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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/02/19

By:
Bob Mason
Published: Feb 1, 2019, 04:15 UTC

It's back in the red for the trio, with Litecoin giving up some of January's losses, while Ripple's XRP and Bitcoin Cash ABC are just adding on more.

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/02/19

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC slid by 4.08% on Thursday, partially reversing Wednesday’s 8.25% rally, to end January down 24% at $112.43.

A start of a day rally to an intraday high $119.19 was the only bullish move of the day. Falling short of the first major resistance level at $121.59, Bitcoin Cash ABC slid to a late morning intraday low $112.14 before finding support.

Steering clear of the first major support level at $109.62, Bitcoin Cash ABC struck an afternoon high $114.16 before easing back to $112 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 1.66% at $110.57, with a bearish start to the day seeing Bitcoin Cash ABC slide from a morning high $113.51 to a morning low $110.41.The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $113.51 to $114.6 levels would support a run at $116 levels to bring the first major resistance level at $117.03 into play. Sentiment across the broader market would need to materially improve, however, for Bitcoin Cash ABC to breakout from any recovery to $113 levels later in the day.

Failure to move back through the morning high could see Bitcoin Cash ABC pullback deeper into the red. A fall through the morning low $110.41 would likely see Bitcoin Cash ABC fall through the first major support level at $109.98 to strike $108 levels before any recovery.

BCHABC/USD 01/02/19 Daily Chart

Litecoin Back on the Slide

Litecoin slipped by 0.92% on Thursday, partially reversing a 2.74% gain from Wednesday, to end the month up 4.9% to $31.24.

Tracking the broader market, an early morning intraday high $32.22 saw Litecoin break through the first major resistance level at $32.05 before hitting reverse.

Sliding through the morning, Litecoin fell to a late morning intraday low $30.82 before steadying. Litecoin managed to hold above the day’s first major support level at $30.72 before moving back through to $31 levels and a relatively range-bound afternoon.

At the time of writing, Litecoin was down by 0.96% to $30.94. Tracking the broader market, Litecoin slid from a morning high $31.37 to a low $30.57 before finding support. Falling well short of the first major resistance level at $32.03, Litecoin fell through the first major support level at $30.63 before taking a run at $31 levels.

For the day ahead, a move back through the morning high to $31.40 levels would support a run at the first major resistance level at $32.03 before any pullback. Support from the broader market would be needed for Litecoin to hold onto $32 levels. The second major resistance level at $32.56 will unlikely to be tested on the day.

Failure to move back through the morning high could see Litecoin pullback later in the day, with a fall through the first major support level at $30.63 and morning low $30.57 likely to bring the second major support level at $30.03 into play. We would expect Litecoin to steer clear of sub-$30 support levels on the day.

LTC/USD 01/02/19 Daily Chart

Ripple Fails to Make it 2 in a Row

Ripple’s XRP slid by 3.66% on Thursday, partially reversing an 11.99% bounce from Wednesday, to end January down 12.7% at $0.31544.

An early morning intraday high $0.3428 saw Ripple’s XRP come within range of the first major resistance level at $0.3438 before hitting reverse.

Sliding through the morning, Ripple’s XRP fell to a morning low $0.31072 before steadying to a relatively range-bound afternoon. A late afternoon intraday low $0.30809 saw Ripple’s XRP hold above the first major support level at $0.3003 before recovering to $0.31 levels through the late evening.

At the time of writing, Ripple’s XRP was down by 2.77% to $0.3067. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.31735 to a morning low $0.30080 before finding support.

The pullback saw Ripple’s XRP call on support at the first major support level at $0.3014, whilst leaving the major resistance levels untested.

For the day ahead, a move back through to $0.31 levels would be needed to bring the morning high $0.31735 into play. A broad-based cryptomarket rebound would support a move through to $0.32 levels, whilst we would expect Ripple’s XRP to come up short of $0.33 levels and the first major resistance level at $0.3361.

Failure to move back through to $0.31 levels could see Ripple’s XRP struggle through the day, with a pullback through the morning low $0.30080 likely to bring $0.29 levels into play before any recovery. We would expect Ripple’s XRP to steer clear of the second major support level at $0.2874 through the day.

XRP/USD 01/02/19 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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