Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/02/19

Bitcoin Cash – ABC – Looking for a Rebound

Bitcoin Cash ABC slid by 3.69% on Thursday. Reversing a 3.55% gain from Wednesday, Bitcoin Cash ABC ended the day at $139.82.

A choppy start to the day saw Bitcoin Cash ABC strike a mid-morning intraday high $147 before hitting reverse.

Falling short of the 38.2% FIB of $148 and the first major resistance level at $149, Bitcoin Cash ABC tumbled to a late afternoon intraday low $137.91 before recovering to $139 levels by the day’s end.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $140.5.

At the time of writing, Bitcoin Cash ABC was up by 1.56% to $142.00. A bullish start to the day saw Bitcoin Cash ABC rise a morning high $143.25 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high would give Bitcoin Cash ABC another run at $144 levels to bring the day’s first major resistance level at $145.24 into play. Support from the broader market would be needed to bring Thursday’s high $147 into play before any pullback later in the day. More material gains would be unlikely, with the 38.2% FIB of $148 a key resistance level this week.

Failure to move back through the morning high could see Bitcoin Cash ABC give up the morning gains. A fall through a start of a day morning low $140.50 could see Bitcoin Cash ABC fall to $137 levels before any recovery.

Barring a broad-based crypto sell-off, we would expect the day’s first major support level at $136.15 to be left untested.

Litecoin Back in the $40s

Litecoin fell by 5.07% on Thursday. Partially reversing an 8.87% rally from Wednesday, Litecoin ended the day at $48.46.

A mid-morning intraday high $51.27 was the only bullish move of the day. Falling well short of the first major resistance level at $53.25, Litecoin tumbled to an early afternoon intraday low $47.52 before finding support.

The sell-off saw Litecoin call on support at the first major support level at $47.58 to move back through to $48 levels and a relatively range-bound afternoon.

At the time of writing, Litecoin was up by 1.26% to $49.07. Rising from a start of a day morning low $48.38, Litecoin struck an early morning high $49.43 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $49 levels through the morning would support a breakthrough to $50 levels to bring the first major resistance level at $50.65 into play. Support from the broader market would bring $51 levels into play before any pullback. We would expect Wednesday’s high $51.91 to pin Litecoin back from $52 levels on the day.

Failure to hold onto $49 levels could see Litecoin fall through the morning low $48.38 to bring $47 levels and the day’s first major support level at $46.9 into play. We would expect sub-$46 support levels to be left untested, barring a material crypto sell-off.

Ripple Tracks the Pack

Ripple’s XRP fell by 3.32% on Thursday. Reversing a 2.62% gain from Wednesday, Ripple’s XRP ended the day at $0.32648.

Tracking the broader market through the day, Ripple’s XRP hit a mid-morning intraday high $0.34118 before hitting reverse.

Falling short of the first major resistance level at $0.3453, Ripple’s XRP fell to a late afternoon intraday low $0.32277 before steadying. The pullback saw Ripple’s XRP fall through the first major support level at $0.3268.

At the time of writing, Ripple’s XRP was down by 0.37% to $0.32529. Reversing from a start of a day morning high $0.32936, Ripple’s XRP fell to a morning low $0.32522 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 $0.32936 to $0.33 levels would support a run at the first major resistance level at $0.3375 before any pullback. Support from the broader market would give Ripple’s XRP a run at $0.34 levels. We would expect Ripple’s XRP to fall short of the second major resistance level at $0.3486, however, with Thursday’s high $0.34118 likely to pin Ripple’s XRP back on the day.

Failure to move back through the morning high could see Ripple’s XRP pullback deeper into the red. A fall through to $0.3225 levels would bring $0.31 levels and the first major support level at $0.3191 into play before any recovery.

Barring a major crypto sell-off, we would expect Ripple’s XRP to avoid the second major support level at $0.3117 on the day.

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