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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/12/18

Bob Mason

Bitcoin Cash – ABC – Back on the Move

Bitcoin Cash ABC gained just 0.02% on Sunday, following a 1.76% rise on Saturday, to end the week up 148% at $196.00.

A relatively choppy day saw Bitcoin Cash ABC fall to an early morning intraday low $186.4, holding above the first major support level at $182.15 before rallying to an early afternoon intraday high $208.71.

Breaking through the first major resistance level at $207.61, Bitcoin Cash ABC was unable to move through to $210 levels leading to a pullback to sub-$200 levels through the late afternoon to run out the day within some tight ranges,

At the time of writing, Bitcoin Cash ABC was up 3.95% to $203.33, with a bullish start to the day seeing Bitcoin Cash ABC rise from a morning low $195.84 to a morning high $207.42 before easing back, the day’s first major resistance level at $207.67 pinning Bitcoin Cash ABC from more material gains early on.

For the day ahead, a hold onto $200 levels through the morning would support another run at the first major resistance level at $207.67 to bring $210 levels into play later in the day, with support from the broader market needed for a breakout later in the day.

Failure to hold onto $200 levels through the morning could see Bitcoin Cash ABC pullback through the morning low $195.84 to bring sub-$190 levels and the day’s first major support level at $185.36 into play before any recovery, though sentiment would need to materially shift for Bitcoin Cash ABC to slide back through the morning’s low.

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Litecoin on the Rise, Eyeing the $40s

Litecoin rose by 4.65% on Sunday, following on from a 4.6% gain on Saturday, to end the week up 31.13% to $33.07.

Bullish through much of the day, Litecoin rallied from a start of a day intraday low $31.43 to a late afternoon intraday high $33.84.

Steering clear of the first major support level at $30.35, Litecoin broke through the first major resistance level at $32.22 and second major resistance level at $32.84 before easing back.

At the time of writing, Litecoin was up 6.86% to $35.34, a particularly bullish start to the day seeing Litecoin rally to a morning high $35.48, breaking through the first major resistance level at $34.13 and second major resistance level at $35.19 before easing back.

For the day ahead, holding above $33 levels through the morning would support positive momentum through the 2nd half of the day, with $36 levels in play before any pullback, Litecoin likely to come up short of the day’s third major resistance level at $37.60.

Failure to hold above $33 levels could see Litecoin hit reverse later in the day, a pullback through this morning’s $33.06 low likely to bring $31 levels and the first major support level at $31.72 into play before any recovery, heavier losses not expected in the event of a reversal.

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Ripple Hits the $0.40s

Ripple’s XRP rose by 1.94% on Sunday, following on from a 1.75% gain on Saturday, to end the week up 26.7% to $0.37995.

A relatively bullish morning saw Ripple’s XRP break through the first major resistance level at $0.3833 and second major resistance level at $0.3936 to strike a late morning intraday high $0.39652 before easing back.

An early afternoon reversal saw Ripple’s XRP fall to an intraday low $0.37056, holding well above the first major support level at $0.3590 to close out the day within relatively tight ranges.

At the time of writing, Ripple’s XRP was up 5.3% to $0.4001, with moves through the morning seeing rally from a morning low $0.37970 to a morning high $0.41161 before easing back.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3941 and second major resistance level at $0.4083 to come within reach of the 23.6% FIB Retracement Level of $0.4164 before pulling back, the day’s first major support level at $0.3682 left untested early on.

For the day ahead, a move back through to $0.41 levels would signal another run at the 23.6% FIB of $0.4164, though Ripple’s XRP would need support from the broader market to support another breakout from the second major resistance level later in the day.

Failure to move back through to $0.41 levels later in the day could see Ripple’s XRP come under selling pressure, with a pullback through $0.3820 likely to bring $0.37 levels and the first major support level at $0.3682 into play in the event of a sell-off later in the day.

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This article was originally posted on FX Empire

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