Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/02/19

A mixed start to the day across the majors could test investor resilience later in the day.
Bob Mason
Altcoins
Crypto00 567

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC rose by just 0.03% on Saturday. Following a 0.59% on Friday, Bitcoin Cash ABC ended the day at $120.79.

A bullish first half of the day saw Bitcoin Cash ABC rise to an early afternoon intraday high $122.15 before pulling back. Bitcoin Cash ABC came up against the day’s first major resistance level at $122.01 before the pullback.

The reversal saw Bitcoin Cash ABC slide to a late afternoon intraday low $120.56 before steadying. Throughout the day, the day’s major support levels were left untested, with Bitcoin Cash ABC managing to steer clear of sub-$120 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.09% in what’s been a relatively quiet start to the day.

For the day ahead, a move through to $121.2 levels would be needed for Bitcoin Cash ABC to take a run at the first major resistance level at $121.77. Support from the broader market would deliver a move back through to $122 levels, to bring the day’s second major resistance level at $122.76 into play before any pullback.

We would expect Bitcoin Cash ABC to continue to fall short of $125 levels in the event of a rally.

Failure to move through to $121.2 levels could see Bitcoin Cash ABC fall through Saturday’s low $120.56 to bring the first major support level at $120.18 into play. Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of sub-$120 levels and the second major support level at $119.58.

Litecoin’s Recovery Continues

Litecoin rose by 2.54% on Saturday. Following in from a 2.78% gain on Friday, Litecoin ended the day at $43.15.

Bullish from the start of the day, Litecoin rallied to a late afternoon intraday high $43.91 to come up against the first major resistance level at $43.92 before easing back.

An early morning intraday low $41.92 saw Litecoin steer clear of the major support levels, with Litecoin ending the day at $43 levels for the first time since Tuesday.

At the time of writing, Litecoin was up by 0.05% to $43.13. Recovering from a start of a day dip to a morning low $42.75, Litecoin rose to a morning high $43.26 before easing back.

Moves through the early morning left the day’s major support and resistance levels untested.

For the day ahead a hold onto $43 levels would support a move through Saturday’s high $43.91 to bring $44 levels and the first major resistance level at $44.07 into play.

We would expect Litecoin to continue to fall short of $45 levels, with the second major resistance level at $44.98 likely to be left untested on the day.

Failure to hold onto $43 levels could see Litecoin hit reverse later in the day. A pullback through the morning low $42.75 could see Litecoin slide through the first major support level at $42.08 to $41 levels before any recovery.

Barring a broad-based crypto sell-off, we would expect Litecoin to steer clear of the second major support level at $41.00.

Ripple in Search of a Weekend Rally

Ripple’s XRP fell by 0.41% on Saturday. Reversing a 0.16% gain from Friday, Ripple’s XRP ended the day at $0.30565.

Tracking the market through to the late afternoon, Ripple’s XRP rallied to an intraday high $0.3095 before hitting reverse.

The late reversal saw Ripple’s XRP slide to an intraday low $0.30459 before recovering to $0.305 levels.

Through the day, the major support and resistance levels were left untested, with Ripple’s XRP failing to break through to $0.31 levels for the first time since 7th February.

At the time of writing, Ripple’s XRP was up by 0.1% to $0.30597. Moves through the early hours saw Ripple’s XRP rise from a morning low $0.30458 to a morning high $0.30708 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.3070 levels would support another run at the first major resistance level at $0.3086. For Ripple’s XRP to break through to $0.3100, support would be needed from the broader market.

A breakout from the first major resistance level would bring the second major resistance level at $0.3115 into play should the broader-market deliver support later in the day.

Failure to move through to $0.3070 levels could see Ripple’s XRP struggle later in the day. A pullback through the morning low $0.30458 would bring the day’s first major support level at $0.3037 into play.

We would expect Ripple’s XRP to steer clear of sub-$0.30 support levels, with the day’s second major support level at $0.3017 likely to prevent heavier losses in the event of a sell-off.

Buy & Sell Cryptocurrency Instantly

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US