Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/12/18

The November slide spilled into the start of December, with the bears reminding the market whose boss in what’s been quite a dire year.
Bob Mason
Large stack of cryptocurrencies with golden Bitcoin and other crypto coins.

Bitcoin Cash – ABC Slides

Bitcoin Cash ABC fell by 4.3% on Friday, following on from a 4.87% decline on Thursday, to end the month down 37.9% at $171, with Bitcoin Cash ABC down 5.5% for the current week.

A bullish start to the day saw Bitcoin Cash ABC strike an early morning intraday high $187.26, falling short of the first major resistance level at $188.23 before hitting reverse.

Sliding through the morning, Bitcoin Cash ABC fell through the day’s first major support level at $171.05 to an intraday low $164.25 before finding support to move back through to $170 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 1.29% to $168.79, Bitcoin Cash ABC rising to a morning high $171.14 before easing to a morning low $167.86, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $174 levels would bring $180 levels and the day’s first major resistance level at $184.09 into play, though sentiment across the broader market will need to materially improve for Bitcoin Cash ABC to take a run at $180 levels.

Failure to move back through the morning high to $170 levels could see Bitcoin Cash ABC fall back deeper into the red later in the day, a fall through the morning low $167.86 bringing Friday’s $164.25 low and the day’s first major support level at $161.08 into play.

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Litecoin Holds onto the $30s

Litecoin fell by 5.55% on Friday, following on from a 2.7% decline on Thursday, to end the month down 36% at $31.65, while up 4% for the current week.

An early morning intraday high $34.15, the only bullish move of the day, came up short of the first major resistance level at $35.03, with a broad based cryptomarket sell-off weighing through the rest of the day.

Litecoin fell through the first major support level at $32.33 and second major support level at $31.17 to a late morning intraday low $30.67 before recovering, Litecoin moving back through to $31 levels and a relatively range bound 2nd half of the day.

At the time of writing, Litecoin was down 1.61% to $31.14, with Litecoin falling from a morning high $31.92 to a low $31.07 before finding support, the day’s major support and resistance levels left untested.

For the day ahead, a hold onto $31 levels through the early morning could see Litecoin take a run at $32 levels later in the day, with a break through $32.16 bringing the day’s first major support level at $33.64 into play before any pullback, a move through to $32 levels needed early on in the day to support a Litecoin rebound.

Failure to hold onto $31 levels could see Litecoin call on support at the first major support level at $30.16, with market sentiment to dictate whether Litecoin will revisit sub-$30 levels in the event of an extended morning sell-off.

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Ripple Struggles On

Ripple’s XRP slid by 4.8% on Friday, following on from a 3.1% fall on Thursday, to end the day at $0.36555, a 3rd loss for the week leaving Ripple’s XRP down 19.5% for November and down by 4.5% for the current week.

A relatively range bound start to the day saw Ripple’s XRP hit an intraday high $0.38575 that came up short of the first major resistance level at  $0.3970 before falling victim to a late morning cryptomarket sell-off.

Ripple’s XRP fell through the day’s first major support level at $0.3711 to an intraday low $0.35517, calling on support at the second major support level at $0.3589 to move back to $0.36 Levels and a range bound 2nd half of the day.

At the time of writing, Ripple’s XRP was down 0.72% to $0.3629, with a positive start to the morning seeing Ripple’s XRP rise to an early morning high $0.36854 before hitting reverse with a fall to a morning low $0.36114, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.36854 would support a run at $0.37 levels to bring the day’s first major resistance level at $0.3825 into play before any pullback, with Ripple’s XRP needing to move back through to the morning high and hold by the early afternoon to support a rebound.

Failure to move back through the morning high could see Ripple’s XRP pullback further in the day, a fall through the morning low $0.36114 bringing $0.35 levels and the day’s first major support level at $0.3519 into play before any recovery, sub-$0.35 support levels unlikely to be tested barring particularly negative news hitting the wires.

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