Home Bitcoin Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/12/18

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/12/18

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Bitcoin Cash – ABC Finds Support

Bitcoin Cash ABC gained 0.92% on Saturday, partially reversing Friday’s 4.3% slide, to end the day at $170.47.

A bearish start to the day saw Bitcoin Cash ABC fall to a mid-morning intraday low $165.07, before finding support from the broader market, Bitcoin Cash ABC steering clear of the major support levels on the day.

Tracking the broader market, a late morning rebound saw Bitcoin Cash ABC rise to a late afternoon intraday high $176.58 before easing back, Bitcoin Cash ABC falling well short of the first major resistance level at $184.09 on the day.

At the time of writing, Bitcoin Cash ABC was down 0.19% to $170.15, a bullish start to the morning seeing Bitcoin Cash ABC rise to a morning high $173.5 before pulling back to $170 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $173.5 would support a move through to $175 levels to bring Saturday’s high $176.58 and the day’s first major resistance level at $176.34 into play before any pullback, though a broad based crypto rally will be needed to support a breakout.

Failure to move back through to $173 levels could see Bitcoin Cash ABC give up $170 levels to bring Saturday’s $165.07 low into play, a pullback likely to bring the day’s first major support level at $164.83 into play before any recovery.

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Litecoin Eyeing the $40s

Litecoin gained 6.7% on Saturday, reversing Friday’s 5.55% slide, to end the day at $33.77.

Tracking the broader market, Litecoin slid to a mid-morning intraday low $31.02, holding well above the first major support level at $30.16, before support from the broader market kicked in.

A late morning rebound saw Litecoin break through the first major resistance level at $33.64 to a late afternoon intraday high $34.8 before easing back to $33 levels by the day’s end.

At the time of writing, Litecoin was up 0.47% to $33.93, with moves through the early hours seeing Litecoin rise to a morning high $34.6 before pulling back to a morning low $33.65, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back thorough the morning high $34.6 would support another run at $35 levels to bring the first major resistance level at $35.37 into play before any pullback, $36 levels and the second major resistance level at  $36.98 unlikely to be in play.

Failure to move back through to $34 levels could see Litecoin fall through $33.2 to bring $32 levels and the day’s first major support level at $31.59 into play before any recovery, more material losses not expected barring particularly negative news hitting the wires.

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Ripple in Recovery

Ripple’s XRP gained 3.24% on Saturday, reversing most of Friday’s 4.8% slide, to end the day at $0.37701.

Bearish through the early hours, Ripple’s XRP fell to an early intraday low $0.3579, avoiding the first major support level at $0.3519 before making a late morning move.

A broad based market rally saw Ripple’s XRP move through to an intraday high $0.38305, coming up against the first major resistance level at $0.3825 before easing back to $0.37 levels.

At the time of writing, Ripple’s XRP was up 0.44% to $0.37865, with an early move to a morning high $0.38585 coming up short of the day’s first major resistance level at $0.3874 before pulling back to $0.37 levels, a start of a day morning low $0.37672 holding well above the first major support level at $0.3623.

For the day ahead, a hold above $0.3750 through the morning would support another break through to $0.38 levels to bring the day’s first major resistance level at $0.3874 into play, with momentum from the broader market needed to bring $0.39 levels into focus before any pullback.

Failure to hold above $0.3750 could see Ripple’s XRP slide to $0.36 levels to test the day’s first major support level at $0.3623 before any recovery, the day’s second major support level at $0.3475 unlikely to be in play later in the day.

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Source: FXEmpire

 

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