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

It’s a mixed start to the day for the majors, following Monday’s breakout. Bitcoin Cash ABC is amongst the front runners early on.
Bob Mason
Cryptos
Crypto00 567

Bitcoin Cash – ABC – Joins the Rally

Bitcoin Cash ABC surged by 14.16% on Monday. Reversing last week’s 1.32% loss with interest, Bitcoin Cash ABC ended the day at $141.15.

Bullish from the start of the day, Bitcoin Cash ABC rallied to a late afternoon intraday high $147.91 before easing back.

Supported by a broad-based crypto rally, Bitcoin Cash ABC broke through the day’s major resistance levels and, more importantly, the 23.6% FIB of $132 to test selling pressure at the 38.2% FIB of $148.

At the time of writing, Bitcoin Cash ABC was up 3.06% to $145.48. Another bullish start to the day saw Bitcoin Cash ABC strike a morning high $149.00 before easing back. Moves through the early morning left the major support and resistance levels untested.

For the day ahead, a move back through to $148 levels would bring the morning high $149 and $150 levels into play before any pullback. Support from the broader market would be needed, however, with the 38.2% FIB Retracement Level of $148 proving to be a key test for the bulls.

Barring another broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of the first major resistance level at $151.49 on the day.

Failure to move back through to $148 levels could see Bitcoin Cash ABC give up the morning gains. A pullback through to $143 levels would bring $141 levels into play before any recovery. Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of sub-$140 levels and well clear of the day’s first major support level at $127.22.

Litecoin Bounces Back

Litecoin rallied by 8.98% on Monday. Reversing last week’s 6.6% loss, Litecoin ended the day at $47.34.

A relatively range bound first half of the day left Litecoin trailing a number of the majors before support from the broader market kicked in. An afternoon rally saw Litecoin break through the day’s major resistance levels to strike an intraday high $48.72.

While being unable to hold above the third major resistance level at $48.08, it was Litecoin’s highest end of day price since 13th November of last year.

At the time of writing, Litecoin was down by 1.25% to $46.75. A choppy start to the day saw Litecoin rally to a morning high $48.8 before hitting reverse. The pullback saw Litecoin fall to a morning low $46.49 before finding support. The day’s support and resistance levels were left untested in spite of the pullback.

For the day ahead, a hold above $46.4 would support a run at the morning high $48.8. Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $49.67 later in the day. Monday’s high $48.72 and this morning’s high $48.8 will likely to pin Litecoin back on the day.

Failure to hold above $46.4 could see Litecoin take a bigger hit later in the day. A further pullback could see Litecoin fall to $45 levels before any recovery. Barring a broader market sell-off, we would expect Litecoin to steer clear of $44 levels and the day’s first major support level at $44.07.

Ripple on the Move

Ripple’s XRP gained 6.5% on Monday. Reversing a 2.24% fall from the previous week, Ripple’s XRP ended the day at $0.32855.

A bullish start to the day saw Ripple’s XRP rally to an early morning high $0.32294, breaking through the first major resistance level at $0.3152 and second major resistance level at $0.3218.

Following a range bound late morning, support from the broader market drove Ripple’s XRP to a late afternoon intraday high $0.33753 before easing back to $0.32 levels. The afternoon rally saw Ripple’s XRP break through the third major resistance level at $0.3354 before the pullback.

At the time of writing, Ripple’s XRP was up by 0.44% to $0.3300. Ripple’s XRP rallied to a morning high $0.33874 before pulling back. The reversal saw Ripple’s XRP fall to a morning low $0.32564 before recovering to $0.33 levels. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $0.33753 would support another run at the first major resistance level at $0.3419 before any pullback. We would expect Ripple’s XRP to fall short of $0.35 levels, with Monday’s high $0.33753 likely to leave Ripple’s XRP at $0.33 levels by the day’s end.

Failure to move through the morning high could see Ripple’s XRP slide through the morning low $0.32564 to bring $0.31 levels into play before any recovery. Barring a broad-based crypto meltdown, we would expect Ripple’s XRP to steer clear of the first major support level at $0.3109 and $0.30 levels.

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