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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/01/19

Bob Mason

Bitcoin Cash – ABC – Makes a Move

Bitcoin Cash ABC gained 9.7% on Tuesday, recovering from a 9.03% slide at the end of the year, to end the day at $162.36.

Bitcoin Cash ABC rallied from a start of a day intraday low $148 to an early morning intraday high $164.90, bucking the trend from across the broader market, to break through the first major resistance level at $157.83 and 38.2% FIB Retracement Level of $163.

Bitcoin Cash ABC managed to recover from an afternoon pull back to $153 levels late in the day, while unable to move back through the 38.2% FIB, which has proved to be the line in the sand for the bulls.

At the time of writing, Bitcoin Cash ABC was up just 0.09% to $162.51, with moves through the early morning seeing Bitcoin Cash ABC rise from a start of a day morning low $160.84 to a morning high $166.66 before easing back, the major support and resistance levels untested early on.

For the day ahead, a hold onto $160 levels through the morning would support another run through the morning high $166.66 to bring the first major resistance level at $168.84 into play before any pullback, $170 levels and the second major resistance level at $175.32 unlikely to be in play later in the day.

Failure to hold onto $160 levels could see Bitcoin Cash ABC fall through $158 levels to signal a sell-off, which would bring the first major support level at $151.94 into play before any recovery, sub-$150 levels unlikely to be in play through the day.

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Litecoin Bounces Back

Litecoin gained 6.38% on Tuesday, reversing Monday’s 5.64% loss, to end the day at $31.68.

Recovering from an early morning intraday low $29.11, Litecoin managed to break back through to $30 levels by the late morning before calling on sub-$30 support late in the day to bounce to an intraday high $31.96, Litecoin breaking through the first major resistance level at $31.13.

While Litecoin steered clear of the day’s major support levels, Monday’s high pinned Litecoin back from a breakout to $32 levels on the day.

At the time of writing, Litecoin was down 0.38% to $31.56, with Litecoin falling from a start of a day morning high $31.85 to a morning low $31.48 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $31.85 would support another run at $32 levels to bring the first major resistance level at $32.72 into play, though Litecoin will need support from the broader market for a move through to $32 levels, Litecoin having faced plenty of resistance on any attempted breakthrough in recent days.

Failure to move back through the morning high $31.85 could see Litecoin pullback through the morning low $31.48 to $30 levels, bringing the day’s first major support level at $29.87 into play before any recovery, sub-$29 support levels unlikely to be tested on the day.

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Ripple Tracks the Pack

Ripple’s XRP gained 4.4% on Tuesday, recovering from a 5.51% slide on Monday, to end the day at $0.37719.

Relatively range bound by Ripple’s XRP standards through much of the day, an early morning intraday low $0.35778 steered clear of the day’s first major support level at $0.3484, with Ripple’s XRP managing to recover and hold onto $0.36 levels ahead of a late in the day rally.

Tracking the broader market, Ripple’s XRP rallied to a late intraday high $0.37736 before easing back, the day’s high coming up short of the first major resistance level at $0.3819.

At the time of writing, Ripple’s XRP was down 1% to $0.37340, with moves through the early morning seeing Ripple’s XRP fall from a start of a day morning high $0.37869 to a morning low $0.37221 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.37 levels through the morning would support a possible recovery later in the day, with a move through the morning high $0.37869 bringing $0.38 levels and the first major resistance level at $0.3838 into play before any pullback, Ripple’s XRP unlikely to touch $0.39 levels later in the day.

Failure to hold onto $0.37 levels through the morning would see Ripple’s XRP call on support at the first major support level at $0.3642 before any recovery, sub-$0.36 support levels unlikely to be tested on the day, barring a broad based crypto reversal.

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This article was originally posted on FX Empire

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