Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/02/19

Bitcoin Cash – ABC – Hits the Brakes

Bitcoin Cash ABC rose by 3.55% on Wednesday. Reversing a 1.4% fall from Tuesday, Bitcoin Cash ABC ended the day at $146.00.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $138.00 before making its move.

Coming within range of the first major support level at $137.67, Bitcoin Cash ABC rallied to an early afternoon intraday high $146.5. Coming up against the day’s first major resistance level at $146.66, Bitcoin Cash ABC slid back to an afternoon low $142 before recovering to $146 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 1.41% to $143.94. A bearish start to the day saw Bitcoin Cash ABC fall from a start of a day morning high $145.18 to a morning low $143.94. Bitcoin Cash ABC managed to steer clear of the first major support level at $140.50 early on.

For the day ahead, a hold above $143.50 through the morning would support a move back through to the morning high $145.18 to bring $146 levels into play. Sentiment across the broader market would need to materially improve, however, for Bitcoin Cash ABC to take a run at the day’s first major resistance level and Tuesday’s high $149.

Failure to hold above $143.50 levels could see Bitcoin Cash ABC slide through to $140 levels and call on support at the first major support level at $140.50 before any recovery. Barring a crypto meltdown, we would expect Bitcoin Cash ABC to steer clear of sub-$140 support levels on the day.

Litecoin Hits the $50s and Holds

Litecoin surged by 8.87% on Wednesday. Reversing a 0.91% fall from Tuesday, Litecoin ended the day at $51.08.

Rebounding from a start of a day intraday low $46.24, Litecoin rallied to an early afternoon intraday high $51.91.

Holding above the first major support level at $46, Litecoin broke through the first major resistance level at $48.31 and second major resistance level at $49.71 to hit the $50s for the first time since 13^th November.

While easing back to an afternoon low $49.69, the broad-based crypto rally supported a move back through to $50 levels before the day’s end.

At the time of writing, Litecoin was down by 1.25% to $50.44. Tracking the broader market, Litecoin fell from the start of a day high $51.2 to a morning low $50.22 before steadying.  The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $51.2 would give Litecoin a run at $52 levels before any pullback. Barring a material shift in sentiment across the broader market, we would expect Wednesday’s high $51.91 to pin Litecoin back from a run at the first major resistance level at $53.25 on the day.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day. A fall through to sub-$50 levels could see Litecoin hit $48 levels before any recovery. Barring a material crypto sell-off, we would expect Litecoin to steer clear of the day’s first major support level at $47.58.

Ripple Holds onto $0.33 Levels

Ripple’s XRP rose by 2.62% on Wednesday. Following on from a 0.10% gain from Tuesday, Ripple’s XRP ended the day at $0.3376.

A start of a day intraday low $0.32363 saw Ripple’s XRP steer clear of the first major support level at $0.3181 before a broad-based cryptomarket rally set in. Ripple’s XRP rallied to a late morning intraday high $0.34216 before easing back.

The morning rally saw Ripple’s XRP come within range of the first major resistance level at $0.3475 before easing back to $0.33 levels.

At the time of writing, Ripple’s XRP was down by 1.14% to $0.3381. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.33896 to a morning low $0.33290 before steadying.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $0.3345 would support a move through the morning high $0.33896 to bring 0.34 levels and the first major resistance level at $0.3453 into play. Sentiment across the broader market would need to materially improve, however, for Ripple’s XRP to breakout from Wednesday’s high $0.34216 to hit $0.3450 levels.

Failure to hold onto $0.3345 could see Ripple’s XRP slide through the morning low $0.33290 to bring $0.32 levels and the first major support level at $0.3268 into play. Barring a broad-based crypto meltdown, we would expect Ripple’s XRP to steer clear of sub-$0.32 levels and the second major support level at $0.3160 in the event of a sell-off.

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