Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/03/19

It’s a mixed start to the day for the majors. Avoiding a pullback to early lows will be key to averting a sell-off later in the day.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC slipped by 1.01% on Thursday. Partially reversing an 8.56% rally from Wednesday, Bitcoin Cash ABC ended the day at $167.64.

A bearish start to the day saw Bitcoin Cash ABC fall from a start of a day intraday high $169.95 to an intraday low $165.74. The moves through the morning saw Bitcoin Cash ABC leave the major support and resistance levels untested.

Support through the afternoon reduced the day’s losses, with Bitcoin Cash ABC managing to hit $168 levels before easing back.

At the time of writing, Bitcoin Cash ABC was down 0.38% to $167.00.  A bullish start to the day saw Bitcoin Cash ABC rise to a morning high $170 before hitting reverse. Coming up against the first major resistance level at $169.81, Bitcoin Cash ABC pulled back to a morning low $167. Bitcoin Cash ABC left the day’s major support levels untested early on.

For the day ahead, a move back through to $167.80 levels would support another run at $170 levels later in the day. Support from the broader market would be needed for a breakout to Thursday’s high $172.5, however. Barring a crypto rally, the first major resistance level at $169.81 will limit the upside on the day.

Failure to move back through to $167.80 levels could see Bitcoin Cash ABC pullback deeper into the red. A fall through to $166 levels would bring the first major support level at $165.60 into play. Barring a crypto meltdown, we would expect sub-$165 levels to be avoided on the day.

Litecoin Holds onto $60

Litecoin fell by 1.63% on Thursday. Partially reversing a 4.86% rise on Wednesday, Litecoin ended the day at $60.26.

Tracking the broader market, Litecoin fell from a start of a day intraday high $61.26 to a late morning intraday low $60.03.

In spite of the early pullback, Litecoin left the day’s major support and resistance levels untested.

Steering clear of sub-$60 levels, Litecoin managed an afternoon high $60.52 before easing back. Holding above the 23.6% FIB of $60 was key during the day.

At the time of writing, Litecoin was up by 0.05% to $60.29. An early move saw Litecoin strike a morning high $60.62 before easing back. Falling short of the first major resistance level at $61.0, Litecoin fell to a low $60.19 before finding support. Litecoin left the day’s major support levels untested early on.

For the day ahead, a move back through to $60.50 levels would support another run at $61 levels. Support from the broader market would be needed, however, for Litecoin to breakout from current levels. A broad-based crypto rally would be needed for Litecoin to break through the first major resistance level at $61.0.

Failure to move through to $60.50 could see Litecoin pullback through the morning low $60.19. A fall through the morning low $60.19 could see Litecoin call on support at the first major support level at $59.77. Barring a crypt sell-off, however, we would expect Litecoin to steer clear of sub-$60 levels on the day.

Ripple back at sub-$0.31 Levels

Ripple’s XRP fell by 1.02% on Thursday. Reversing a 2.56% rise from Wednesday, Ripple’s XRP ended the day at $0.31135.

In line with the broader market, Ripple’s XRP slid from an intraday high $0.31483 to a mid-day intraday low $0.30886.

Steering clear of the first major support level at $0.3073, Ripple’s XRP managed to recover to $0.31 levels through the afternoon.

At the time of writing, Ripple’s XRP was up by 0.05% to $0.31150. A relatively choppy start to the day saw Ripple’s XRP fall to a morning low $0.31054 before finding support. Steering clear of the major support levels, Ripple’s XRP bounced to a morning high $0.31289 before easing back. Ripple’s XRP left the day’s major resistance levels untested early on.

For the day ahead, a hold onto $0.311 levels through the morning would support a run at the first major resistance level at $0.3145. Support from the broader market would be needed, however, for Ripple’s XRP to take a run at the second major resistance level at $0.3177. We would expect Ripple’s XRP to continue to fall short of $0.32 levels.

Failure to hold onto $0.311 levels would see Ripple’s XRP slide through to $0.30 levels. Barring a crypto meltdown, we would expect the first major support level at $0.3085 to limit any downside on the day. In the event of a sell-off, Ripple’s XRP will likely test the second major support level at $0.3057 before any recovery.

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