Yahoo Finance Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/03/19
Bitcoin Cash – ABC – and the Rally
Bitcoin Cash ABC rallied by 8.56% on Wednesday. Reversing a 0.19% fall from Tuesday, Bitcoin Cash ABC ended the day at $170.96.
A bullish morning saw Bitcoin Cash ABC rally from an intraday low $157.50 to a late morning high $170 before easing back. Steering clear of the major support levels, Bitcoin Cash ABC broke through the day’s major resistance levels.
A pullback through the third major resistance level at $168.41 to $165 levels was short-lived. Bitcoin Cash ABC bounced back to an intraday high $172.5 late in the day.
At the time of writing, Bitcoin Cash ABC was down 1.94% to $167.65. A bearish start to the day saw Bitcoin Cash ABC fall from a start of a day high $169.95 to a morning low $167.65.
The moves through the early morning left the major support and resistance levels untested.
For the day ahead a hold onto $167 levels would support a recovery later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at Wednesday’s high $172.5. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to fall short of the first major resistance level at $176.47.
Failure to hold onto $167 levels could see Bitcoin Cash ABC fall deeper into the red. A pullback through $166.70 could lead to a fall to $163 levels. Barring a broad-based sell-off, however, we would expect the first major support level at $161.47 to be left untested.
Litecoin Back up to $61
Litecoin gained 4.86% on Wednesday. Reversing a 0.26% fall from Tuesday, Litecoin ended the day at $61.26.
Tracking the broader market, Litecoin rallied from a start of a day intraday low $58.30 to a late intraday high $61.50.
Steering clear of the first major support level at $57.4, Litecoin broke through the first major resistance level at $59.23 and second major resistance level at $59.97. The breakout also saw Litecoin move back through the 23.6% FIB of $60, whilst falling short of the third major resistance level at $61.8.
A hold onto $61 levels by the day’s end was the first since 16th March.
At the time of writing, Litecoin was down 1.6% to $60.28. Tracking the broader market, Litecoin fell from a start of a day morning high $61.26 to a low $60.26. Steering clear of the major support and resistance levels, Litecoin held above the 23.6% FIB of $60 early on.
For the day ahead, a hold onto $60 levels would support a possible recovery later in the day. A move back through the morning high $61.26 would bring $62 levels back into play. Barring a broad-based crypto rally, however, we would expect Litecoin to come up short of the first major resistance level at $62.41.
Failure to hold onto $60 levels could see Litecoin test the day’s first major support level at $59.21. In the event of a crypto sell-off, a fall to $58 levels could be on the cards before any recovery. We would expect the second major support level at $57.15 to be left untested on the day.
Ripple Fails to Hit $0.32 Levels
Ripple’s XRP rose by 2.56% on Wednesday. Following on from a 0.35% increase on Tuesday, Ripple’s XRP ended the day at $0.31455.
A bullish start to the day saw Ripple’s XRP rally from an intraday low $0.30435 to an early morning high $0.31496.
The early move saw Ripple’s XRP break through the first major resistance level at $0.3098 and second major resistance level at $0.3127.
A late in the day bounce back from $0.310 levels saw Ripple’s XRP break back through the second major resistance level to a late intraday high $0.31599.
At the time of writing, Ripple’s XRP was down 1.05% to $0.31126. Moves through the early morning saw Ripple’s XRP fall from a high $0.31483 to a morning low $0.31124.
In line with the broader market, Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead, a hold onto $0.311 levels through the morning would support a recovery later in the day. A broad-based rebound would be needed, however, for Ripple’s XRP to take a run at the first major resistance level at $0.3189.
Barring a crypto rally, we would expect Ripple’s XRP to continue to come up short of $0.32 levels.
Failure to hold onto $0.311 levels could see Ripple’s XRP take a bigger hit on the day. A pullback through to $0.30 levels would bring the first major support level at $0.3073 into play. Barring a crypto meltdown, we would expect sub-$0.30 support levels to be left untested on the day.
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This article was originally posted on FX Empire
