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

By:
Bob Mason
Published: Feb 2, 2019, 04:16 UTC

The trio is on the move in the early hours. Holding on to current levels through the morning would support an afternoon rally.

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

Bitcoin Cash – ABC – Gets Support

Bitcoin Cash ABC gained 1.1% on Friday, partially reversing a 4.08% slide from Thursday, to end the day at $114.76.

A bearish start to the day saw Bitcoin Cash ABC fall to a mid-morning intraday low $110.25 before finding support. The pullback saw Bitcoin Cash ABC come within range of the first major support level at $109.98.

Rallying through to the early afternoon, Bitcoin Cash ABC bounced back to an intraday high $116.82. Bitcoin Cash ABC came within range of $117 levels and the first major resistance level at $117.03 before easing back.

At the time of writing, Bitcoin Cash ABC was up by 0.47% to $115.3. Moves through the early morning saw Bitcoin Cash ABC rise from a morning low $114.82 to a morning high $115.3, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $115 levels through the morning would support a move through to $117 levels to bring the day’s first major resistance level at $117.64 into play before any pullback. We would expect Friday’s high $116.82 to pin Bitcoin Cash ABC from a break out from $117 levels, barring support coming from a broad-based cryptomarket rally.

Failure to hold onto $115 levels could see Bitcoin Cash ABC hit reverse. A fall through to $113 levels would bring the day’s first major support level at $111.07 into play before any recovery. We would expect Bitcoin Cash ABC to steer clear of sub-$110 levels in the event of a crypto sell-off later in the day.

BCHABC/USD 02/02/19 Daily Chart

Litecoin Rallies

Litecoin rallied by 3.58% on Friday, reversing a 0.92% slide on Thursday with interest, to end the day at $32.37.

Tracking the broader market, Litecoin fell to an early morning intraday low $30.57 before steadying. The early pullback saw Litecoin fall through the first major support level at $30.63.

Steering clear of sub-$30 levels, Litecoin rallied through the late morning and afternoon to an intraday high $33.21 before easing back. Litecoin broke through the first major resistance level at $32.03 and second major resistance level at $32.83 to hit $33 levels for the first time since 24th January.

At the time of writing, Litecoin was up 1.27% to $32.78. Litecoin rose from a start of a day morning low $32.34 to a morning high $32.94 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $32.94 would bring $33 levels and the first major resistance level at $33.53 into play. Support from the broader market would be needed for Litecoin to take a run at $34 levels, while we would expect Litecoin to come up short of the second major resistance level at $34.69.

Failure to move back through the morning high could see Litecoin give up the morning gains. A pullback through the morning low $32.34 could see Litecoin fall through to $31 levels, bringing the first major support level at $30.89 into play. We would expect Litecoin to avoid sub-$30 levels in the event of a reversal.

LTC/USD 02/02/19 Daily Chart

Ripple Sees More Red

Ripple’s XRP fell by 1.04% on Friday, following on from a 3.66% slide on Thursday, to end the day at $0.31253.

A bearish start to the day saw Ripple’s XRP fall from a start of a day intraday high $0.31741 to an early morning intraday low $0.3008, before moving back to $0.31 levels. Whilst falling short of the first major resistance level at $0.3361, Ripple’s XRP called on support at the first major support level at $0.3014.

At the time of writing, Ripple’s XRP was up 0.44% to $0.31392. Recovering from an early morning low $0.31187, Ripple’s XRP rose to a morning high $0.31468 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a hold above $0.3125 levels through the morning would support another run at the first major resistance level at $0.3197 to bring $0.32 levels into play. Sentiment across the broader market will need to materially improve through the afternoon to support a breakout to the second major resistance level at $0.3269.

Failure to hold above $0.3125 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.31187 to sub-$0.31 levels would bring the day’s first major support level at $0.3031 into play before any recovery. With the second major support level sitting at $0.2936, we would expect Ripple’s XRP to find plenty of support at $0.30 levels to avoid a pullback to $0.29 levels, in the event of a sell-off.

XRP/USD 02/02/19 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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