Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/03/19
Bitcoin Cash – ABC – Holds onto $130
Bitcoin Cash ABC fell by 1.5% on Sunday. Partially reversing a 3.93% rise from Saturday, Bitcoin Cash ABC ended the week up 1.56% at $131.00.
A bullish start to the day saw Bitcoin Cash ABC rise to an intraday high $133.00 before hitting reverse.
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Falling short of the first major resistance level at $135.30, Bitcoin Cash ABC fell to a mid-morning intraday low $129.00. Steering clear of the first major support level at $127.36, Bitcoin Cash ABC recovered to $131 levels before a 2nd sell-off.
$129 support levels were tested a second time before Bitcoin Cash ABC recovered to $130 levels in the late afternoon.
At the time of writing, Bitcoin Cash ABC was down by 0.37% to $130.51. Moves through the early hours saw Bitcoin Cash ABC fall from an end of Sunday 131.00 to a morning low $130.39 before finding support.
The major support and resistance levels were left untested early on.
For the day ahead, a move back through to $131 would support upward momentum through the afternoon. A breakthrough to $132 levels would bring the first major resistance level at $133 into play. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to struggle at the 23.6% FIB of $134.
A broad-based rally could see Bitcoin Cash ABC take a run at the second major resistance level at $135 before any pullback.
Failure to move through to $131 levels could see Bitcoin Cash ABC take a bigger hit before finding support. A pullback through the morning low $130.39 would bring $129 levels and the first major resistance level at $129 into play. Barring a crypto sell-off, we would expect Bitcoin Cash ABC to avoid sub-$129 levels on the day.
Litecoin – Hits Reverse
Litecoin fell by 1.98% on Sunday. Partially reversing a 3.83% gain from Saturday, Litecoin ended the week up 18.58% at $56.30.
Tracking the broader market through the day, Litecoin hit an early morning intraday high $57.45 before hitting reverse.
Falling well short of the first major resistance level at $59.25, Litecoin slid to a late afternoon intraday low $55.77. The pullback saw Litecoin come within range of its first major support level at $55.37 before moving back to $56 levels.
At the time of writing, Litecoin was up by 0.82% to $56.76. Litecoin rose from a morning low $56.29 to a morning high $56.95 before easing back. The day’s major support levels were left untested through the early hours.
For the day ahead, a hold above $56.6 levels through the morning would support a run at $57 levels.
Support from the broader market would likely lead to break out from the first major resistance level at $57.24. We would expect Litecoin to fall short of $59 levels in the event of a rebound, however. The second major resistance level at $58.19 would likely pin Litecoin back on the day.
Failure to hold above $56.6 levels could see Litecoin fall through the morning low $56.29 to $55 levels. We would expect the first major support level at $55.56 to be tested should Litecoin struggle later in the day. Litecoin would unlikely fall to sub-$55 levels, however, which would leave the second major support level at $54.83 untested.
Ripple Holds Steady
Ripple’s XRP fell by 0.28% on Sunday. Partially reversing a 1.88% rise from Sunday, Ripple’s XRP ended the week up 0.52% to $0.31919.
A relatively choppy day saw Ripple’s XRP slide from an early morning high $0.32157 to a mid-morning intraday low $0.31450.
Holding above the first major support level at $0.3138, Ripple’s XRP rallied to a late afternoon intraday high $0.32451. Falling short of the first major resistance level at $0.3258, Ripple’s XRP slid back to $0.31 levels late in the day.
At the time of writing, Ripple’s XRP was up by 0.22% to $0.31988. Recovering from a morning low $0.31801, Ripple’s XRP struck a morning high $0.32053 before easing back. The day’s major support and resistance levels were left untested early on.
For the day ahead, a hold onto 0.3190 levels through the morning would support a move back through to $0.32 levels. Upward momentum would bring the first major resistance level at $0.3243 into play.
Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of $0.33 levels, however. The second major resistance level at $0.3294 would cap the upside in the event of a breakout.
Failure to hold onto $0.3190 levels could see Ripple’s XRP slide back through the morning low $0.31801 to $0.31500 levels. Barring a broad-based sell-off, we would expect Ripple’s XRP to steer clear of the first major support level at $0.3143 on the day.