Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/02/19

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Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC rose by just 0.03% on Saturday. Following a 0.59% on Friday, Bitcoin Cash ABC ended the day at $120.79.

A bullish first half of the day saw Bitcoin Cash ABC rise to an early afternoon intraday high $122.15 before pulling back. Bitcoin Cash ABC came up against the day’s first major resistance level at $122.01 before the pullback.

The reversal saw Bitcoin Cash ABC slide to a late afternoon intraday low $120.56 before steadying. Throughout the day, the day’s major support levels were left untested, with Bitcoin Cash ABC managing to steer clear of sub-$120 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.09% in what’s been a relatively quiet start to the day.

For the day ahead, a move through to $121.2 levels would be needed for Bitcoin Cash ABC to take a run at the first major resistance level at $121.77. Support from the broader market would deliver a move back through to $122 levels, to bring the day’s second major resistance level at $122.76 into play before any pullback.

We would expect Bitcoin Cash ABC to continue to fall short of $125 levels in the event of a rally.

Failure to move through to $121.2 levels could see Bitcoin Cash ABC fall through Saturday’s low $120.56 to bring the first major support level at $120.18 into play. Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of sub-$120 levels and the second major support level at $119.58.

Litecoin’s Recovery Continues

Litecoin rose by 2.54% on Saturday. Following in from a 2.78% gain on Friday, Litecoin ended the day at $43.15.

Bullish from the start of the day, Litecoin rallied to a late afternoon intraday high $43.91 to come up against the first major resistance level at $43.92 before easing back.

An early morning intraday low $41.92 saw Litecoin steer clear of the major support levels, with Litecoin ending the day at $43 levels for the first time since Tuesday.

At the time of writing, Litecoin was up by 0.05% to $43.13. Recovering from a start of a day dip to a morning low $42.75, Litecoin rose to a morning high $43.26 before easing back.

Moves through the early morning left the day’s major support and resistance levels untested.

For the day ahead a hold onto $43 levels would support a move through Saturday’s high $43.91 to bring $44 levels and the first major resistance level at $44.07 into play.

We would expect Litecoin to continue to fall short of $45 levels, with the second major resistance level at $44.98 likely to be left untested on the day.

Failure to hold onto $43 levels could see Litecoin hit reverse later in the day. A pullback through the morning low $42.75 could see Litecoin slide through the first major support level at $42.08 to $41 levels before any recovery.

Barring a broad-based crypto sell-off, we would expect Litecoin to steer clear of the second major support level at $41.00.

Ripple in Search of a Weekend Rally

Ripple’s XRP fell by 0.41% on Saturday. Reversing a 0.16% gain from Friday, Ripple’s XRP ended the day at $0.30565.

Tracking the market through to the late afternoon, Ripple’s XRP rallied to an intraday high $0.3095 before hitting reverse.

The late reversal saw Ripple’s XRP slide to an intraday low $0.30459 before recovering to $0.305 levels.

Through the day, the major support and resistance levels were left untested, with Ripple’s XRP failing to break through to $0.31 levels for the first time since 7th February.

At the time of writing, Ripple’s XRP was up by 0.1% to $0.30597. Moves through the early hours saw Ripple’s XRP rise from a morning low $0.30458 to a morning high $0.30708 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.3070 levels would support another run at the first major resistance level at $0.3086. For Ripple’s XRP to break through to $0.3100, support would be needed from the broader market.

A breakout from the first major resistance level would bring the second major resistance level at $0.3115 into play should the broader-market deliver support later in the day.

Failure to move through to $0.3070 levels could see Ripple’s XRP struggle later in the day. A pullback through the morning low $0.30458 would bring the day’s first major support level at $0.3037 into play.

We would expect Ripple’s XRP to steer clear of sub-$0.30 support levels, with the day’s second major support level at $0.3017 likely to prevent heavier losses in the event of a sell-off.

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