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Bitcoin Cash ABC, EOS and Ethereum Daily Tech Analysis – 12/12/19

Bob Mason

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 0.76% on Wednesday. Following on from a 0.63% decline on Tuesday, Bitcoin Cash ABC ended the day at $205.99.

A bearish start to the day saw Bitcoin Cash ABC fall from an early morning intraday high $207.56 to a mid-afternoon intraday low $203.91.

While falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $204.0.

Steering clear of the second major support level at $201.33, Bitcoin Cash ABC recovered to $206 levels before easing back.

At the time of writing, Bitcoin Cash ABC was down by 0.61% to $204.74. A choppy start to the day saw Bitcoin Cash ABC rise to an early morning high $207.75 before falling to a low $204.74.

Bitcoin Cash ABC came up against the first major resistance level at $207.73, whilst steering clear of the support levels.

For the Day Ahead

A move back through to $205.80 levels would support another run at the first major resistance level at $207.73.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $207 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to move back through to $205.80 levels could see Bitcoin Cash ABC spend a 4th consecutive day in the red.

A fall through to $204.50 levels would bring the first major support level at $204.08 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of the second major support level at $202.17.

Looking at the Technical Indicators

Major Support Level: $204.08

Major Resistance Level: $207.73

23.6% FIB Retracement Level: $269

38% FIB Retracement Level: $316

62% FIB Retracement Level: $393

EOS

EOS fell by 1.12% on Wednesday. Following on from a 2.04% slide on Tuesday, EOS ended the day at $2.5851.

Bullish through the morning, EOS rose to an early afternoon intraday high $2.6360 before hitting reverse.

Falling short of the first major resistance level at $2.6742, EOS slid to a mid-afternoon intraday low $2.5556.

The sell-off saw EOS fall through the first major support level at $2.5653 before finding support.

While breaking back through the first major support level, however, EOS Failed to move back through to $2.6 levels.

At the time of writing, EOS was down by 0.77% to $2.5653. A mixed start to the day saw EOS rise to an early morning high $2.6108 before falling to a low $2.5533.

In spite of the early moves, EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to move back through to $2.5930 levels to support a run at the first major resistance level at $2.6292.

Support from the broader market would be needed, however, for a break out from the morning high $2.6108.

Barring a broad-based rebound, resistance at $2.6 would likely limit any upside on the day.

Failure to move back through to $2.5930 levels could see EOS slide deeper into the red.

A fall back through to $2.55 levels would bring the first major support level at $2.5488 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$2.54 levels.

Looking at the Technical Indicators

Major Support Level: $2.5488

Major Resistance Level: $2.6292

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.55% on Wednesday. Following on from a 1.18% decline on Tuesday, Ethereum ended the day at $143.29.

A relatively bullish start to the day saw Ethereum strike an early morning intraday high $146.29 before hitting reverse.

Falling short of the first major resistance level at $147.90, Ethereum slid to a mid-afternoon intraday low $142.01.

The reversal saw Ethereum fall through the first major support level at $143.49.

Finding support late in the day, Ethereum moved back through to $143 levels to limit the downside on the day.

At the time of writing, Ethereum was down by 1.77% to $140.76. A choppy start to the day saw Ethereum strike an early morning high $144.09 before sliding to a low $140.56.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $141.44.

For the day ahead

Ethereum would need to move through the first major support level to $144 levels to support a run at the first major resistance level at $145.72.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s high $144.09.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $145 levels on the day.

Failure to move back through to $144 levels could see Ethereum struggle through the day.

A fall back through the morning low $140.56 would bring sub-$140 levels into play.

Barring a crypto meltdown, the second major support level at $139.58 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $141.44

Major Resistance Level: $145.72

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

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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