Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/12/19

After a Saturday sell-off to round off November, it’s back in the red at the start of December… It could get messy if support doesn’t kick in by late morning.
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Slides Again

Bitcoin Cash ABC fell by 3.23% on Saturday. Reversing a 1.49% gain from Friday, Bitcoin Cash ABC ended the day at $216.22.

A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $224.19 before hitting reverse.

Falling short of the first major resistance level at $226.53, Bitcoin Cash ABC slid to a late afternoon intraday low $215.00.

Bitcoin Cash ABC fell through the first major support level at $220.25 and the second major support level at $217.06.

A brief move back through the second major support level was short-lived, with Bitcoin Cash ABC closing out at $216 levels.

At the time of writing, Bitcoin Cash ABC was down by 1.03% to $214.00. A bearish start to the day saw Bitcoin Cash ABC fall from an end of Saturday $215.00 to an early morning low $214.00.

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

For the day ahead, a move through to $218.50 levels would support a run at the first major resistance level at $221.94.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $220 levels.

Barring a broad-based crypto rebound, resistance at $220 would likely limit any upside on the day.

Failure to move through to $218.50 levels could see Bitcoin Cash ABC slide deeper into the red.

A fall through to $213 levels would bring the first major support level at $212.75 into play.

Barring an extended sell-off through the day, however, Bitcoin Cash ABC should steer clear of sub-$210 levels.

Litecoin Back at sub-$47

Litecoin fell by 2.86% on Saturday. Partially reversing a 3.88% rally from Friday, Litecoin ended the day at $47.26.

A relatively bullish start to the day saw Litecoin rise to an early morning intraday high $48.83 before succumbing to market forces.

Falling short of the first major resistance level at $49.75, Litecoin tumbled to a late afternoon intraday low $46.71.

Litecoin fell through the first major support level at $47.23 before finding support late in the day.

Whilst moving back through to $47 levels, the first major support level pinned Litecoin back at the day end.

At the time of writing, Litecoin was down by 2.07% to $46.28. A bearish start to the day saw Litecoin fall from an early morning high $47.24 to a low $46.02.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $46.37.

For the day ahead, Litecoin would need to break through the first major support level to $47.60 levels to support a run at $48 levels.

Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $48.49.

Barring a broad-based crypto rebound, resistance at $48 would likely cap any upside on the day.

Failure to move back through the first major support level could see Litecoin fall back to sub-$46 levels.

Barring an extended sell-off through the day, however, the second major support level at $45.48 should limit any downside.

Ripple’s XRP Tracks the Pack

Ripple’s XRP fell by 2.19% on Saturday. Partially reversing a 3.23% rally from Friday, Ripple’s XRP ended the day at $0.22670.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.23349 before hitting reverse.

Falling short of the first major resistance level at $0.2358, Ripple’s XRP slid to a late afternoon intraday low $0.22491.

Ripple’s XRP fell through the first major support level at $0.2254 before finding late support.

At the time of writing, Ripple’s XRP was down by 0.93% to $0.22460. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.22688 to a low $0.22165 before finding support.

Ripple’s XRP fell through the first major support level at $0.2232 early before moving back to $0.2240 levels.

For the day ahead, a move through to $0.2285 levels would support a run at the first major resistance level at $0.2318.

Support from the broader market would be needed, however, to break out from the morning high $0.22688.

Barring a broad-based crypto rebound, resistance at $0.23 would likely cap any upside on the day.

Failure to move through to $0.2285 levels could see Ripple’s XRP spend a 2nd consecutive day in the red.

A fall back through the first major support level at $0.2232 would bring sub-$0.22 levels into play.

Barring a crypto meltdown, the second major support level at $0.2198 should limit any downside, however.

Please let us know what you think in the comments below

Thanks, Bob

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