Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/05/19

Bitcoin Cash – ABC – Holds On

Bitcoin Cash ABC rose by 0.8% on Wednesday. Following on from a 12.7% surge on Tuesday, Bitcoin Cash ABC ended the day at $266.1.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $275.82 before easing back. The early rally saw Bitcoin Cash ABC break through the first major resistance level at $275.08.

The morning pullback saw Bitcoin Cash ABC fall to a mid-day intraday low $262.1 before finding support. Steering clear of the major support levels, Bitcoin Cash ABC managed to recover to $270 levels before easing back late in the day.

At the time of writing, Bitcoin Cash ABC was down by 0.75% to $264.11. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $267.81 to a morning low $264.11.

In spite of the early pullback, Bitcoin Cash ABC steered clear of the major support and resistance levels.

For the day ahead, a move through $268 levels would bring $270 levels back into play later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $273.91.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of Wednesday’s high $275.82.

Failure to move through $268 levels could see Bitcoin Cash ABC fall deeper into the red. A pullback through to $265 levels would bring the first major support level at $260.19 into play.

Barring a crypto meltdown, Bitcoin Cash ABC would likely steer clear of sub-$260 support levels on the day.

Litecoin Sees Red

Litecoin fell by 1.36% on Wednesday. Partially reversing a 10.46% rally from Tuesday, Litecoin ended the day at $72.52.

A bullish start to the day saw Litecoin strike an early morning intraday high $74.90 before hitting reverse.

Falling short of the first major resistance level at $76.16, Litecoin fell to an early afternoon intraday low $71.0. Steering clear of the major support levels, Litecoin bounced back to $74 levels by late afternoon before easing back to $72 levels.

At the time of writing, Litecoin was down by 0.25% to $72.34. A relatively choppy start to the day saw Litecoin fall from a morning high $72.77 to a low $71.6 before finding support.

Litecoin left the major support and resistance levels untested in the early hours.

For the day ahead, a move through to $72.80 levels would be needed for Litecoin to take a run at $74 levels. Support from the broader market would be needed, however, for Litecoin to break through the first major resistance level at $76.71.

Barring a broad-based crypto rally, Litecoin will likely continue to come up short of $75 levels on the day.

Failure to move through to $72.80 levels could see Litecoin continue to hit reverse through the day.

A fall through the morning low $71.6 would bring $70 levels into play before any recovery. Barring a crypto sell-off, Litecoin would likely avoid sub-$70 support levels on the day. The first major support level at $70.71 would limit the downside.

Ripple Under Pressure

Ripple’s XRP slid by 2.35% on Wednesday. Partially reversing a 5.9% rise from Tuesday, Ripple’s XRP ended the day at $0.31742.

Bearish through the day, Ripple’s XRP slid from a start of a day intraday high $0.327 to a late afternoon intraday low $0.31366.

In spite of the moves through the day, Ripple’s XRP left the major support and resistance levels untested.

At the time of writing, Ripple’s XRP was down 0.09% to $0.31694. A relatively range-bound start to the day saw Ripple’s XRP fall from a morning high $0.31828 to a low $0.31500.

Steering clear of the major support levels, Ripple’s XRP managed to recover to $0.317 levels.

For the day ahead, a move through to $0.3190 levels would support a return to $0.32 levels later in the day. Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.3249.

Barring a broad-based crypto rally, Ripple’s XRP will likely continue to fall short of $0.33 levels on the day.

Failure to move through to $0.3190 levels could lead to Ripple’s XRP hitting reverse. A fall through the morning low $0.3150 would bring the first major support level at $0.3116 into play.

Barring a broad-based crypto reversal, Ripple’s XRP will likely steer clear of sub-$.31 support levels on the day.

In the event of a sell-off, the second major support level at $0.3060 would likely keep sub-$0.30 levels out of play on the day.

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Thanks, Bob