Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/02/19

It’s a mixed start to the majors, with the bulls in need of a weekend rally to get out of the current rut that’s ping the majors back of late.
Bob Mason
Altcoins
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Loses Support

Bitcoin Cash ABC slipped by 0.59% on Friday. Following on from a 1.57% fall on Thursday, Bitcoin Cash ABC ended the day at $119.77.

Bitcoin Cash ABC rallied to an early afternoon intraday high $123 before hitting reverse. The rally saw Bitcoin Cash ABC break through the first major resistance level at $122.01, whilst coming up short of the second major resistance level at $123.92.

The reversal saw Bitcoin Cash ABC fall to an intraday low $119.5 before finding support to move through to $121 levels only to fall back to $119 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was up by 0.82% to $120.75. Moves in the early hours saw Bitcoin Cash ABC rise from a start of a day morning low $119.77 to a morning high $120.75. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto current levels would support a breakthrough to $121 levels to bring the first major resistance level at $122.01 into play. A broad-based crypto rally could see Bitcoin Cash ABC move through to $123 levels before any pullback.

Failure to hold onto current levels could see Bitcoin Cash ABC slide through the morning low $119.77 to bring Friday’s low $119.5 into play before any recovery. Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of the first major support level at $118.51 on the day.

Litecoin Makes a Move

Litecoin gained 2.78% on Friday. Reversing a 0.68% loss from Thursday, Litecoin ended the day at $42.08.

A bullish morning saw Litecoin rise to a morning high $42.5, breaking through the first major resistance level at $42.08. An early afternoon spike saw Litecoin strike an intraday high $44.2 before pulling back. The spike saw Litecoin break through the second major resistance level at $43.23.

A mid-afternoon intraday low $40.81 saw Litecoin steer clear of the first major support level at $39.69 before moving back through to $42 levels.

At the time of writing, Litecoin was up by 1% to $42.50. Moves through the early morning saw Litecoin move from a morning low $41.92 to a morning high $42.60 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $42.40 levels through the morning would support another run at $43 levels to bring the first major resistance level at $43.92 into play. A broad-based crypto-rally would bring $45 levels into play before any pullback. We would expect Litecoin to fall short of the second major resistance level at $45.75 on the day.

Failure to hold above $42.40 levels could see Litecoin pullback through the morning low $41.92 to bring $40 levels into play before any recovery. We would expect Litecoin to steer clear of the day’s first major support level at $40.53, barring a broad-based crypto sell-off in the day.

Ripple Struggles Thanks to Talk of JMP Coin

Ripple’s XRP rose by 0.16% on Friday. Following a 0.85% decline on Thursday, Ripple’s XRP ended the day at $0.3069.

Tracking the broader market through the morning, Ripple’s XRP rose to an early afternoon intraday high $0.31292 before hitting reverse. Ripple’s XRP managed to break through the first major resistance level at $0.3102, to come within range of the second major resistance level at $0.3140 before the pullback.

The reversal saw Ripple’s XRP fall to a mid-afternoon intraday low $0.30338 to call on support at the first major support level at $0.3040 before moving back to $0.3050 levels. In a late recovery, Ripple’s XRP moved back to $0.3060 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.13% to $0.30730. Early moves saw Ripple’s XRP fall from a morning high $0.30778 to a morning low $0.30537 before recovering. The day’s major support levels were left untested early on.

For the day ahead, a move back through the morning high $0.30778 would support another run $0.31 levels and the first major resistance level at $0.31321 before any pullback. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of the second major resistance level at $0.3173 and $0.32 levels on the day.

Failure to move back through the morning high could see Ripple’s XRP hit reverse later in the day. A pullback through the morning low $0.30537 could bring the first major support level at $0.3025 into play before any recovery.

We would expect Ripple’s XRP to continue to steer clear of sub-$0.30 levels in the event of a pullback.

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