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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/03/19

By:
Bob Mason
Published: Mar 15, 2019, 04:31 GMT+00:00

The trio is in the green early on. Failure to make a move by the early afternoon could see a sell-off ahead of the weekend.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC gained 1.61% on Thursday. Reversing a 0.24% fall from Wednesday, Bitcoin Cash ABC ended the day at $130.57.

Bitcoin Cash ABC rallied to an early morning intraday high $133.87 before easing back. The early moves saw Bitcoin Cash ABC break through the day’s major resistance levels before hitting reverse.

Selling pressure at the 23.6% FIB Retracement Level of $134 led to a slide back to an intraday low $127.24. Steering clear of the major support levels, a return to $132 levels in the early afternoon was brief, while Bitcoin Cash ABC continued to find strong support at sub-$130 levels.

For the bulls, Bitcoin Cash ABC managed to hold above the second major resistance level at $129.03 by the day’s end.

At the time of writing, Bitcoin Cash ABC was up by 0.9% to $131.74. Moves through the early morning saw Bitcoin Cash ABC rise to a morning high $132.22. Falling short of the first major resistance level at $133.88, Bitcoin Cash ABC eased back to $131 levels.

For the day ahead, a hold onto $131 levels through the morning would support a move back through to $132 levels. Support from the broader market would be needed, however, for a return to $133 levels. We would expect Bitcoin Cash ABC to be pinned back from a breakthrough to $134 levels. The first major resistance level at $133.88 and the 23.6% FIB of $134 would likely limit the upside on the day.

Failure to hold onto $131 levels could lead to a fall through to $129 levels before any recovery. Barring a broad-based crypto reversal, we would expect Bitcoin Cash ABC to steer clear of the first major support level at $127.25.

BCHABC/USD 15/03/19 Daily Chart

Litecoin – Sees Green

Litecoin gained 1.02% on Thursday. Partially reversing a 2.03% fall from Wednesday, Litecoin ended the day at $55.61.

An early afternoon spike saw Litecoin strike an intraday high $57.74 before pulling back. Litecoin broke through the first major resistance level at $56.31 to come up against the second major resistance level at $57.55.

The pullback saw Litecoin fall through the first major support level at $53.97 to an intraday low $53.11.

At the time of writing, Litecoin was up by 1.06% to $56.20. A bullish start to the day saw Litecoin rise from a morning low $55.60 to a high $56.42 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $56 levels through the morning would support a run at $57 levels later in the day. Support from the broader market could see Litecoin breakthrough the first major resistance level at $57.86 to hit $58 levels. In the event of a rally, would expect Litecoin to continue to come up short of 23.6% FIB of $60, however.

Failure to hold onto $56 levels could see Litecoin slide to $54 levels before any recovery. In the event of a broad-based sell-off, the day’s first major support level at $53.23 would likely be tested. We would expect Litecoin to steer clear of sub-$53 support levels, in the event of a reversal.

LTC/USD 15/03/19 Daily Chart

Ripple Joins the Pack

Ripple’s XRP fell by 0.83% on Thursday. Reversing a 1.11% gain from Wednesday, Ripple’s XRP ended the day at $0.31728.

A relatively range-bound morning saw Ripple’s XRP rise to an early morning intraday high $0.323 before easing back. Falling short of the first major resistance level at $0.3307, Ripple’s XRP eased to a morning low $0.3165.

An early afternoon intraday low $0.29521, saw Ripple’s XRP slide through the first major support level at $0.3115 and second major support level at $0.3029 before bouncing back to $0.31 levels.

At the time of writing, Ripple’s XRP was up by 0.03% to $0.31738. A range-bound start to the day saw Ripple’s XRP rise from a morning low $0.3168 to a high $0.31925, before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $0.31925 would bring $0.32 levels and the first major resistance level at $0.3285 into play. Barring a broad-based crypto rally, we would expect $0.33 levels to be left untouched. In the event of a rally, Ripple’s XRP could test the second major resistance level at $0.3396 before any pullback. We would expect Ripple’s XRP to come up short of $0.34 levels.

A pullback through $0.3120 levels would bring $0.30 levels into play before any recovery. In the event of a sell-off, we would expect the first major support level at $0.3007 to come into play. A fall to $0.29 levels would likely be as bearish as it gets on the day.

XRP/USD 15/03/19 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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