Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/03/19

Ripple’s XRP bucks the trend early on and could shift the bearish sentiment seen across the broader market later in the day.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – Calling on Support

Bitcoin Cash ABC rose by 1.17% on Friday. Reversing a 1.01% fall from Thursday, Bitcoin Cash ABC ended the day at $169.46.

A relatively choppy day saw Bitcoin Cash ABC rise to $170 levels before sliding back to an intraday low $167.

Coming up against the first major resistance level at $169.81, Bitcoin Cash ABC slid to an early morning intraday low $167.

Steering clear of the first major support level at $165.6, Bitcoin Cash ABC recovered to an intraday high $170.5 before easing back.

For the bulls, $170 is the line in the sand near-term…

At the time of writing, Bitcoin Cash ABC was down by 2.05% to $165.99. A bullish start to the day saw Bitcoin Cash ABC rise to a morning high $170.66 before hitting reverse. Coming within range of the first major resistance level at $170.97, Bitcoin Cash ABC fell to a morning low $165.87.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $167.47.

For the day ahead, a move back through to $168 levels would signal a recovery later in the day. Support from the broader market would be needed, however, for another run at $170 levels and the first major resistance level at $170.97.

Failure to move back through to $168 levels could see Bitcoin Cash ABC fall deeper into the red. A fall back through the morning low could bring the second major resistance level at $165.49 into play.

Barring a crypto meltdown, we would expect sub-$165 levels to be avoided.

Litecoin Back to $60 Levels

Litecoin rose by 1.59% on Friday. Reversing most of a 1.63% fall from Thursday, Litecoin ended the day at $61.23.

A bearish start to the day saw Litecoin fall to a mid-morning intraday low $59.81 before making a move. Finding support at the first major support level at $59.77, Litecoin rallied to a late morning intraday high $61.38 before easing back.

The early rally saw Litecoin break through the first major resistance level at $61 and, more importantly, the 23.6% FIB of $60.

An afternoon pullback saw Litecoin fall to sub-$60 levels before bouncing back late in the day.

At the time of writing, Litecoin was down 1.06% to $60.58. Litecoin slid from a morning high $61.37 to a low $60.12 before steadying. Litecoin called on the first major support level at $60.23 to prevent heavier losses early on.

For the day ahead, a move back through to $60.80 levels would support recovery to $61 levels later in the day. A broad-based crypto rebound would be needed, however, to bring the first major resistance level at $61.80 into play. Barring a crypto rally, the current week’s high $61.5 would likely pin Litecoin back on the day.

Failure to move back through to $60.80 levels could see Litecoin fall back through the first major support level at $60.23. A continued sell-off through the day could see Litecoin touch sub-$60 levels before any recovery. Barring a crypto meltdown, we would expect Litecoin to steer clear of the second major support level at $59.24.

Ripple Plays Catch-Up

Ripple’s XRP gained 0.69% on Friday. Partially reversing a 1.02% fall from Thursday, Ripple’s XRP ended the day at $0.31342.

A relatively bullish start to the day saw Ripple’s XRP rise to a late morning intraday high $0.31579 before hitting reverse.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3145 before the reversal.

Ripple’s XRP slid to an intraday low $0.30906 to come within range of the first major support level at $0.3085 before recovering to $0.31 levels.

A range-bound 2nd half of the day left Ripple’s XRP trailing the broader market.

At the time of writing, Ripple’s XRP was up by 1.57% to $0.31834. An early rally saw Ripple’s XRP strike a morning high $0.32392 before easing back. Ripple’s XRP broke through the first major resistance level at $0.3165 and second major resistance level at $0.3195.

For the day ahead, a hold above the first major resistance level at $0.3165 would support another run at $0.32 levels. Support from the broader market would be needed to bring $0.32 levels back into play. In the event of a 2nd rally, we would expect Ripple’s XRP to fall short of the third major resistance level at $0.3262.

Failure to hold above the first major resistance level at $0.3165 could see Ripple’s XRP join the rest of the majors in the red. A pullback through the morning low $0.3128 would bring the first major support level at $0.3097 into play.

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