Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/02/19

It’s a bearish start to the day. Some profit taking has weighed early on. Failure to recover early losses could deliver another big hit.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Back to $130s

Bitcoin Cash ABC rallied by 5.85% on Monday. Partially reversing Sunday’s 16.98% slide, Bitcoin Cash ABC ended the day at $134.44.

Bullish through the day, Bitcoin Cash ABC rose from a morning low 127.01 to an afternoon high $137.18. The moves through the day left the major support and resistance levels untested.

Selling pressure at the 23.6% FIB of $134 pinned Bitcoin Cash ABC back from broader gains on the day. Easing back through the late afternoon, Bitcoin Cash ABC ended the day at the 23.6% FIB of $134.

At the time of writing, Bitcoin Cash ABC was up by 0.4% to $134.98. Early morning moves saw Bitcoin Cash ABC rise from a morning low $133.22 to a morning high $136.38. The day’s major support and resistance levels were left untested, while the 23.6% FIB of $134 continued to prevent a breakout.

For the day ahead, a hold onto $134 levels through the morning would support a run at the morning high $136.38. For Bitcoin Cash ABC to take a run at the first major resistance level at $138.74, support from the broader market would be needed, however. We would expect the 23.6% FIB and Monday’s high $137.18 to give plenty of resistance on a run at $138 levels.

Failure to hold onto $134 levels could see Bitcoin Cash ABC fall through the morning low $133.22. Negative sentiment across the broader market would deliver heavier losses on the day. A fall through $132.88 would bring sub-$130 levels and the first major support level at $128.57 into play.

Litecoin Finds Support

Litecoin gained 4.13% on Monday. Partially reversing the slump 14.89% slump from Sunday, Litecoin ended the day at $45.37.

A relatively range-bound morning saw Litecoin fall to an intraday low $43.2 before finding support.

Steering clear of the first major support level at $39.55, Litecoin struck a late afternoon intraday high $46.89. Litecoin came up short of the day’s first major resistance level at $50.54 before pulling back to $45 levels.

At the time of writing, Litecoin was down by 0.18% to $45.29. In the early hours, Litecoin rose to a morning high $45.7 before easing back to a morning low $45.07. The day’s major support and resistance levels were left untested.

For the day ahead, a hold onto $45.2 levels would support a move through the morning high $45.7 to bring $46 levels into play. Support from the broader market would bring the first major resistance level at $47.11 into play before any pullback. We expect Litecoin to fall short of $48 levels, with Monday’s high $46.89 likely to prevent a breakout on the day.

Failure to hold onto $45.2 levels could see Litecoin take a bigger hit in the day. A fall through the morning low $45.07 would bring $43 levels and the first major support level at $43.42 into play. We would expect sub-$43 support levels to be left untested, barring another cryptomarket sell-off. In the event of a sell-off, the second major support level at $41.46 would likely prevent heavier losses on the day.

Ripple Charges Back

Ripple’s XRP surged by 10.34% on Monday. Reversing Sunday’s 10.72% slide, Ripple’s XRP ended the day at $0.33533.

A start of a day intraday low $0.30374 saw Ripple’s XRP steer clear of sub-$0.30 levels and the day’s major support levels. Range bound through the morning, Ripple’s XRP held on until a late afternoon crypto rally kicked in.

The afternoon rally saw Ripple’s XRP break through the first major resistance level at $0.3373 to strike an intraday high $0.34744. Unable to break through to $0.35 levels and Sunday’s high $0.35178, Ripple’s XRP eased back to $0.33 levels.

At the time of writing, Ripple’s XRP was down by 1.86% to $0.32910. A bullish start to the day saw Ripple’s XRP rise to a morning high $0.34277 before hitting reverse. Falling short of the first major resistance level at $0.3539, Ripple’s XRP fell to a morning low $0.32660 before steadying. The major support levels were left untested early on.

For the day ahead, a hold onto $0.3290 levels would support a move back through the morning high $0.34277. Support from the broader market would be needed, however, to bring $0.35 levels into play. Barring a broad-based crypto rally, we would expect Ripple’s XRP to fall short of the first major resistance level at $0.3539.

Failure to hold onto $0.3290 levels could see Ripple’s XRP fall through the morning low $0.3266 to bring $0.31 levels into play. We would expect Ripple’s XRP to steer clear of $0.30 levels, barring a broad-based sell-off. The first major support level at $0.3102 should prevent a return to sub-$0.30 levels on the day.

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