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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 31/12/18

Bob Mason

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC gained 0.62% on Sunday, following a 6.95% fall on Saturday, to end the week down 17.71% to $161.15.

A particularly range bound day, by Bitcoin Cash ABC standards, saw Bitcoin Cash ABC hover at around the 38.2% FIB Retracement Level of $163 through the day.

An early morning intraday low $156.54 saw Bitcoin Cash ABC hold above the first major support level at $155.26 to recover to a late morning intraday high $164.52.

Unable to break through to $165 levels, Bitcoin Cash ABC fell short of the first major resistance level at $169.93 to end the week below the 38.2% FIB, while managing to hold onto $160 levels.

At the time of writing, Bitcoin Cash ABC was down 2.77% to $156.69, a bearish morning seeing Bitcoin Cash ABC fall from a start of a day morning high $162.09 to an early morning low $156.69, Bitcoin Cash ABC falling through the first major support level at $156.95 early on in the day.

For the day ahead, a move back through the first major support level to $160 levels would support a move through the morning high $162.09 to bring the first major resistance level at $164.93 into play later in the day, though sentiment across the broader market would need to improve for Bitcoin Cash ABC to recover early losses.

Failure to move back through to $160 levels could see Bitcoin Cash ABC take a bigger hit later in the day, a pullback through to $153 levels likely to bring the second major resistance level at $152.76 into play before any recovery.

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Litecoin Struggles Early

Litecoin gained 3.07% on Sunday, partially reversing Saturday’s 4.91% decline, to end the week down 4.59% at $31.56.

A bullish morning saw Litecoin rally from a start of a day intraday low $29.95 to strike a late morning intraday high $31.95 before easing back to a range bound 2nd half of the day.

Moves through the day left the day’s major support and resistance levels untested, with a late afternoon pullback to sub-$31 levels finding plenty of support to move back through to $31 levels.

At the time of writing, Litecoin was down 2.03% to $30.92, with moves through the morning seeing Litecoin fall from a start of a day morning high $31.62 to a morning low $30.6 before steadying.

Litecoin came within range of the first major support level at $30.36, whilst falling well short of the first major resistance level at $32.36.

For the day ahead, a move back through to $31 levels would support a recovery, bringing Sunday’s high $31.9 into play. For Litecoin to break through to $32 levels to test the day’s first major resistance level, sentiment across the broader market would need to materially improve however.

Failure to move back through to $31 levels could see Litecoin struggle through the rest of the day, with a fall through the morning low $30.6 to the first major support level at $30.36 likely to bring $29 levels and the second major support level at $29.15 into play before any recovery.

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Ripple Hits Reverse

Ripple’s XRP gained 1.84% on Sunday, partially reversing a 3.66% slide on Saturday, to end the week up 2.57% to $0.38236.

Tracking the broader market through the day, Ripple’s XRP recovered from a start of a day intraday low $0.36847 to strike a late morning intraday high $0.38268 before easing to $0.37 levels.

The moves through the day left the major support and resistance levels untested, with a late in the day rise seeing Ripple’s XRP move back through to $0.38 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 3.62% to $0.36850, a broad based crypto reversal leading Ripple’s XRP from a start of a day morning high $0.38961 to a morning low $0.36635 before finding support.

In a choppy start to the day, Ripple’s XRP broke through the first major resistance level at $0.3871 before hitting reverse to slide through the first major support level at $0.3730 to come within range of the second major support level at $0.3637.

For the day ahead, a move back through the major support levels to $0.3780 would be needed to bring $0.38 levels and the first major resistance level at $0.3871 back into play before any pullback, with sentiment across the broader market needing to materially improve to support an afternoon rebound.

Failure to move through the major support levels could see Ripple’s XRP struggle through the remainder of the day, with $0.35 levels and the third major support level at $0.3497 in play should sentiment fail to improve.

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This article was originally posted on FX Empire

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