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

It’s back into the red for the majors. It could be a painful weekend should a move through to key levels not occur by the early afternoon.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

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 2nd 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 2nd 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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