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

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

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.

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.

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