bob Mason
Published: Mar 13, 2019, 03:20 UTC

It's a bearish start to the day, but with minor losses, a hold onto key levels would support a rebound later in the day.

Crypto00 567

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC slipped by 0.66% on Tuesday. Following on from a 2.5% slide on Monday, Bitcoin Cash ABC ended the day at $.

A bearish morning saw Bitcoin Cash ABC slide from an intraday high $128.7 to an early morning intraday low $125.99.

In spite of the pullback, the day’s major support and resistance levels were left untested. A late morning recovery saw Bitcoin Cash ABC bounce back to $128 levels before easing back to $127 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.35% to $127.4. A bearish start to the day saw Bitcoin Cash ABC fall from an end of Tuesday $127.85. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $127.5 levels would support a rebound later in the day. A breakthrough to $128 levels would bring the first major resistance level at $129.04 into play before any pullback. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $130 levels on the day.

Failure to move back through to $127.5 levels could see Bitcoin Cash ABC take a bigger hit later in the day. A fall through to $126 levels would bring the first major support level at $126.33 into play.

Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to avoid $125 levels on the day. In the event of a crypto meltdown, the second major support level at $124.8 could be tested before any recovery.

BCHABC/USD 13/03/19 Daily Chart

Litecoin – Tracks the Pack

Litecoin gained 2.82% on Tuesday. Reversing a 2.93% slide from Monday, Litecoin ended the day at $56.2.

A bearish start to the day saw Litecoin slide to an early morning intraday low $52.15 before recovering.

Litecoin fell through the first major support level at $53.28 before rallying to an early afternoon intraday high $56.7. The rebound saw Litecoin break through the first major resistance level at $56.48.

At the time of writing, Litecoin was down by 0.43% to $55.96. Bearish through the early hours, Litecoin fell from a morning high $56.31 to a low $55.85 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $56.31 would give Litecoin a run at $57 levels before any pullback. Support from the broader market would be needed for Litecoin to take a run at the first major resistance level at $57.88, however. Barring a broad-based crypto rally, we would expect Litecoin to come up short of $58 levels on the day.

Failure to move back through the morning high $56.31 could see Litecoin fall through to $54 levels before any recovery. Barring a mass crypto sell-off, we would expect Litecoin to steer clear of the first major support level at $53.33.

LTC/USD 13/03/19 Daily Chart

Ripple Looking Flat

Ripple’s XRP gained 0.04% on Tuesday. Partially reversing a 0.85% fall from Monday, Ripple’s XRP ended the day at $0.3166.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low 0.31127 before finding support.

Falling through the first major support level at $0.3126, Ripple’s XRP moved back into positive territory with a late morning high $0.31748. A more range bound afternoon saw Ripple’s XRP strike a late intraday high $0.31776 before easing back. The major resistance levels were left untested on the day.

At the time of writing, Ripple’s XRP was down by 0.09% to $0.3163. A relatively range-bound start to the day saw Ripple’s XRP fall from a morning high $0.31697 to a morning low $0.31581. The early moves left the day’s major support and resistance levels untested.

For the day ahead, a hold above $0.3155 levels through the morning would support a rebound later in the day. A breakthrough the morning high $0.31697 would bring the first major resistance level at $0.3192 into play. Barring a broad-based crypto rally, however, we would expect Ripple’s XRP to come up short of $0.32 levels for a 2nd consecutive day. In the event of a crypto rally, the second major resistance level at $0.3217 would likely come into play before any pullback.

Failure to hold above $0.3155 levels could see Ripple’s XRP hit reverse through the day. A pullback through to sub-$0.3150 levels would bring the first major support level at $0.3127 into play. Barring a broad-based crypto sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.31 support levels. In the event of a sell-off, Ripple’s XRP would likely test the second major support level at $0.3087 before any recovery.

XRP/USD 13/03/19 Daily Chart

Buy & Sell Cryptocurrency Instantly

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.

Did you find this article useful?

Advertisement