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

By:
Bob Mason
Published: Feb 5, 2019, 04:37 UTC

It's another mixed start to the day, with Ripple's XRP seeing more losses. Litecoin looks to have become the crypto pet...

Cryptos

Bitcoin Cash – ABC – Facing More Red

Bitcoin Cash ABC declined by just 0.02% on Monday, following a 2.44% slide on Sunday. Bitcoin Cash ABC ended the day at $117.52.

Rallying through the early hours, Bitcoin Cash ABC struck an intraday high $118.4 before hitting reverse. In spite of the early bounce, the day’s high fell well short of the first major resistance level at $119.64.

Bitcoin Cash ABC fell to a mid-day intraday low $116.4, holding above the first major support level at $114.71. Steering clear of $115 levels was key in the early hours, supporting a move back through to $117 levels.

At the time of writing, Bitcoin Cash ABC stood at $118.00, a gain of 0.41% early on. A bullish start to the day, saw Bitcoin Cash ABC rise from a morning low $116.82 to $118. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $118 levels through the morning would support a breakthrough the first major resistance level at $118.48. Bitcoin Cash ABC will likely come up short of $119 levels, with Monday’s high $118.4 likely to hold back a breakout later in the day.

Failure to hold onto $118 levels could see Bitcoin Cash ABC fall through $117.5 to bring $116 levels and the first major support level at $116.48 into play. We would expect Bitcoin Cash ABC to steer clear of sub-$116 levels, barring a broad-based crypto sell-off.

BCHABC/USD 05/02/19 Daily Chart

Litecoin on the Move

Litecoin rose by 2.31% on Monday to partially reverse a 3.83% slide on Sunday. Litecoin ended the day at $33.64.

Support for Litecoin kicked in early. Litecoin gained through the day to strike a late intraday high $34.15. Coming up against the first major resistance level at $34.14, Litecoin eased back to $33 levels by the day’s end.

A start of a day intraday low $32.87 saw Litecoin steer well clear of the first major support level at $32.03.

At the time of writing, Litecoin was up by 0.62% to $33.85. Recovering from a dip to a morning low $33.32, Litecoin struck a morning high $33.86. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $33.60 levels through the morning would support a break-through to $34 levels. Upward momentum would give Litecoin a run at the first major resistance level at $34.24. Support from the broader market would be needed, however, to take a run at the second major resistance level at $34.83 and $35 levels.

Failure to hold above $33.60 could see Litecoin hit reverse later in the day. A pullback through the morning low $33.32 would bring the first major support level at $32.96 into play. We would expect Litecoin to steer clear of the second major support level at $32.27 and sub-$32 levels.

LTC/USD 05/02/19 Daily Chart

Ripple Struggles at $0.30

Ripple’s XRP fell by 1.38% on Monday, following a 3.14% slide on Sunday. Ripple’s XRP ended the day at $0.30148.

Range bound through much of the morning, Ripple’s XRP struck an intraday high $0.30939 before easing back.

The mid-morning high saw Ripple’s XRP come up short of the day’s first major resistance level at $0.3153.

Tight ranges through the day ultimately weighed, with Ripple’s XRP falling to a late intraday low $0.29816. Finding support at the first major support level at $0.2988, Ripple’s XRP managed to move back through to $0.30 levels by the day’s end.

At the time of writing, Ripple’s XRP was down by 0.29% to $0.30062. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.30225 to a morning low $0.29981 before recovering. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $0.30225 to $0.3030 levels would signal a rally later in the day. A rebound would see Ripple’s XRP take a run at the first major resistance level at $0.3079 to bring $0.31 levels into play. Support from the broader market would be needed, however, for Ripple’s XRP to take a run at the second major resistance level at $0.3142.

Failure to move through to $0.3030 levels could see Ripple’s XRP take a bigger hit later in the day. A pullback through the morning low $0.29981 would see Ripple’s XRP slide through the first major support level at $0.2966. While we would expect Ripple’s XRP to steer clear of sub-$0.29 levels, the second major support level at $0.2918 could come into play should sentiment deteriorate through the day.

XRP/USD 05/02/19 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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