Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/02/19
Bitcoin Cash – ABC – Gets Support
Bitcoin Cash ABC gained 1.1% on Friday, partially reversing a 4.08% slide from Thursday, to end the day at $114.76.
A bearish start to the day saw Bitcoin Cash ABC fall to a mid-morning intraday low $110.25 before finding support. The pullback saw Bitcoin Cash ABC come within range of the first major support level at $109.98.
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Rallying through to the early afternoon, Bitcoin Cash ABC bounced back to an intraday high $116.82. Bitcoin Cash ABC came within range of $117 levels and the first major resistance level at $117.03 before easing back.
At the time of writing, Bitcoin Cash ABC was up by 0.47% to $115.3. Moves through the early morning saw Bitcoin Cash ABC rise from a morning low $114.82 to a morning high $115.3, the day’s major support and resistance levels left untested early on.
For the day ahead, a hold onto $115 levels through the morning would support a move through to $117 levels to bring the day’s first major resistance level at $117.64 into play before any pullback. We would expect Friday’s high $116.82 to pin Bitcoin Cash ABC from a break out from $117 levels, barring support coming from a broad-based cryptomarket rally.
Failure to hold onto $115 levels could see Bitcoin Cash ABC hit reverse. A fall through to $113 levels would bring the day’s first major support level at $111.07 into play before any recovery. We would expect Bitcoin Cash ABC to steer clear of sub-$110 levels in the event of a crypto sell-off later in the day.
Litecoin Rallies
Litecoin rallied by 3.58% on Friday, reversing a 0.92% slide on Thursday with interest, to end the day at $32.37.
Tracking the broader market, Litecoin fell to an early morning intraday low $30.57 before steadying. The early pullback saw Litecoin fall through the first major support level at $30.63.
Steering clear of sub-$30 levels, Litecoin rallied through the late morning and afternoon to an intraday high $33.21 before easing back. Litecoin broke through the first major resistance level at $32.03 and second major resistance level at $32.83 to hit $33 levels for the first time since 24th January.
At the time of writing, Litecoin was up 1.27% to $32.78. Litecoin rose from a start of a day morning low $32.34 to a morning high $32.94 before easing back, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $32.94 would bring $33 levels and the first major resistance level at $33.53 into play. Support from the broader market would be needed for Litecoin to take a run at $34 levels, while we would expect Litecoin to come up short of the second major resistance level at $34.69.
Failure to move back through the morning high could see Litecoin give up the morning gains. A pullback through the morning low $32.34 could see Litecoin fall through to $31 levels, bringing the first major support level at $30.89 into play. We would expect Litecoin to avoid sub-$30 levels in the event of a reversal.
Ripple Sees More Red
Ripple’s XRP fell by 1.04% on Friday, following on from a 3.66% slide on Thursday, to end the day at $0.31253.
A bearish start to the day saw Ripple’s XRP fall from a start of a day intraday high $0.31741 to an early morning intraday low $0.3008, before moving back to $0.31 levels. Whilst falling short of the first major resistance level at $0.3361, Ripple’s XRP called on support at the first major support level at $0.3014.
At the time of writing, Ripple’s XRP was up 0.44% to $0.31392. Recovering from an early morning low $0.31187, Ripple’s XRP rose to a morning high $0.31468 before easing back, the major support and resistance levels left untested early on.
For the day ahead, a hold above $0.3125 levels through the morning would support another run at the first major resistance level at $0.3197 to bring $0.32 levels into play. Sentiment across the broader market will need to materially improve through the afternoon to support a breakout to the second major resistance level at $0.3269.
Failure to hold above $0.3125 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.31187 to sub-$0.31 levels would bring the day’s first major support level at $0.3031 into play before any recovery. With the second major support level sitting at $0.2936, we would expect Ripple’s XRP to find plenty of support at $0.30 levels to avoid a pullback to $0.29 levels, in the event of a sell-off.