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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/03/19

Bob Mason
Updated

Bitcoin Cash – ABC – Bounces Back

Bitcoin Cash ABC gained 3.93% on Saturday. Reversing a 2.57% slide from Friday, Bitcoin Cash ABC ended the day at $131.43.

A bullish start to the day saw Bitcoin Cash ABC rally from an intraday low $127.17 to an intraday high $135.11.

Bitcoin Cash ABC broke through the first major resistance level at $129.18 and second major resistance level at $131.89. The early morning rally saw Bitcoin Cash ABC also break through the 23.6% FIB of $134 before pulling back.

For the bulls, the 23.6% FIB continued to pin Bitcoin Cash ABC back from more material gains on the day.

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At the time of writing, Bitcoin Cash ABC was up by 1.2% to $133.00. Rising from Saturday’s end of day 131.43, Bitcoin Cash ABC rose to $133. Steering clear of the day’s major support and resistance levels, the 23.6% FIB of $134 came back into play.

For the day ahead, a hold above $131.40 levels through the morning would support a run at the 23.6% FIB of $134. Bitcoin Cash ABC would need support from the broader market to take a run at the first major resistance level at $135.3, however. Saturday’s high $135.11 and the 23.6% FIB will likely pin Bitcoin Cash ABC back on the day.

Failure to hold above $131.40 levels could see Bitcoin Cash ABC hit reverse later in the day. A slide through to sub-$131.20 levels would bring sub-$130 levels into play. Barring a broad-based crypto sell-off, however, we would expect the first major support level at $127.36 to be left untested on the day.

Litecoin – Gets Close to $60

Litecoin rose by 3.83% on Saturday. Reversing a 2.09% fall from Friday, Litecoin ended the day at $57.43.

A particularly bullish start to the day saw Litecoin rally from an intraday low $55.12 to an intraday high $59.00.

The early morning rally saw Litecoin break through the first major resistance level at $57.13 to strike a new high for the year.

Coming up against the second major resistance level at $58.94, Litecoin slid back to $56 levels before finding support.

At the time of writing, Litecoin was down by 0.68% to $57.04. Litecoin rose to an early morning high $57.45 before easing back. Coming up short of the first major resistance level at $59.25, Litecoin fell to a morning low $56.91. The day’s first major support level at $55.37 was also left untested early on.

For the day ahead, a hold onto $57 levels through the morning would support a move through to $58 levels. Barring a broad-based crypto rally, however, we would expect Litecoin to come up short of the first major resistance level at $59.25.

In the event of a broad-based rally, the 23.6% FIB Retracement Level of $60 would likely cap the upside on the day.

Failure to hold onto $57 levels could see Litecoin slide through to $55 levels. The day’s first major support level at $55.37 would likely limit the downside on the day. In the event of a crypto meltdown, a visit to $54 levels could be on the cards before support kicks in.

Ripple Trails the Pack

Ripple’s XRP gained 1.88% on Saturday. Reversing a 1.79% fall from Friday, Ripple’s XRP ended the day at $0.32019.

Bucking the trend from the broader market, Ripple’s XRP had a range-bound start to the morning before finding support from the broader market.

Rising from an intraday low $0.31292, Ripple’s XRP rallied to a mid-morning intraday high $0.32490.

The mid-morning rally saw Ripple’s XRP break through the first major resistance level at $0.3217 before easing back.

At the time of writing, Ripple’s XRP was down by 0.54% to $0.31845. An early morning high $0.32157 came up short of the first major resistance level at $0.3258 before easing back. Ripple’s XRP fell to an early morning low $0.31774 before finding support. The day’s first major support level at $0.3138 was left untested early on.

For the day ahead, a move back through to $0.3195 would support another run at the first major resistance level at $0.3258. Sentiment from the broader market would be needed to bring $0.33 levels into play later in the day. Barring a broad-based rally, we would expect Ripple’s XRP to close out the day at $0.32 levels, in the event of a recovery.

Failure to move through to $0.3195 could see Ripple’s XRP take a bigger hit later in the day. A fall through the morning low $0.31774 would bring the first major support level at $0.3138 into play. Barring a broad-based crypto sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.31 support levels, however.

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This article was originally posted on FX Empire

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