Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/03/19
Bitcoin Cash – ABC – Almost at $160
Bitcoin Cash ABC jumped by another 8.27% on Saturday. Following on from Friday’s 8.21% rally, Bitcoin Cash ABC ended the day at $154.07.
A particularly bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $159.01. 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.
At the time of writing, Bitcoin Cash ABC was down by 4.47% to $147.17. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $156.57 to a low $146.5. The day’s major support and resistance levels were left untested early on, while Bitcoin Cash ABC fell through the 38.2% FIB of $152.
For the day ahead, a move back through to $151.80 levels would signal a rebound later in the day. To break through Saturday’s high $159.01, however, strong support would be needed from the broader market. Barring a broad-based crypto rally, we would expect a recovery to $150 to be as good as it gets on the day.
Failure to move back through to $151.80 could see Bitcoin Cash ABC take a bigger hit later in the day. A slide through $146 levels would bring the first major support level at $144.58 into play. In the event of a continued broad-based sell-off, Saturday’s low $142.3 could come into play before any recovery. We would expect sub-$140 support levels to be left untested on the day.
Litecoin – Hits the $60s
Litecoin jumped by another 4.95% on Saturday. Following on from a 4.53% rally on Friday, Litecoin ended the day at $61.01.
Litecoin rallied 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.
An afternoon visit to sub-$60 was short-lived before breaking back through to second major resistance level at $60.42. On the day, the 23.6% FIB of $60 pinned Litecoin back from a run at the third major resistance level at $63.40.
At the time of writing, Litecoin was down by 1.97% to $59.81. Tracking the broader market, Litecoin fell from a morning high $61.02 to a low $59.39 before steadying. Litecoin fell back through the 23.6% FIB of $60, whilst holding above the first major support level at $58.89.
For the day ahead, a move back through to $60.20 levels would signal a run at $61 levels later in the day. Litecoin would need support from the broader market, however, to take a run at $62 levels. Barring a market rebound, we would expect the 23.6% FIB to pin Litecoin from $62 levels. In the event of a rebound, the first major resistance level at $62.35 could come into play.
Failure to move back through to $60.2 levels could see Litecoin fall through the morning low to test the first major support level at $58.89. Barring a crypto meltdown, however, we would expect Litecoin to steer clear of sub-$59 levels on the day.
Ripple Continues to Trail the Pack
Ripple’s XRP gained 1.33% on Saturday. Following on from a 1.21% rise on Friday, Ripple’s XRP ended the day at $0.32549.
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.
Easing back through the late morning, Ripple’s XRP fell to an afternoon low $0.32211 before finding support. Relative to the broader market, it was a relatively range-bound day.
At the time of writing, Ripple’s XRP was down by 1.08% to $0.32198. The early sell-off saw Ripple’s XRP fall from a morning high $0.32588 to a low $0.32100 before steadying. Ripple’s XRP came within range of the first major support level at $0.3207.
For the day ahead, a move through to $0.3250 would support another run at the first major resistance level at $0.33. Barring a broad-based rally, we would expect Ripple’s XRP to come up short of the start of a day $0.3255.
Failure to move through to $0.3250 would likely see Ripple’s XRP fall through the first major support level at $0.3207. In the event of heavier losses, however, we would expect Ripple’s XRP to steer clear of sub-$0.31 levels. The second major support level at $0.3159 would likely prevent heavier losses on the day.
