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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/02/19

By:
Bob Mason
Published: Feb 25, 2019, 04:01 UTC

It's another positive start to the day, but the damage from Sunday could limit the upside today.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Tanks

Bitcoin Cash ABC tumbled by 16.98% on Sunday. Reversing an 8.06% gain from Saturday, Bitcoin Cash ABC ended the week up 2.47% at $126.7.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high and new swing hi $157.26 before hitting reverse.

An early afternoon, broad-based market sell-off, saw Bitcoin Cash ABC slide to an intraday low $126.5. Bitcoin Cash ABC fell through the first major support level at $144.07 and second major support level at $135.53. Of greater significance was the pullback through the 23.6% FIB of $141 and 38.2% FIB of $134. The slide saw Bitcoin Cash ABC resume the extended bearish trend, formed back in December of last year swing hi $228.8.

At the time of writing, Bitcoin Cash ABC was up by 2.73% to $130.16. A morning low $127.01 and a morning high $130.41 left the day’s major support and resistance levels untested.

For the day ahead, a move through to $137 levels would be needed to signal a partial recovery of Sunday’s losses. A broad-based crypto rebound would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $147.14. We would expect Bitcoin Cash ABC to face plenty of resistance at the 23.6% FIB of $134.

Failure to move through to $137 levels could see Bitcoin Cash ABC give up the morning gains. Following Sunday’s sell-off, a fall through to Sunday’s low $126.5 could bring sub-$120 levels into play before any recovery. We would expect the first major support level at $116.38 to be left untested on the day.

BCHABC/USD 25/02/19 Daily Chart

Litecoin Back in the $40s

Litecoin slumped by 14.89% on Sunday. Reversing a 4.32% from Saturday, Litecoin ended the week up 0.3% to $43.57.

Tracking the broader market, Litecoin rose to an early morning intraday high $53.49 before hitting reverse. Litecoin broke through the first major resistance level at $52.61 before the sell-off.

The early afternoon sell-off saw Litecoin slide to an intraday low $42.5 before steadying. Litecoin fell through the day’s major support levels on the way down. Recovering to $43 levels by the day’s end, Litecoin broke back through the third major support level at $42.89.

At the time of writing, Litecoin was up by 2.04% to $44.46. Litecoin moved from a morning low $43.49 to a morning high $44.6 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through to $46.5 levels would be needed to bring $50 levels back into play. Support from the broader market would be needed for Litecoin to test the first major resistance level at $50.54. Barring a broad-based rebound, however, we would expect Litecoin to come up short of $46.5 levels on the day.

Failure to move through to $46.5 levels could see Litecoin give up the morning gains. A reversal later in the day could see Litecoin fall back through to $42 levels before any recovery. We would expect Litecoin to steer clear of the first major support level at $39.55 on the day.

LTC/USD 25/02/19 Daily Chart

Ripple touches sub-$0.30

Ripple’s XRP slid by 10.72% on Sunday. Reversing a 3.61% gain from Saturday, Ripple’s XRP ended the week down 1.49% at $0.30391.

A start of a day rally saw Ripple’s XRP strike an intraday high $0.35178 before succumbing to market forces. The early rally saw Ripple’s XRP break through the first major resistance level at $0.3476.

The early afternoon sell-off saw Ripple’s XRP slide through the first major support level at $0.3287 and second major support level at $0.3169 to an intraday low $0.29952. Ripple’s XRP came within range of the third major support level at $0.2980, before recovering to $0.30 levels.

At the time of writing, Ripple’s XRP was up by 1.57% to $0.30868. Ripple’s XRP moved from a morning low $0.30374 to a morning high $0.30915 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through to $0.3185 levels would be needed to signal a run at the first major resistance level at $0.3373. We would expect Ripple’s XRP to come up short of $0.34 levels, in the event of a market rebound, however.

Failure to move through to $0.3185 could see Ripple’s XRP hit reverse later in the day. A pullback through the morning low $0.30374 would bring $0.29 levels into play before any recovery. We would expect Ripple’s XRP to steer clear of the first major support level at $0.2850 in the event of a sell-off.

XRP/USD 25/02/19 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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