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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/07/19

Bob Mason

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC rose by 4.11% on Monday. Partially reversing a 10.4% tumble from Sunday, Bitcoin Cash ABC ended the day at $412.62.

A relatively choppy day saw Bitcoin Cash ABC rally to an early morning high $417.73 before hitting reverse.

Falling short of the first major resistance level a $430.04 and 23.6% FIB of $418, Bitcoin Cash ABC slid to an intraday low $388.16.

Steering clear of the first major support level at $379.47, Bitcoin Cash ABC found support late in the day to strike an intraday high $418.43.

The 23.6% FIB of $418 limited the upside, leading to a pullback to $412 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.23% to $413.58. A choppy start to the day saw Bitcoin Cash ABC rise to a morning high $418.87 before sliding to a low $410.54.

While leaving the major support and resistance levels untested, Bitcoin Cash ABC came up against the 23.6% FIB of $418.0.

For the day ahead, a move through the 23.6% FIB of $418 to $420 levels would support a run at the first major resistance level at $424.65.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $418 levels.

Failure to move back through the 23.6% FIB to $420 levels could see Bitcoin Cash ABC hit reverse. A fall through to $405 levels would bring the first major support level at $394.38 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$380 levels.

Litecoin Sees Red Again

Litecoin rose by 0.42% on Monday. Partially reversing an 8.4% slide on Sunday, Litecoin ended the day at $122.54.

A bullish start to the day saw Litecoin rise to an early morning intraday high $126.52 before hitting reverse.

Falling well short of the first major resistance level at $132.81, Litecoin fell to a late afternoon intraday low $113.13.

The reversal saw Litecoin fall through the 23.6% FIB of $117 and the first major support level at $115.30.

Finding support late in the day, Litecoin broke back through the 23.6% FIB to $122 levels, reversing the losses on the day.

At the time of writing, Litecoin was down by 2.19% to $119.86. A bearish start to the day saw Litecoin fall from a morning high $123.41 to a low $119.35.

Litecoin left the major support and resistance levels untested in spite of the choppy start to the day.

For the day ahead, a move back through the morning high to Monday’s high $126.52 would bring the first major resistance level at $128.33 into play.

Litecoin would need to move back through to $121 levels by late morning, however, to support a rebound later in the day.

Failure to move back through to $121 levels could see Litecoin fall deeper into the red. A fall through to $117 levels would bring the first major support level at $114.94 into play.

Barring another crypto meltdown, Litecoin should steer clear of sub-$110 support levels on the day.

Ripple’s XRP Hits Reverse

Ripple’s XRP rose by 3.4% on Monday. Partially reversing a 7.4% fall from Sunday, Ripple’s XRP ended the day at $0.40806.

A particularly bullish start to the day saw Ripple’s XRP rally from an intraday low $0.39013 to an early morning intraday high $0.41971.

Steering clear of the major support levels, Ripple’s XRP broke through the 23.6% FIB of $0.4164 and first major resistance level at $0.4177.

A sell-off through the morning through to the late afternoon saw Ripple’s XRP slide back to $0.39049 before finding support.

A late move back through to $0.40 levels saw Ripple’s XRP avoid another day in the red.

At the time of writing, Ripple’s XRP was down by 1.21% to $0.40311. A choppy start to the day saw Ripple’s XRP hit a morning high $0.41187 before hitting reverse. Falling short of the major resistance levels and 23.6% FIB of $0.4164, Ripple’s XRP fell to a morning low $0.40240.

In spite of the early pullback, Ripple’s XRP held above the first major support level at $0.3922.

For the day ahead, a move back through to $0.4060 levels would support a rebound. Ripple’s XRP would need support from the broader market, however, to take a run at the 23.6% FIB of $0.4164.

Barring a broad-based crypto rally, Ripple’s XRP would likely fall well short of the first major resistance level at $0.4218.

Failure to move through to $0.4060 levels could see Ripple’s XRP slide deeper into the red. A fall to sub-$0.40 levels would bring the first major support level at $0.3922 into play.

Barring an extended sell-off, Ripple’s XRP should steer clear of sub-$0.39 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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