FXEMPIRE
All

Bitcoin Cash ABC, EOS and Ethereum Daily Tech Analysis – 13/12/19

It’s another testy start to the day for the majors. Failure to move back through early highs could weigh by late morning…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 0.48% on Thursday. Following on from a 0.76% decline on Wednesday, Bitcoin Cash ABC ended the day at $206.25.

A choppy day saw Bitcoin Cash ABC fall from an intraday high $207.75 to an early morning intraday low $203.65.

Bitcoin Cash ABC came up against the first major resistance level at $207.73 before falling through the first major support level at $204.08.

Through the 2nd half of the day, Bitcoin Cash ABC managed to move back through to $207 levels before easing back. The first major resistance level limited the upside on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.15% to $206.57. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $207.24 before falling back.

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

For the Day Ahead

A move back through to $207 levels would support a run at the first major resistance level at $208.12.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from Thursday’s high $207.75.

Barring a broad-based crypto rally, resistance at $207 levels would likely continue to pin Bitcoin Cash ABC back.

Failure to move back through to $207 levels could see Bitcoin Cash ABC fall back into the red.

A fall through to sub-$205.90 levels would bring the first major support level at $204.02 into play before any recovery.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of the second major support level at $201.78.

Looking at the Technical Indicators

Major Support Level: $204.02

Major Resistance Level: $208.12

23.6% FIB Retracement Level: $269

38% FIB Retracement Level: $316

62% FIB Retracement Level: $393

EOS

EOS rose by 0.36% on Thursday. Partially reversing a 1.12% fall from Wednesday, EOS ended the day at $2.5948

It was a particularly choppy day for EOS, which slid from an early morning high $2.6108 to a low $2.5376 before finding support.

Steering clear of the major resistance levels, EOS fell through the first major support level at $2.5477.

Late morning support led to recovery to $2.60 levels before sliding back to an early afternoon intraday low $2.5219.

The reversal saw EOS slide back through the first major support level before bouncing back to an intraday high $2.6180.

In spite of the rebound, however, EOS failed to test the first major resistance level at $2.6292 before easing back to sub-$2.60 levels.

At the time of writing, EOS was up by 0.02% to $2.5952. A mixed start to the day saw EOS rise to an early morning high $2.6056 before falling to a low $2.5888.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to move back through to $2.60 levels to support a run at the first major resistance level at $2.6392.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.6247.

Barring a broad-based crypto rally, resistance at $2.62 levels would likely limit any upside on the day.

Failure to move back through to $2.60 levels would likely see EOS fall back into the red.

A fall through to sub-$2.5810 levels would bring the first major support level at $2.5364 into play.

Barring an extended sell-off through the day, however, EOS should continue to steer clear of sub-$2.50 levels.

Looking at the Technical Indicators

Major Support Level: $2.5364

Major Resistance Level: $2.6392

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.98% on Thursday. Partially reversing a 1.55% fall from Wednesday, Ethereum ended the day at $144.69.

A mixed start to the day saw Ethereum fall from $144 levels to an early morning intraday low $139.10.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $141.44.

Recovering through the morning, Ethereum rallied to a late afternoon intraday high $145.53 before easing back.

Ethereum fell short of the first major resistance level at $145.72 before pulling back to $144 levels.

At the time of writing, Ethereum was down by 0.16% to $144.46. A mixed start to the day saw Ethereum rise to an early morning high $145.06 before falling to a low $144.04.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move back through to $145 levels to support a run at the first major resistance level at $147.51.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $146.12.

Barring a broad-based crypto rally on the day, resistance at $146 would likely leave Ethereum short of $147 levels for a 3rd consecutive day.

Failure to move back through to $145 levels could see Ethereum slide deeper into the red.

A fall back through the morning low $144.04 to $143.3 levels would bring the first major support level at $140.49 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$140 and Thursday’s low $139.1.

Looking at the Technical Indicators

Major Support Level: $

Major Resistance Level: $

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US