Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 31/01/19

Ripple’s on another early charge this morning and it could gain momentum to provide much-needed support to the broader market.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Finds the Green

Bitcoin Cash ABC rallied by 8.25% on Wednesday, following 6 consecutive days in the red, to end the day at $116.57.

Rallying from a start of a day intraday low $107.69, Bitcoin Cash ABC broke through the first major resistance level at $111.81 and second major resistance level at $114.65 to strike an early afternoon intraday high $119.66.

A late pullback to $114 levels was the only bearish move of the day, with sub-$115 support kicking in to drive Bitcoin Cash ABC back to $116 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was up 0.63% to $117.31. A bullish start to the day saw Bitcoin Cash ABC rally from a start of a day morning low $117.21 to a morning high $119.19 before easing back. The early moves left the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $119.19 would support a run at $120 levels to bring the first major resistance level at $121.59 into play. Support from the broader market would be needed for a breakout from $120 levels, with Bitcoin Cash ABC likely to face plenty of resistance on the way through to $120.

Failure to move back through to $119 levels could see Bitcoin Cash ABC hit reverse later in the day. A fall through to $114 levels would support a more material pullback to sub-$110 levels to call on the first major support level at $109.62. Barring a crypto meltdown, however, we would expect Bitcoin Cash ABC to steer clear of the day’s major support levels.

Litecoin Finds Support

Litecoin gained 2.74% on Wednesday, following 3 consecutive days in the red, to end the day at $31.53.

Recovering from a start of a day dip to an intraday low $30.42, Litecoin rallied to a late afternoon intraday high $31.75 before easing back. The rally saw Litecoin break through the first major support level at $31.31 to come within range of the second major resistance level at $31.94.

At the time of writing, Litecoin was up by 0.51% to $31.69. Tracking the broader market, Litecoin rallied from a start of a day $31.52 to a morning high $32.22 before easing back to $31 levels. The early rally saw Litecoin break through the first major resistance level at $32.05, whilst steering clear of the first major support level at $30.72.

For the day ahead, a hold above $31.3 levels through the morning would support another run at $32 levels and the first major resistance level. Support from the broader market would be needed for a breakout, which would also bring the second major resistance level at $32.56 into play before any pullback. We would expect Litecoin to fall short of $33 levels on the day.

Failure to hold above $31.3 through the morning could see Litecoin fall through to $30 levels to call on support at the first major support level at $30.72 before any recovery. Having avoided sub-$30 levels on Wednesday, we would expect Litecoin to steer clear of the second major support level at $29.90 on the day.

Ripple Makes a Splash

Ripple’s XRP rallied by 11.99% on Wednesday, following 5 consecutive days in the red, to end the day at $0.32745.

Relatively range-bound through the morning, a mid-day rally saw Ripple’s XRP surge to a late afternoon intraday high $0.33298. Ripple’s XRP smashed through the day’s major resistance levels and hold above the third major resistance level at $0.3214 at the day’s end.

A start of a day intraday low $0.28955 saw Ripple’s XRP come within range of the first major support level at $0.2853 before a broad-based crypto rally kicked in.

At the time of writing, Ripple’s XRP was up 1.93% to $0.33378. A bullish start to the day saw Ripple’s XRP rally from a morning low $0.32727 to a morning high $0.34280 before easing back to $0.33 levels. The bounce saw Ripple’s XRP come within range of the first major resistance level at $0.3438 before easing back.

For the day ahead, a hold onto $0.33 levels through the morning would support another run at $0.34 levels to bring the first major resistance level at $0.3438 back into play. Following the SWIFT announcement on Wednesday, Ripple’s XRP could target $0.35 levels in the event of a move back through to $0.34 levels by the early afternoon.

Failure to hold onto $0.33 levels could see Ripple’s XRP ease back through the morning low $0.32727 to $0.31 levels before any recovery. Barring a mass sell-off, we would expect Ripple’s XRP to steer clear of the day’s major support level at $0.3003.

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