Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/03/19

The majors see green early on. Holding onto current levels could deliver a much needed weekend rally for the bulls.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC rose by 2.55% on Friday. Partially reversing a 3.36% slide on Thursday, Bitcoin Cash ABC ended the day at $155.88.

A bearish start to the day saw Bitcoin Cash ABC fall to an early intraday low $151 before bouncing back. Steering well clear of the first major support level at $146.63, Bitcoin Cash ABC rallied to an intraday high $158.5 before easing back.

In spite of the afternoon high, Bitcoin Cash ABC came up short of the first major resistance level at $158.99. For the bulls, a breakthrough and hold above the 38.2% FIB of $152 was the move of the day.

At the time of writing, Bitcoin Cash ABC was up by 3.99% to $162.10. A particularly bullish start to the day saw Bitcoin Cash ABC rally from a morning low $155.68 to a high $164.19.

Steering well clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $159.25 and second major resistance level at $162.63 before easing back.

For the day ahead, a hold onto $162 levels through the morning would support a breakout to $165 levels. Support from the broader market would be needed, however for Bitcoin Cash ABC to hold onto $162 levels.

We would expect Bitcoin Cash ABC to fall short of the third major resistance level at $170.13 in the event of a breakout.

Failure to hold onto $162 levels could see Bitcoin Cash ABC slide back through to sub-$160 levels. A broad-based crypto reversal would lead Bitcoin Cash ABC back through the first major resistance level to $157 levels.

Barring a mass sell-off, we would expect Bitcoin Cash ABC to steer well clear of the first major support level at $151.75 and hold above the 38.2% FIB of $152.

Litecoin Slides

Litecoin gained 1.2% on  Friday. Partially reversing a 2.99% fall from Thursday, Litecoin ended the day at $59.12.

A range-bound start to the day saw Litecoin ease to a mid-morning intraday low $57.85 before finding support.

Steering well clear of the first major support level at $56.94, Litecoin rose to a mid-afternoon intraday high $59.43.

Litecoin fell short of the first major resistance level at $60.14 and, more importantly, the 23.6% FIB of $60 before easing back.

At the time of writing, Litecoin was up by 0.17% to $59.22. A mixed start to the day saw Litecoin fall to a morning low $58.94 before finding support. Holding above the first major support level at $58.17, Litecoin rose to a morning high $59.34 before easing back. The day’s major resistance levels were left untested early on.

For the day ahead, a move back through the morning high $59.34 would bring the first major resistance level at $59.75 into play. Support from the broader market would be needed for a breakout to $60 levels, however. The 23.6% FIB of $60 would limit the upside in the event of a breakthrough to $60 levels.

Failure to move back through the morning high could see Litecoin give up the morning gains. A fall through to sub-$58.80 would bring the first major support level at $58.17 into play before any recovery.

Ripple Bucks the Trend

Ripple’s XRP fell by just 0.01% on Friday. Following on from a 3.02% slide on Thursday, Ripple’s XRP ended the day at $0.31497.

Another relatively range-bound day saw Ripple’s XRP fall to an early morning intraday low $0.31179 before finding support.

Steering clear of the first major support level at $0.3068, Ripple’s XRP rose to an intraday high $0.31753. Falling well short of the first major resistance level at $0.3246, Ripple’s XRP eased back through the afternoon.

On the day, Ripple’s XRP failed to touch $0.32 levels for the first time since 12th March…

At the time of writing, Ripple’s XRP was up by 0.04% to $0.31511. Ripple’s XRP recovered from a morning low $0.31339 to strike a morning high $0.31595 before easing back. The major support and resistance levels were also left untested early on.

For the day ahead, a hold onto $0.3150 levels would support another run at the first major resistance level at $0.3177. Barring a broad-based crypto rally, we would expect Ripple’s XRP to continue to fall short of $0.33 levels. The second major resistance level at $0.3205 would likely limit the upside in the event of a breakout.

Failure to hold onto $0.3150 levels could see Ripple’s XRP take a tumble later in the day. A fall through the morning low $0.31339 would bring the first major support level at $0.3120 into play.

Barring a broad-based crypto sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.31 support levels, however.

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