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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/02/19

By:
Bob Mason
Published: Feb 15, 2019, 05:21 UTC

The bulls are looking to reverse the mid-week losses ahead of the weekend, a hold onto key levels needed to support upward momentum later.

Cryptos 1

Bitcoin Cash – ABC – Hits Red Again

Bitcoin Cash ABC fell by 1.57% on Thursday. Following on from a 1.2% on Wednesday, Bitcoin Cash ABC ended the day at $120.09.

A relatively choppy day saw Bitcoin Cash ABC slide from an early morning intraday high $122.22 to a late morning intraday low $118.6 before bouncing back to $122 levels. Unable to hold on, Bitcoin Cash ABC eased back to $120 levels late in the day.

The moves through the first half of the day left the major support and resistance levels untested, with Bitcoin Cash ABC continuing to struggle at $120.

At the time of writing, Bitcoin Cash ABC was up by 0.32% to $120.47. A lack of activity saw Bitcoin Cash ABC hold at $120 levels in the early part of the day to leave the major support and resistance levels untested.

For the day ahead, a hold onto $120 levels would support a run at $122 levels and the first major resistance level at $122.01 into play. A broad-based crypto rally would bring the second major resistance level at $123.92 into play, while we would expect Bitcoin Cash ABC to come up short of $125 levels on the day.

Failure to hold onto $120 levels could see Bitcoin Cash ABC slide back through the first major support level at $118.39 before any recovery.

We would expect Bitcoin Cash ABC to steer clear of sub-$118 support levels, barring a major crypto sell-off.

BCHABC/USD 15/02/19 Daily Chart

Litecoin in the Red Again

Litecoin slipped by 0.68% on Thursday. Following on from a 5.09% slide from Wednesday, Litecoin ended the day at $40.93.

A bearish start to the day saw Litecoin fall from an intraday high $41.99 to a late morning intraday low $39.6 before moving back through to $41 levels.

Falling short of the first major resistance level at $42.08, Litecoin called on support at the first major support level at $39.69 to move back into positive territory by the early afternoon. A late pullback to sub-$41 levels left Litecoin in the red for the day.

At the time of writing, Litecoin was up 3.1% to $42.20. A bullish start to the day saw Litecoin rally from a morning low $40.93 to a morning high $42.4 before easing back. The early rally saw Litecoin break through the first major resistance level at $42.08, whilst steering clear of the day’s major support levels.

For the day ahead, a hold onto $42 levels through the morning would support a run at the second major resistance level at $43.23. Barring a broad-based crypto rally through the day, we would expect Litecoin to come up short of the third major resistance level at $45.62, with the upside likely to be capped at $44 levels.

Failure to hold onto $42 levels through the morning could see Litecoin hit reverse later in the day. A slide through the start of the day low $40.93 would bring sub-$40 levels and the day’s first major support level at $39.69 into play.

We would expect Litecoin to steer clear of sub-$39 support levels in the event of a reversal.

LTC/USD 15/02/19 Daily Chart

Ripple Tracks the Pack

Ripple’s XRP fell by 0.85% on Thursday. Following on from a 0.58% decline from Wednesday, Ripple’s XRP ended the day at $0.30643.

Tracking the broader market through the morning, Ripple’s XRP fell to a late morning intraday low $0.30537 before finding support.

Steering clear of the first major support level at $0.3033 and sub-$0.30 levels, Ripple’s XRP rallied to a late afternoon intraday high $0.31157 before sliding back.

Falling short of the first major resistance level at $0.3169, Ripple’s XRP slid back to end the day at $0.30 levels.

At the time of writing, Ripple’s XRP was up by 0.79% to $0.30886. Ripple’s XRP rose from a morning low $0.30601 to a morning high $0.30964 before easing back. The day’s major support and resistance levels were left untested on the day.

For the day ahead, holding onto $0.3080 levels through the morning would support a run at $0.31 levels and the first major resistance level at $0.3102. Support from the broader market would be needed for Ripple’s XRP to take a run at the second major resistance level at $0.3140.

We would expect Ripple’s XRP to come up short $0.32 levels on the day, with a downward trend on daily highs likely to pin Ripple’s XRP back to $0.31 levels on the day.

Failure to hold onto $0.3080 levels through the morning could see Ripple’s XRP pullback through the morning low $0.30601 to call on support at the first major support level at $0.3040. While a broad-based crypto sell-off could see Ripple’s XRP test support at the second major support level at $0.3016, we would expect sub-$0.30 levels to be avoided on the day.

XRP/USD 15/02/19 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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