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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/02/19

By:
Bob Mason
Published: Feb 11, 2019, 04:13 UTC

It's back in the red for the majors. The trio sees Sunday's gains reverse early on as the bears look to regain control.

Crypto Coins

Bitcoin Cash – ABC – Eyes a 3rd Day in the Red

Bitcoin Cash ABC fell by 1.01% on Sunday. Following on from a 1.69% decline on Saturday, Bitcoin Cash ABC ended the day at $125.87.

Another bearish start to the day saw Bitcoin Cash ABC slide from an intraday high $127.16 to a mid-afternoon intraday low $120.35.

Falling short of the first major resistance level at $128.06, Bitcoin Cash ABC slid through the first major support level at $124.31 and the second major support level at $122.54.

A late recovery saw Bitcoin Cash ABC break back through the support levels to wrap up the week with a 2.39% gain.

At the time of writing, Bitcoin Cash ABC was down 2.39% at $122.86. A particularly bearish start to the day saw Bitcoin Cash ABC slide from a morning high $125.2 to a morning low $122.47 before steadying.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $124.5 levels would signal a possible afternoon recovery and a move back to $125 levels. We would expect Bitcoin Cash ABC to come up short of the first major resistance level at $128.57, however, with Sunday’s high $127.16 and bearish sentiment across the market likely to limit any upside.

Failure to move back through to $124.5 levels could see Bitcoin Cash ABC pull back deeper into the red. A fall back through the morning low $122.47 would bring the first major support level at $121.76 into play before any recovery. Sub-$120 support levels would likely be left untested, barring broad-based crypto sell in the day.

BCHABC/USD 11/02/19 Daily Chart

Litecoin Hits Reverse after a Solid Week

Litecoin rallied by 5.2% on Sunday. Following on from a 3.88% rise on Saturday, Litecoin ended the week up 41.5% to $46.51.

Tracking the broader market, Litecoin fell back to a mid-morning intraday low $41.72. Finding support at the first major support level at $41.96, Litecoin rallied to a late afternoon intraday high $47.0 before easing back to $46 levels.

The afternoon rally saw Litecoin break through the first major resistance level at $46.22 and avoid a pullback before the day’s end.

At the time of writing, Litecoin was down by 5.59% to $43.91. Tracking the broader market, Litecoin slid from a start of a day high $46.55 to an early morning low $43.09 before steadying. The reversal saw Litecoin call on support at the first major support level at $43.15 early in the day.

For the day ahead, a move back through to $45 levels would be needed to support an afternoon rebound to $46 levels. A material shift in sentiment across the broader market would be needed, however, for Litecoin to resume its February rally and bring the first major resistance level at $48.43 into play.

Failure to move back through to $45 levels would likely see Litecoin ease back through the first major support level at $43.15 to $42 levels before any recovery. Barring a material deterioration in sentiment across the broader market, we would expect Litecoin to steer well clear of sub-$40 support levels.

LTC/USD 11/02/19 Daily Chart

Ripple Sees More Red

Ripple’s XRP fell by 0.45% to $0.31558 on Sunday, following on from a 0.06% drop on Saturday. A second day in the red left Ripple’s XRP with a 3.23% gain for the week.

A bearish morning saw Ripple’s XRP slide through the first major support level at $0.3124 to an intraday low $0.30366. Calling on support at the second major support level at $0.3075, Ripple’s XRP managed to rally back through to $0.31 levels late in the day to limit the losses for the day.

At the time of writing, Ripple’s XRP was down by 1.99% to $0.30931. A broad-based crypto sell-off weighed at the start of the day. Ripple’s XRP slid from a morning high $0.31559 to an early morning low $0.30780 before steadying.

The reversal saw Ripple’s XRP come within range of the first major support level at $0.3071 before attempting a move back through to $0.31 levels.

For the day ahead, a move back through to $0.3120 levels would support a run through the morning high $0.31559 to bring the first major resistance level at $0.3207 into play. We will expect Ripple’s XRP to face plenty of resistance, however, with Sunday’s high $0.31731 likely to pin Ripple’s XRP back from a material break out.

Failure to move through to $0.3120 levels could see Ripple’s XRP languish in the red through the day. A fall through the first major support level at $0.3071 could see Ripple’s XRP call on support at the second major support level at $0.2985 before any recovery.

XRP/USD 11/02/19 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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