Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/03/19
Bitcoin Cash – ABC – Bounces Back
Bitcoin Cash ABC rallied by 6.31% on Saturday. Following on from a 2.55% gain from Friday, Bitcoin Cash ABC ended the day at $165.51.
A particularly bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high $168.52.
Rising from a start of a day intraday low $155.68, Bitcoin Cash ABC broke through the first major resistance level at $159.25 and second major resistance level at $162.63.
Easing back through the day, Bitcoin Cash ABC fell to an afternoon low $160.78 before steadying.
At the time of writing, Bitcoin Cash ABC was down by 2.63% to $161.16. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $165.19 to a low $160.53. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move back through to $163 levels would signal a rebound later in the day.
Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of the first major resistance level at $170.79. Saturday’s high $168.52 would likely cap any upside on the day, in the event of a recovery.
Failure to move back through to $163 levels could see Bitcoin Cash ABC ease back to sub-$160 levels before any recovery.
A continued sell-off through the day could see Bitcoin Cash ABC test the first major support level at $157.95. Barring an extended broad-based sell-off, however, we would expect Bitcoin Cash ABC to hold onto $160 levels on the day.
Litecoin Finds Support
Litecoin rose by 2.20% on Saturday. Following on from a 1.2% gain on Friday, Litecoin ended the day at $60.43.
Tracking the broader market, Litecoin rallied from an intraday low $58.94 to a mid-morning intraday high $61.0.
Steering clear of the first major support level at $58.17, Litecoin broke through the first major resistance level at $59.75 and second major resistance level at $60.38. The breakout also saw Litecoin break through and hold above the 23.6% FIB of $60 on the day.
At the time of writing, Litecoin was down by 0.76% to $59.97. Tracking the broader market, Litecoin slid from a morning high $60.44 to a low $59.45. The start of the day morning high $60.44 fell short of the first major resistance level at $61.31. The reversal saw Litecoin fall through the 23.6% FIB of $60 to come within range of the first major support level at $59.25 before steadying.
For the day ahead, a move back through to $60 levels would be needed for Litecoin to take a run at the first major resistance level at $61.31. Support from the broader market would be needed, however, for Litecoin to breakout from the 23.6% FIB. The 23.6% FIB has continued to limit Litecoin’s high side to $61 levels in the last week.
Failure to move back through to $60 levels could see Litecoin take a bigger hit later in the day. A fall through the first major support level at $59.25 could bring $58 levels into play before any recovery.
Barring an extended sell-off throughout the day, however, we would expect Litecoin to avoid the second major support level at $58.06.
Ripple Struggles On
Ripple’s XRP rose by 0.42% on Saturday. Following on from a 0.01% decline on Friday, Ripple’s XRP ended the day at $0.3160.
A relatively range-bound day saw Ripple’s XRP rise to a mid-morning intraday high $0.3175 before easing back. The early move saw Ripple’s XRP come up against the first major resistance level at $0.3177.
A start of a day intraday low $0.31339 saw Ripple’s XRP steer clear of the major support levels. For the crypto bulls, it was the second consecutive day of falling short of $0.32 levels.
At the time of writing, Ripple’s XRP was down by 0.6% to $0.31410. Falling short of the major resistance levels, Ripple’s XRP slid from a morning high $0.31596 to a low $0.31288. Ripple’s XRP fell through the first major support level at $0.3138.
For the day ahead, a move back through to $0.3155 levels would signal a possible afternoon rally. A breakthrough the first major resistance level at $0.3179 would be needed, however, to bring $0.32 levels into play.
Barring a broad-based crypto rally, we would expect Ripple’s XRP to continue to come up short of $0.32 levels. The second major resistance level at $0.3197 would pin Ripple’s XRP back in the event of a trend-bucking move.
Failure to move through to $0.3155 levels could see Ripple’s XRP fall deeper into the red. A fall back through the first major support level at $0.3138 would bring the second major support level at $0.3115 into play.
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This article was originally posted on FX Empire
