Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/02/19

Bitcoin Cash – ABC – Recovers to the $140s

Bitcoin Cash ABC gained 0.43% on Friday. Partially reversing a 3.69% fall from Thursday, Bitcoin Cash ABC ended the day at $141.23.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $143.25 before hitting reverse.

Coming up short of the first major resistance level at $145.24, Bitcoin Cash ABC fell to a late morning intraday low $139.07 before recovering the day’s losses.

For the bulls, moving back through to $140 levels was positive, with Bitcoin Cash ABC managing to steer clear of the day’s major support levels.

At the time of writing, Bitcoin Cash ABC down by 1.39% to $140.08. A bearish start to the day saw Bitcoin Cash ABC fall from $142 levels to a morning low $139.46 before finding support. Falling short of the first major resistance level at $143.3, Bitcoin Cash ABC came within range of the first major support level at $139.12.

For the day ahead, a move through to $141 levels would signal a 2^nd half of a day recovery. A broad-based crypto rebound would support a move through to $143 levels to bring the first major support level at $143.3 into play. In the event of a rebound, Bitcoin Cash ABC could take a run at the second major resistance level at $145.36 before any pullback.  The current week’s high $149 would continue to keep $150 levels out of play.

Failure to move back through to $141 levels could see Bitcoin Cash ABC fall back to sub-$140 levels. A fall through the first major support level at $139.12 would bring $138 levels into play before any recovery. We would expect Bitcoin Cash ABC to avoid heavier losses and the second major support level at $137 in the event of a reversal.

Litecoin Finds Support

Litecoin rose by 1.24% on Friday. Partially reversing a 5.07% fall from Thursday, Litecoin ended the day at $49.07.

A relatively range-bound day saw Litecoin recover from a mid-morning intraday low $47.83 to strike an early afternoon intraday high $49.47.

Steering clear of the day’s major support and resistance levels, Litecoin managed to recover to $49 levels by the day’s end.

At the time of writing, Litecoin was down by 1.43% to $48.37. Bearish through the morning, Litecoin fell to a morning low $48.03 before steadying.

While falling short of the first major resistance level at $49.75, with a start of a day morning high $49.14, Litecoin called on support at the first major support level at $48.11 in the early hours.

For the day ahead, a move back through to $48.80 levels would support a breakthrough to $49 levels. Support from the broader market would be needed for Litecoin to take a run at the first major resistance level at $49.75. We would expect $50 levels to be out of reach for a 2^nd consecutive day.

Failure to move through to $48.80 levels could see Litecoin fall back through the first major support level at $48.11. While Litecoin may slide through to $47 levels, we would expect the day’s second major support level at $47.15 to be left untested, barring a crypto meltdown that would bring $46 levels into play.

Ripple Struggles On

Ripple’s XRP gained 0.55% on Friday. Partially reversing a 3.32% fall from Thursday, Ripple’s XRP ended the day at $0.32841.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.32018 before recovering.

Steering clear of the day’s first major support level at $0.3191. Litecoin recovering to an early afternoon intraday high $0.33111 before easing back to $0.32 levels.

The day’s high came up short of the first major resistance level at $0.3375.

At the time of writing, Ripple’s XRP was down by 0.86% to $0.32558. An early morning high $0.32939 came up short of the first major resistance level at $0.3330 before hitting reverse.

The reversal saw Ripple’s XRP fall through to a morning low $0.32402 before steadying. The day’s major support levels were left untested early on.

For the day ahead, a move back through to $0.3270 levels would be needed to support another run at the first major resistance level at $0.3330. A shift in sentiment would support a run at the second major resistance level at $0.3375 before any pullback. We would expect Friday’s high $0.33111 to pin Ripple’s XRP back from $0.34 levels on the day.

Failure to move through to $0.3270 levels could see Ripple’s XRP call on support at the first major support level at $0.3220 before any recovery. Barring a broad-based crypto sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.32 support levels on the day.

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