Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/10/19

It’s a mixed start to the day, with Litecoin looking to break out. The broader market may have an influence, however…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Struggles at $230

Bitcoin Cash ABC fell by 1.2% on Tuesday. Partially reversing a 3.6% rally from Monday, Bitcoin Cash ABC ended the day at $223.31.

A bullish start to the day saw Bitcoin Cash ABC strike an early morning intraday high $235. Bitcoin Cash ABC broke through the first major resistance level at $233.25 before sliding to an early evening intraday low $219.91.

In spite of the reversal, Bitcoin Cash ABC steered clear of the first major support level at $215.19.

Finding support late in the day, Bitcoin Cash ABC recovered to $223 levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.3% to $223.98. A range-bound start to the day saw Bitcoin Cash ABC rise from a morning low $223.29 to a high $223.98.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move through to $226 levels would support a run at the first major resistance level at $232.24.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $230 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC will continue to come up short of $240 levels.

Failure to move through to $226 levels could see Bitcoin Cash ABC hit reverse.

A fall back through to sub-$220 levels would bring the first major support level at $217.15 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $210.98.

Litecoin Back in the Red

Litecoin fell by 0.52% on Tuesday. Partially reversing a 4.06% rally from Monday, Litecoin ended the day at $55.8.

Tracking the broader market, Litecoin rallied to an early morning intraday high $57.75 before hitting reverse.

Coming up against the first major resistance level at $57.52, Litecoin slid to an early evening intraday low $54.87.

Steering clear of the first major support level at $53.58, Litecoin bounced back to $55 levels to cut the deficit on the day.

At the time of writing, Litecoin was up by 1.13% to $56.43. A bullish start to the day saw Litecoin rise from an early morning low $55.8 to a high $56.6 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, holding onto $56 levels through the morning would support a run at the first major resistance level at $57.41.

Litecoin would need sentiment across the broader market to improve, however, to support a move through to $57 levels.

Barring a broad-based crypto rally on the day, we would expect the first major resistance level and Tuesday’s high $57.75 to cap any upside.

Failure to hold onto $56 levels could see Litecoin hit reverse. A fall through the morning low $55.8 would bring the first major support level at $54.53 into play before any recovery.

Barring a crypto meltdown, Litecoin should steer clear of sub-$54 support levels on the day.

Ripple’s XRP Hits Reverse

Ripple’s XRP slid by 3.53% on Tuesday. Partially reversing a 7.08% rally from Monday, Ripple’s XRP ended the day at $0.24888.

A bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.26186 before hitting reverse.

Falling short of the first major resistance level at $0.2688, Ripple’s XRP slid to an early evening intraday low $0.24594.

Steering clear of the first major support level at $0.2420, Ripple’s XRP recovered to $0.25 levels before sliding back in the final hour.

At the time of writing, Ripple’s XRP was down by 0.47% to $0.24771. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.25002 before falling to a low $0.24711.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move through to $0.2520 levels would bring the first major resistance level at $0.2585 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.25002.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of Tuesday’s high $0.26186.

Failure to move through to $0.2520 levels could see Ripple’s XRP take a bigger hit on the day. A pullback through to $0.2450 levels would bring the first major support level at $0.2426 into play.

Barring an extended sell-off through the day, however, Ripple’s XRP should steer clear of sub-$0.23 support levels.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US