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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 14/03/19

By:
Bob Mason
Published: Mar 14, 2019, 05:09 UTC

Bitcoin Cash ABC leads the trio early on. Holding onto key levels would support a bullish afternoon ahead...

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Looking to Make a Move

Bitcoin Cash ABC slipped by 0.24% on Wednesday. Following on from a 0.66% fall on Tuesday, Bitcoin Cash ABC ended the day at $127.1.

A bearish start to the day saw Bitcoin Cash ABC fall to a late morning intraday low $125.8 before finding support. The pullback saw Bitcoin Cash ABC slide through the first major support level at $126.33.

Recovering through to the early afternoon, Bitcoin Cash ABC rose to an intraday high $127.89 before easing back. The major resistance levels were left untested on the day.

At the time of writing, Bitcoin Cash ABC was up by 2.42% to $130.17. A particularly bullish start to the day saw Bitcoin Cash ABC rally to an intraday high $133.87 before pulling back. The early rally saw Bitcoin Cash ABC break through the day’s major resistance levels before falling through the third major resistance level at $131.14.

A start of a day morning low $128.5 left the first major support level at $125.96 untested.

For the day ahead, a hold onto $130 levels through the morning would support another run at $131 levels. Barring a broad-based crypto rally, however, we would expect Bitcoin Cash ABC to come up short of $133 levels. The third major resistance level at $131.14 would likely pin back a second run through to $133 levels.

Failure to hold onto $130 levels could see Bitcoin Cash ABC give up the morning gains. A fall through to $128 levels would be on the cards in the event of a reversal. We would expect Bitcoin Cash ABC to hold well above the first major support level at $125.96, however.

BCHABC/USD 14/03/19 Daily Chart

Litecoin – in Recovery

Litecoin fell by 2.03% on Wednesday. Reversing most of Tuesday’s 2.82% gain, Litecoin ended the day at $55.06.

Litecoin slid to a late morning intraday low $54.12 before steadying. Holding above the first major support level at $53.33, Litecoin struck an early afternoon intraday high $56.46.

Falling short of the first major resistance level at $57.88, Litecoin fell back to $54 levels before recovering to $55 levels.

At the time of writing, Litecoin was up by 0.62% to $55.40. A bullish start to the day saw Litecoin rise to a morning high $55.83 before easing back. Falling short of the first major resistance level at $56.31, Litecoin eased back to $55 levels. A start of a day morning low $54.78 steered clear of the major support levels.

For the day ahead, a hold above $55.20 levels would support another run at the first major resistance level at $56.31. Barring a broad-based crypto rally, however, we would expect Litecoin to come up short of $57 levels. The first major resistance level and the current week’s high $56.96 will likely pin Litecoin back on the day.

Failure to hold above $55.20 could see Litecoin fall through to $54 levels. A broad-based crypto sell-off would bring $53 levels and the first major support level at $53.97 into play before any recovery.

LTC/USD 14/03/19 Daily Chart

Ripple Bucked the Trend

Ripple’s XRP rose by 1.11% on Wednesday. Following on from a 0.04% gain on Tuesday, Ripple’s XRP ended the day at $0.32012.

A range-bound morning saw Ripple’s XRP ease to a late morning intraday low $0.31344 before making a move. Holding above the first major support level at $0.3127, Ripple’s XRP rallied to an intraday high $0.33265.

Ripple’s XRP broke through the first major resistance level at $0.3192 and second major resistance level at $0.3217. A visit to $0.33 levels was the first time since 1sts March before pulling back through the afternoon.

At the time of writing, Ripple’s XRP was up by 0.13% to $0.32054. Moves through the early hours saw Ripple’s XRP rise to a morning high $0.323 before easing back. The pullback saw Ripple’s XRP fall a morning low $0.31945 before recovering to $0.32 levels. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through to $0.3220 levels would support another run at $0.33 levels later in the day. Ripple’s XRP would need support from the broader market, however, to break out from the first major resistance level at $0.3307. A broad-based crypto rally could see Ripple’s XRP take a run at $0.34 levels before easing back. The second major resistance level at $0.3413 would likely pin Ripple’s XRP back from more material gains in the event of a rally.

Failure to move through to $0.3220 levels could see Ripple’s XRP hit reverse later in the day. A fall through the morning low $0.31945 would bring the first major support level at $0.3115 into play. Barring a crypto meltdown, however, we would expect Ripple’s XRP to avoid sub-$0.31 levels on the day.

XRP/USD 14/03/19 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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