Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/02/19

Litecoin is on the move early, bucking the trend from across the broader market. Friday’s broad-based rally could well renew interest into the cryptos.
Bob Mason
Litecoin
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Bounces Back

Bitcoin Cash ABC rallied by 13.19% on Friday. Following on from a 0.89% gain on Thursday, Bitcoin Cash ABC ended the day at $128.26.

After a relatively range-bound start to the day, it was full steam ahead for Bitcoin Cash ABC and the broader market. An early morning intraday low $113.1 left the day’s major support levels untested before rising to a morning high $117.85.

Bitcoin Cash ABC broke through the first and second major resistance levels ahead of an early afternoon surge. The rally saw Bitcoin Cash ABC break through the third major resistance level at $119.42 to strike an intraday high $130.79 before easing back to $128 levels.

At the time of writing, Bitcoin Cash ABC was down by 1.86% to $126.10. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $128.26 to a morning low $126.05 before steadying. The early moves left the day’s major support and resistance levels untested.

For the day ahead, a hold onto $126 levels would support a move back through to $128 levels later in the day before any pullback. We would expect Bitcoin Cash ABC to come up short of $130 levels, with Friday’s high $130.79 likely to pin Bitcoin Cash ABC back from the first major resistance level at $135.15.

Failure to hold onto $126 levels could see Bitcoin Cash ABC fall through to $124 levels to bring $120 levels into play before any recovery. Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of sub-$120 levels and the first major support level at $117.46.

Litecoin Leads the Way

Litecoin jumped by 29.56% on Friday. Following on from a 1.14% rise on Thursday, Litecoin ended the day at $42.45.

Tracking the broader market, Litecoin recovered from an early morning intraday low $32.52 to strike a late morning high $37.98. Litecoin broke through the day’s major resistance levels ahead of an early afternoon surge.

The early afternoon jump saw Litecoin strike an intraday high $44.48 before easing back to $42 levels.

At the time of writing, Litecoin was up by 1.34% to $43.13. Recovering from a morning low $41.79, Litecoin rallied to a morning high $43.5 before easing back. The moves through the early morning left the major support and resistance levels untested.

For the day ahead, a hold onto $43 levels through the morning would support a move through to $44 levels to bring Friday’s high $44.48 into play before any pullback. We would expect Litecoin to come up short of the day’s first major resistance level at $47.19, barring a broad-based crypto rally.

Failure to hold onto $43 levels through the morning could see Litecoin hit reverse later in the day. A pullback through the morning low $41.79 would bring $40 levels into play before any recovery. We would expect Litecoin to steer clear of sub-$40 levels and the first major support level at $35.23 on the day.

Ripple Recovers to $0.31 Levels

Ripple’s XRP gained 7.61% on Friday, following on from a 0.36% rise on. Ripple’s XRP ended the day at $0.31746.

A dip to an early morning intraday low $0.29266 saw Ripple’s XRP call on support at the first major support level at $0.2929. Recovering to a morning high $0.30591, Ripple’s XRP broke through the first and second major support levels ahead of a broad-based crypto afternoon rally.

The afternoon rally saw Ripple’s XRP strike an intraday high $0.32590, breaking through the third major resistance level at $0.3062, before easing back to $0.31 levels by the day’s end.

At the time of writing, Ripple’s XRP was down by 0.68% to $0.31530. Moves through the early hours saw Ripple’s XRP ease from a start of a day morning high $0.31880 to a morning low $0.31348 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $0.3120 through the morning would support a recovery later in the day. While support from the broader market would bring $0.32 levels into play, we would expect Ripple’s XRP to come up short of the first major resistance level at $0.3314.

Failure to hold above $0.3120 through the morning could see Ripple’s XRP pullback to $0.30 levels before any recovery. Barring a broad-based crypto sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.30 levels and the first major support level at $0.2981.

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