Yahoo Finance Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 14/02/19
Bitcoin Cash – ABC – Struggles at $120
Bitcoin Cash ABC slipped by 1.2% on Wednesday. Reversing a 0.39% gain from Tuesday, Bitcoin Cash ABC ended the day at $120.00.
A bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $125.22 before hitting reverse. The early rally saw Bitcoin Cash ABC break through the first major resistance level at $122.55 to come up against the second major resistance level at $124.78 before pulling back.
An early afternoon intraday low $119.5 saw Bitcoin Cash ABC steer clear of the first major support level at $117.55 before moving back to $120 levels.
At the time of writing, Bitcoin Cash ABC was up by 1.2% to $121.44. Recovering from an early morning low $120.00, Bitcoin Cash ABC rose to a morning high $122.23 before easing back. The morning moves left the day’s major support and resistance levels untested.
For the day ahead, a move back through to $121.60 would be needed for Bitcoin Cash ABC to move back through to $122 levels and the morning high $122.23. Support from the broader market would give Bitcoin Cash ABC a run at $123 levels to bring the first major resistance level at $123.65 into play.
We would expect Bitcoin Cash ABC to find strong resistance on the way through to $124 levels to pin Bitcoin Cash ABC back from a run at Wednesday’s high $125.22.
Failure to move back through to $121.60 could see Bitcoin Cash ABC hit reverse later in the day. A fall through the morning low $120.00 could bring the day’s first major support level at $117.93 into play before any recovery. Heavier losses would be unlikely in the event of a reversal.
Litecoin Takes another Hit
Litecoin slid by 5.09% on Wednesday. Reversing a 2.29% rise from Tuesday, Litecoin ended the day at $41.21.
Tracking the broader market, Litecoin rallied to a mid-morning intraday high $44.5 before sliding into the red. Litecoin came up against the first major resistance level at $44.47 before hitting reverse.
The reversal saw Litecoin fall through the first major support level at 41.81 to an intraday low $40.24. Calling on support at the second major support level at $40.28, Litecoin managed to move back through to $41 levels.
At the time of writing, Litecoin was down by 0.92% to $40.83. A bullish start to the day saw Litecoin rise to a morning high $41.99 before falling to a morning low $40.83. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move back through to the morning high $41.99 would be needed for Litecoin to take a run at $43 levels and the first major resistance level at $43.73. We would expect Litecoin to struggle at $44 levels, in the event of a rebound, to continue to cap the upside at sub-$45 levels through the day.
Failure to recovery to the morning high $41.99 could see Litecoin pullback deeper into the red, with sub-$40 levels and the day’s first major support level at $39.47 in play should sentiment not shift through the day.
We would expect sub-$39 levels and the second major support level at $37.72 to be avoided on the day.
Ripple back in Reverse
Ripple’s XRP fell by 0.58% on Wednesday. Partially reversing a 1.2% gain from Tuesday, Ripple’s XRP ended the day at $0.30905.
A bullish start to the day saw Ripple’s XRP rally to a mid-morning intraday high $0.3189 before succumbing to market pressure. The early rally saw Ripple’s XRP break through the first major resistance level at $0.3164.
The reversal saw Ripple’s XRP fall to a late morning intraday low $0.30535 before steadying to a relatively range-bound afternoon. Ripple’s XRP managed to hold above the first major support level at $0.3031 on the day.
At the time of writing, Ripple’s XRP was by 0.28% to $0.30819. A relatively range bound start to the day saw Ripple’s XRP rise from a morning low $0.30699 to high $0.30999 before easing back. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move through to $0.3100 levels would support a run at the first major resistance level at $0.3169 before any pullback. We would expect Ripple’s XRP to come up short of $0.32 levels, with Wednesday’s high $0.3189 likely to pin Ripple’s XRP back on the day.
Failure to move through to $0.31 levels could see Ripple’s XRP hit reverse. A fall through the morning low to $0.30 levels would bring the first major support level at $0.3033 into play. A visit to sub-$0.30 levels and the second major support level at $0.2976 could be on the cards should sentiment deteriorate.
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This article was originally posted on FX Empire
