Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/03/19

It’s back into the green for the majors. A breakout from current levels could deliver a more sustainable rally through the coming days.
Bob Mason

Bitcoin Cash – ABC – On the Bounce

Bitcoin Cash ABC fell by 1.55% on Sunday. Partially reversing an 8.27% rally from Saturday, Bitcoin Cash ABC ended the week up 17.5% to $153.15.

A bearish start to the day saw Bitcoin Cash ABC fall from an intraday high $156.57 to an intraday low $146.5 before finding support. While steering clear of the first major support level at $144.58, Bitcoin Cash ABC fell through the 38.2% FIB of $152.

Bitcoin Cash ABC recovered to an afternoon high $156.45. While the day’s major resistance levels were left untested, Bitcoin Cash ABC managed to break back through the 38.2% FIB.

At the time of writing, Bitcoin Cash ABC was up by 5.66% to $161.82. A particularly bullish start to the day saw Bitcoin Cash ABC rally from a morning low $152.9 to a high $165.22. Bitcoin Cash ABC broke through the first major resistance level at $157.65 and second major resistance level at $162.14.

For the day ahead a hold onto $160 levels through the morning could bring the morning high back into play. Barring a surge across the broader market, however, we would expect $170 levels to be left untouched on the day.

Failure to hold onto $160 levels could see Bitcoin Cash ABC cough up the morning gains. A slide through the 38.2% FIB of $152 would bring sub-$150 levels into play. Barring a crypto meltdown, however, we would expect the first major support level at $147.58 to be left untested.

Litecoin – Holds onto the $60s

Litecoin fell by 1.18% on Sunday. Partially reversing a 4.95% rise from Saturday, Litecoin ended the week up 7.1% to $60.29.

Tracking the broader market, Litecoin fell from an intraday high $61.02 to an intraday low $59.38 before steadying. Litecoin fell back through the 23.6% FIB of $60, whilst holding above the first major support level at $58.89.

A late morning recovery saw Litecoin break back through the 23.6% FIB. Litecoin fell short of a return to $61 levels, however. The day’s major resistance levels were untested, with the 23.6% FIB pinning Litecoin back from a full recovery.

At the time of writing, Litecoin was up by 1.14% to $60.98. An early rally saw Litecoin jump from a morning low $60.04 to a high $62.22 before easing back. Litecoin broke through the first major resistance level at $61.08 and second major resistance level at $61.87.

For the day ahead, a hold above the 23.6% FIB of $60 would support another run at $62 levels later in the day. Support from the broader market would be needed for Litecoin to hold onto the early gains. While $62 levels could come back into play, we would expect Litecoin to come up short of $63 levels on the day.

Failure to hold above the 23.6% FIB could see Litecoin fall through the first major support level at $59.44. A broad-based sell-off could lead to a pullback to $58 levels before any recovery. We would expect Litecoin to avoid heavier losses in the event of a sell-off, however.

Ripple Holds onto $0.32 Levels

Ripple’s XRP fell by 0.9% on Sunday. Partially reversing a 1.33% rise from Saturday, Ripple’s XRP ended the week up 1.06% to $0.32256.

An early sell-off saw Ripple’s XRP fall from an intraday high $0.32588 to an intraday low $0.32100. Steering clear of the first major resistance level at $0.33, Ripple’s XRP came within range of the first major support level at $0.3207.

Support from the broader market kicked in through the morning to leave Ripple’s XRP range-bound through the rest of the day.

At the time of writing, Ripple’s XRP was up by 0.27% to $0.32344. Tracking the broader market, Ripple’s XRP rallied from a morning low $0.32256 to a high $0.32666. Ripple’s XRP broke through the first major resistance level at $0.3253 before easing back.

For the day ahead, a hold onto $0.3230 levels through the morning would support another break through the first major resistance level at $0.3253. A sustained crypto rally through the day would bring the second major resistance level at $0.3280 into play. We would expect Ripple’s XRP to continue to come up short of $0.33 levels, however.

Failure to hold onto $0.323 levels could see Ripple’s XRP test the day’s first major support level at $0.3204. A broad-based crypto reversal could see Ripple’s XRP ease back to sub-$0.32 levels. Heavier losses would be unlikely, however, with the second major support level at $0.3183 likely to limit any downside.

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