Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/02/19

Bob Mason
Updated
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Bitcoin Cash – ABC – Sees More Green

Bitcoin Cash ABC fell by 1.4% on Tuesday. Partially reversing Monday’s 14.16%, Bitcoin Cash ABC ended the day at $141.00.

A particularly bullish start to the day saw Bitcoin Cash ABC rally to an intraday high $149 before easing back. The early move saw Bitcoin Cash ABC come up against the 38.2% FIB Retracement Level of $148 while falling short of the first major resistance level at $151.49.

The pullback saw Bitcoin Cash ABC fall to a late morning low $142, steering well clear of the first major support level at $127.22. Attempts at a breakthrough the 38.2% FIB through the middle of the day failed, leading Bitcoin Cash ABC to slide to an intraday low $140.1 before recovering to $141 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 0.6% to $140.15. A choppy start to the day saw Bitcoin Cash ABC recover from an early morning low $138 to hit a morning high $141.4 before easing back.

The moves saw Bitcoin Cash ABC come within range of the first major support level at $137.67, whilst falling well short of the first major resistance level at $146.66.

For the day ahead, a move through the morning high to $143 levels would be needed, along with upward momentum across the broader market, to support a run at the first major resistance level at $146.66. Tuesday’s high $149 will likely pin Bitcoin Cash ABC back from a run at $150 levels.

Failure to move through the morning high to $143 levels could see Bitcoin Cash ABC give up more of Monday’s gains.

A pullback through the morning low $138 and first major support level at $137.67 could bring $135 levels into play before any recovery.

We would expect Bitcoin Cash ABC to steer clear of the second major support level at $134.35.

Litecoin Trailed the Pack

Litecoin fell by just 0.91% on Tuesday. Partially reversing Monday’s 8.98% rally, Litecoin ended the day at $46.91.

Moves through the morning saw Litecoin slide from a start of a day intraday high $48.80 to an early morning intraday low $46.49 before finding support.

With the day’s major support and resistance levels left untested, Litecoin recovered to an afternoon high $48.6 before easing back to $46 levels by the day’s end.

At the time of writing, Litecoin was up by 0.68% to $47.23. Recovering from a start of a day morning low $46.24, Litecoin rose to a morning high $47.33 before easing back.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through to $47.40 levels would support a run at $48 levels for a 3rd consecutive day. A breakthrough to $48 levels would bring the first major support level at $48.31 into play before any pullback. We would expect Litecoin to continue to fall short of $50 levels in the event of a breakout.

Failure to move through to $47.40 levels could see Litecoin give up the early gains. A fall through the morning low $46.24 could see Litecoin fall through the first major support level at $46 to $45.5 levels before any recovery.

Ripple Holds onto $0.33 Levels

Ripple’s XRP rose by 0.10% on Tuesday. Following on from Monday’s 6.5% gain, Ripple’s XRP ended the day at $0.32906.

An early morning dip to an intraday low $0.32564 saw Ripple’s XRP steer clear of the first major support level at $0.3109 before finding support. The recovery saw Ripple’s XRP strike a late morning intraday high $0.35499 before hitting reverse late in the day to $0.32 levels.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.3419 to come up against the second major resistance level at $0.3552.

At the time of writing, Ripple’s XRP was up by 0.71% to $0.3314. Tracking the broader market, Ripple’s XRP recovered from a morning low $0.32363 to hit a morning high $0.33195 before easing back. The day’s support and resistance levels were left untested early on.

For the day ahead, a move through to $0.3370 levels would be needed to support a run at the first major resistance level at $0.3475. Barring a broad-based crypto rally, we would expect Ripple’s XRP to come up short of the second major resistance level at $0.3659. Tuesday’s high $0.35499 will likely pin Ripple’s XRP back on the day.

Failure to move through to $0.3370 levels could see Ripple’s XRP pullback later in the day. A fall through the morning low $0.32363 would bring the first major support level at $0.3181 into play before any recovery. We would expect sub-$0.31 support levels to be left untested on the day.

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This article was originally posted on FX Empire

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