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

By:
Bob Mason

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.

Cryptos

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.

BCHABC/USD 19/02/19 Daily Chart

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.

LTC/USD 19/02/19 Daily Chart

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.

XRP/USD 19/02/19 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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