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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/12/18

Bob Mason

Bitcoin Cash – ABC – Holds onto $160

Bitcoin Cash ABC fell by 6.95% on Saturday, partially reversing Friday’s 17.26% rally, to end the day at $160.15.

A mixed session saw Bitcoin Cash ABC fall from a start of a day intraday high $174.82 to a morning low $162.48 before recovering to $170 levels late in the day. Tracking the broader market, an end of day reversal saw Bitcoin Cash ABC slide to an intraday low and end of day $160.15.

The moves through the day left the major support and resistance levels untested, while the late reversal saw Bitcoin Cash ABC fall through the 38.2% FIB Retracement Level of $163.

At the time of writing, Bitcoin Cash ABC was up 0.68% to $161.24, with moves through the morning seeing Bitcoin Cash ABC fall from a start of a day morning high $163.01 to a morning low $157.11 before recovering, Bitcoin Cash ABC falling through the 38.2% FIB Retracement Level of $163, while leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the 38.2% FIB to $165 levels would support a run at the first major resistance level at $169.93 to bring $170 levels into play before any pullback, the second major resistance level at $179.71 unlikely to be in play, with Saturday’s high $174.82 likely to pin Bitcoin Cash ABC back on the day.

Failure to move through the 38.2% FIB could see Bitcoin Cash ABC hit reverse later in the morning, a pullback through the morning low $157.11 bringing the first major support level at $155.26 into play, with heavier losses unlikely barring a broad based crypto pullback.

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Litecoin Holds onto $30s

Litecoin slid by 4.91% on Saturday, partially reversing Friday’s 16.23% bounce, to end the day at $30.63.

Most of the action came late, Litecoin range bound through much of the day, with Litecoin moving to a late in the day intraday high $33.24 before hitting reverse, the day’s high coming up short of the first major resistance level at $34.59.

The late reversal saw Litecoin fall to an intraday low $30.3, steering clear of the day’s first major support level at $28.78.

At the time of writing, Litecoin was up 1.99% to $31.24, with Litecoin recovering from a morning low $29.95 to hit a morning high $31.27, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $31.4 levels would support a run at $32 levels to bring the first major resistance level at $32.48 into play, with Litecoin needing support from the broader market to take a run at $33 levels and Saturday’s high $33.24.

Failure to move through to $31.4 levels could see Litecoin struggle alter in the day, with a pullback through to sub-$30 levels bringing the first major support level at $29.54 into play before any recovery, $28 levels and the second major support level at $28.45 unlikely to be in play, barring a broad based crypto sell-off later in the day.

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Ripple Fails to Hit $0.40 Levels

Ripple’s XRP fell by 3.66% on Saturday, partially reversing Friday’s 12.1% rally, to end the day at $0.37556.

A relatively range bound day saw Ripple’s XRP rise to a late morning intraday high $0.39558, falling short of the first major resistance level at $0.4095 before easing back to a morning low $0.37602.

Finding support through the afternoon, a move back through to $0.39 levels late in the day was short lived, with a broad based crypto sell-off pulling Ripple’s XRP to an intraday low $0.37001 before steadying, the first major support level at $0.3565 left untested on the day.

At the time of writing, Ripple’s XRP was down 0.53% to $0.37358, with moves through the early morning seeing Ripple’s XRP fall from a start of a day morning high $0.37864 to a low $0.36847 before moving back through to $0.37 levels, the day’s major support and resistance levels untested early on.

For the day ahead, a move back through the morning high to $0.38 levels would support a run at $0.39 levels and the day’s first major resistance level at $0.3934 before any pullback, support from the broader market needed for Ripple’s XRP to break through to $0.40 levels for the first time since Wednesday.

Failure to move through to $0.38 levels later in the day could see Ripple’s XRP pullback deeper into the red, a fall back through the morning low $0.36847 bringing the first major support level at $0.3639 before any recovery, sub-$0.36 support levels unlikely to be tested barring a major crypto sell-off later in the day.

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This article was originally posted on FX Empire

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