Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/12/18

Bob Mason
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Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC gained 1.76% on Saturday, reversing a 0.62% fall from Friday, to end the day at $195.96.

A bullish start to the day saw Bitcoin Cash ABC rally to an intraday high $205.46 before hitting reverse, with a slide through to an early afternoon intraday low $180, the moves through the day leaving the major support and resistance levels untested.

The day’s gain was the 5th of the week, with Bitcoin Cash ABC reaffirming its near-term bullish trend formed at 15th December’s swing lo $73.53.

At the time of writing, Bitcoin Cash ABC was down 1.5% to $193.02, with Bitcoin Cash ABC falling from a start of a day morning high $196.33 to a morning low $186.4 before steadying, the major support and resistance levels left untested early on.

For the day ahead, a move back through to $194 levels would support a run at $200 levels to bring the first major resistance level at $207.61 into play before any pullback, more material gains unlikely on the day, with Saturday’s high $205.46 likely to pin Bitcoin Cash ABC back from a breakout to $210 levels.

Failure to move through to $194 levels could see Bitcoin Cash ABC pullback deeper into the red, with a fall through the morning low $186.4 bringing the first major support level at $182.15 into play before recovering, sub-$180 levels unlikely to be in play barring a crypto meltdown later in the day.

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Litecoin on the Bounce

Litecoin rallied by 4.6% on Saturday, reversing most of Friday’s 6.65% slide, to end the day at $31.59.

A bearish start to the day saw Litecoin fall to a mid-morning intraday low $29.73, holding above the day’s first major support level at $28.86, before bouncing back to a late in the day intraday high $31.6.

The day’s high came up well short of the first major resistance level at $32.3, with the extended bearish trend, formed at late April’s swing hi $182.35 firmly intact, Litecoin continuing to fall well short of the 23.6% FIB of $60.

At the time of writing, Litecoin was up 3.07% to $32.56, a bullish start to the day seeing Litecoin rally from a start of a day morning low $31.43 to a morning high $32.76, breaking through the first major resistance level at $32.22 to come within range of the second major resistance level at $32.84, before easing back.

For the day ahead, a hold above the first major resistance level through the morning would support another run at the second major resistance level at $32.84 to bring $33 levels into play before any pullback, the third major resistance level at $34.71 unlikely to be in play through the day.

Failure to hold above the first major resistance level at $32.22 could see Litecoin pullback through the morning low $31.43 to bring $30 levels and the first major support level at $30.35 into play before any recovery, sub-$30 support levels unlikely to be tested on the day.

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Ripple Finds Support

Ripple’s XRP rose by 1.75% on Saturday, partially reversing a 5.46% slide on Friday, to end the day at $0.37303.

An early morning fall to an intraday low $0.35534 was the only bearish move of the day, Ripple’s XRP holding above the first major support level at $0.3515 before finding support from the broader market.

A late in the day intraday high $0.37964 came up well short of the first major resistance level at $0.3902, with Ripple’s XRP falling short of $0.40 levels for a 2nd consecutive day, in spite of 4 days in the green for the current week.

At the time of writing, Ripple’s XRP was up 1.57% to $0.37887, moves through the early morning seeing Ripple’s XRP rise from a start of a day morning low $0.37056 to a morning high $0.38358 before easing back, Ripple’s XRP coming up against the first major resistance level at $0.3833 early in the day.

For the day ahead, a move back through the first major resistance level at $0.3833 would bring $0.39 levels and the second major resistance level at $0.3936 into play before any pullback, a major crypto rally needed for Ripple’s XRP to strike $0.40 levels on the day.

Failure to move back through the first major resistance level could see Ripple’s XRP hit reverse later in the day, with a pullback through the morning low $0.37056 bringing $0.36 levels and the day’s first major support level at $0.3590 into play before any recovery, heavier losses unlikely on the day, in the event of a reversal.

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This article was originally posted on FX Empire

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