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Bitcoin Cash ABC, EOS and Ethereum – Daily Tech Analysis – 15/12/19

Bob Mason

Bitcoin Cash – ABC

Bitcoin Cash ABC slid by 2.22% on Saturday. Reversing a 1.88% gain from Friday, Bitcoin Cash ABC ended the day at $205.92.

A bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $212.75 before hitting reverse.

Falling short of the first major resistance level at $213.94, Bitcoin Cash ABC slid to a late intraday low $205.09.

The sell-off saw Bitcoin Cash ABC fall through the first major support level at $207.01.

At the time of writing, Bitcoin Cash ABC was down by 0.40% to $205.09. Bitcoin Cash ABC eased back from Saturday’s end of the day $205.92.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the Day Ahead

A move through to $208 levels would support a run at the first major resistance level at $210.75.

Support from the broader market would be needed, however, for Bitcoin to break back through to $210 levels.

Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin Cash ABC back on the day.

Failure to move through to $208 levels could see Bitcoin Cash ABC struggle through the day.

A fall back through to $204 levels would bring the first major support level at $203.09 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$200 levels. The second major support level at $200.26 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $203.09

Major Resistance Level: $210.75

23.6% FIB Retracement Level: $269

38% FIB Retracement Level: $316

62% FIB Retracement Level: $393

EOS

EOS slid by 2.04% on Saturday. Reversing a 1.4% gain from Friday, EOS ended the day at $2.5783.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6389 before hitting reverse.

Falling short of the first major resistance level at $2.6628, EOS slid to a late afternoon intraday low $2.5570.

The reversal saw EOS fall through the first major support level at $2.5908 before finding support.

In spite of a partial recovery late on, however, EOS failed to break back through the first major support level.

At the time of writing, EOS was down by 0.43% to $2.5672. A bearish start to the day saw EOS slide from an early morning high $2.5791 to an early morning low $2.5464.

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

For the day ahead

EOS would need to move through to $2.59 levels to support a run at the first major resistance level at $2.6256.

The broader market would need to provide support, however, for EOS to break back through to $2.60 levels.

Barring a broad-based crypto rebound, resistance at $2.60 would likely pin EOS back on the day.

Failure to move through to $2.59 levels could see EOS take another slide on the day.

A fall back through the early morning low $2.5464 would bring the first major support level at $2.5437 into play.

Barring a crypto meltdown, however, EOS should steer well clear of the second major support level at $2.5094.

Looking at the Technical Indicators

Major Support Level: $2.5437

Major Resistance Level: $2.6256

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.05% on Saturday. Following a flat Friday, Ethereum ended the day at $141.73.

Tracking the broader market, Ethereum rose to an early morning intraday high $145.03 before hitting reverse.

Falling short of the first major resistance level at $145.63, Ethereum slid to a late afternoon intraday low $141.11.

Ethereum fell through the first major support level at $143.26 and the second major support level at $141.83.

A recovery to $142 levels was brief, with Ethereum falling back through the second major support level in the final hour.

At the time of writing, Ethereum was down by 0.54% to $140.97. A bearish start to the day saw Ethereum slide from an early morning high $141.90 to a low $139.80.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $140.22 before finding support.

For the day ahead

Ethereum would need to move through to $142.60 level to support a run at the first major resistance level at $144.14.

Support from the broader market will be needed, however, for Ethereum to break back through to $143 levels.

Barring a broad-based crypto rally on the day, the first major resistance level would likely pin Ethereum back from $145 levels.

Failure to move through to $142.60 levels could see Ethereum take another hit on the day.

A fall back through the first major support level at $140.22 would bring the second major support level at $138.70 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$139 levels on the day.

Looking at the Technical Indicators

Major Support Level: $140.22

Major Resistance Level: $144.14

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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