Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/03/19

Bitcoin Cash – ABC – On the Bounce

Bitcoin Cash ABC surged by 8.21% on Friday. Following on from a 1.61% gain from Thursday, Bitcoin Cash ABC ended the day at $142.68.

A range-bound start to the day saw Bitcoin Cash ABC ease to an intraday low $130.97 before making its move.

Holding above the first major support level at $127.25, Bitcoin Cash ABC rallied to an intraday high $145. Bitcoin Cash ABC broke through the day’s major resistance levels and, more importantly, the 23.6% FIB of $134. Easing through the late afternoon, Bitcoin Cash ABC fell back through the third major resistance level at $143.82.

At the time of writing, Bitcoin Cash ABC was up by 9.48% to $156.20. An early morning rally saw Bitcoin Cash ABC rise from a morning low $142.31 to a high $159.01 before easing back. Bitcoin Cash ABC broke through the first major resistance level at $148.13 and second major resistance level at $153.58. More significantly, Bitcoin Cash ABC broke through the 38.2% FIB of $152 in the early hours.

For the day ahead, a hold above the 38.2% FIB would support a run through the morning high to $160 levels. Barring more significant gains across the broader market, we would expect the third major resistance level at $167.61 to be left untested. A breakthrough to $160 levels would signal the formation of a near-term bullish trend.

Failure to hold above the 38.2% FIB could see Bitcoin Cash ABC pullback through the first major resistance level at $148.13. Barring a broad-based reversal, however, we would expect Bitcoin Cash ABC to hold onto $150 levels in the event of a pullback.

Litecoin – Sees Green

Litecoin rallied by 4.53% on Friday. Following on from a 1.02% rise on Thursday, Litecoin ended the day at $58.13.

Bullish from the start of the day, Litecoin rose from a start of a day intraday low $55.60 to a late intraday high $58.58. The rally saw Litecoin break through the first major resistance level at $57.86 and hold onto $58 levels by the day’s end.

The day’s major support levels were left untested at the start of the day.

At the time of writing, Litecoin was up by 5.09% to $61.09. A particularly bullish start to the day saw Litecoin rise from a morning low $58.12 to a high $61.58 before easing back. Litecoin broke through the first major resistance level at $59.27 and second major resistance level at $60.42. More significantly, Litecoin broke through the 23.6% FIB of $60 to mark the first visit to $60 levels since October.

For the day ahead, a hold above the 23.6% FIB would support a run at the third major resistance level at $63.40. While the bulls will be targeting the 38.2% FIB of $83, we would expect Litecoin to come up short of $65 levels.

Failure to hold above the 23.6% FIB could see Litecoin slide back through the second major resistance level at $60.42. A material shift in sentiment across the market could see Litecoin pullback to sub-$60 levels later in the day. Barring a broad-based reversal, however, we would expect Litecoin to hold above the 23.6% FIB through the day.

Ripple trails the Pack

Ripple’s XRP rose by 1.21% on Friday. Reversing a 0.83% fall from Thursday, Ripple’s XRP ended the day at $0.32106.

A relatively range-bound start to the day saw Ripple’s XRP ease to a late morning intraday low $0.31657. Holding above the first major support level at $0.3007, Ripple’s XRP rallied to an intraday high $0.32413 before easing back.

Trailing the broader market, Ripple’s XRP failed to break through the day’s first major resistance level at $0.3285.

At the time of writing, Ripple’s XRP was up by 2.31% to $0.32849. A bullish start to the day saw Ripple’s XRP rally from a morning low $0.32042 to a high $0.32977. Ripple’s XRP broke through the first major resistance level at $0.3246 and second major resistance level at $0.3281. The major support levels were left untested early on.

For the day ahead, a hold above the second major resistance level would bring $0.33 levels into play. Continued momentum through the day could see Ripple’s XRP break through the third major resistance level at $0.3357. A morning move through to $0.33 levels would bring $0.34 levels into play.

Failure to hold above the second major resistance level could see Ripple’s XRP slide back to sub-$0.32 levels. Barring a broad-based crypto sell-off, however, we would expect Ripple’s XRP to hold above the first major support level at $0.3170.

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