Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/02/19

Bitcoin Cash – ABC – into the $150s

Bitcoin Cash ABC rallied by 8.06% on Saturday. Following on from a 0.43% rise from Friday, Bitcoin Cash ABC ended the day at $152.62.

A range-bound first half of the day saw Bitcoin Cash ABC fall to a morning low $139.8. The day’s first major support level at $139.12 was left untested, The pullback came ahead of a broad-based cryptomarket rally.

Bitcoin Cash ABC rallied through the day’s major resistance levels and 38.2% FIB of $148 to strike a late in the day intraday high $152.6.

The breakout through to $150 levels began the formation of a near-term bullish trend from late January’s swing lo $105.00.

At the time of writing, Bitcoin Cash ABC was up by 2.15% to $155.90. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $152.5 to a morning high and new swing hi $155.90. The day’s major support and resistance levels were left untested early on.

For the day ahead, a breakthrough to $156 levels would bring the first major resistance level at $156.89 into play. Support from the broader market could see Bitcoin Cash ABC breakout from $156 levels to bring $160 levels into play before any pullback.

Barring another crypto-rally, we would expect Bitcoin Cash ABC to come up short of the second major resistance level at $161.17.

Failure to break through to $156 levels could see Bitcoin Cash ABC pullback through to $152 levels in the early part of the week. Holding onto $150 levels would be needed to avoid a slide through $148 levels. A fall through $148 would bring the first major support level at $144.07 into play.

Litecoin Hits the $50s

Litecoin rose by 4.32% on Saturday. Following on from a 1.24% gain from Friday, Litecoin ended the day at $51.19.

A bearish start to the day saw Litecoin fall to a late morning intraday low $48.02 before steadying. The pullback saw Litecoin call on support at the first major support level at $48.11.

Tracking the broader market through the afternoon, Litecoin rallied to a late intraday high $51.73 before easing back. The move saw Litecoin break through the first major resistance level at $49.87 and second major resistance level at $50.43.

At the time of writing, Litecoin was up by 2.32% to $52.38. A bullish start to the day saw Litecoin rise from a morning low $51.17 to a morning high $52.61 before easing back. The early move saw Litecoin come up against the first major resistance level at $52.61. Litecoin left Support levels untested early on in the day.

For the day ahead, a hold onto $52 levels through the morning would support a break back through the first major resistance level. Support from the broader market would bring $53 levels and the second major resistance level at $54.02 into play.

Failure to hold onto $52 levels could see Litecoin give up the morning gains. A fall through to $50 levels would be needed, however, to bring sub-$50 levels and the first major support level at $48.90 into play.

Barring a broad-based crypto sell-off, we would expect Litecoin to steer clear of sub-$50 levels on the day.

Ripple Sees Modest Gains

Ripple’s XRP rose by 3.61% on Saturday. Following on from a 0.55% gain from Friday, Ripple’s XRP ended the day at $0.34046.

A relatively bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.32402 before finding support.

Steering clear of the day’s first major support level at $0.3220, rallied to a late afternoon intraday high $0.34291. Ripple’s XRP broke through the first major resistance level at $0.3330 and second major resistance level at $0.3375. More notably, Ripple’s XRP held onto $0.34 levels for the first time since 9^th January.

At the time of writing, Ripple’s XRP was up by 2.21% to $0.3480. Tracking the broader market, Ripple’s XRP rallied from a morning low $0.33967 to a morning high $0.35178 before easing back. The early rally saw Ripple’s XRP breakthrough the first major resistance level at $0.3476.

For the day ahead, a move back through to $0.35 levels would support another run at the second major resistance level at $0.3547. Barring a broad-based crypto rally, we would expect Ripple’s XRP to struggle to break out from $0.355 levels on the day.

Failure to move back through to $0.35 levels could see Ripple’s XRP pullback through to $0.33 levels before any recovery.

Barring a broad-based crypto reversal, we would expect Ripple’s XRP to steer clear of $0.32 levels and the first major support level at $0.3287.

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This article was originally posted on FX Empire

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