Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/01/19

While it’s a steady start to the morning, moves by late morning will be key for the day, the majors needing to hit key levels to avoid a reversal.
Bob Mason
Crypto coins 77

Bitcoin Cash – ABC – Hits a Bear Trap

Bitcoin Cash ABC tumbled by 16.69% on Thursday, following on from a 0.57% fall on Wednesday, to end the day at $132.91.

A bullish start to the day saw Bitcoin Cash ABC rise to a morning high $163.25, breaking through the first major resistance level at $159.98 and second major resistance level at $161.97 to come up against the 38.2% FIB of $163 before being subjected to a crypto meltdown.

The sell-off saw Bitcoin Cash ABC slide through the day’s major support levels to a late morning low $130.71 before finding support to move back through to $140 levels.

The chances of a rebound were lost in the late afternoon, with Bitcoin Cash ABC sliding to an intraday low $130.00 to hold just above the 62% FIB of $129, the sell-off leading to a near-term bearish trend formed back at mid-December’s swing lo $73.55.

At the time of writing, Bitcoin Cash ABC was down 0.23% to $132.60, with Bitcoin Cash ABC recovering from a start of a day morning low $131.11 to hit a morning high $132.64, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $140 levels by the early afternoon would be needed to support a partial recovery of Thursday’s loss, though for Bitcoin Cash ABC to break out from $140 levels to bring the first major resistance level at $154.11 into play, the rebound is going to need to be seen across the broader market.

Failure to take a run at $140 levels could see Bitcoin Cash ABC take another hit later in the day, a pullback through to sub-$130 levels likely to get investors edgy, bringing $125 levels into play before any recovery.

Litecoin Sees the Deep Red

Litecoin slumped by 13.76% on Thursday, following on from a 1.41% fall on Wednesday, to end the day at $33.27.

Tracking the broader market, an early intraday high $39.25 was the only bullish move of the day, Litecoin coming up short of the first major resistance level at $39.63 before hitting reverse.

The sell-off saw Litecoin slide through the day’s major support levels to an intraday low $31.91 before finding support in the final hours.

At the time of writing, Litecoin was up 0.45% to $33.42, with Litecoin rising from a start of a day morning low $32.76 to a morning high $33.71 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high to $34 levels by the early afternoon would support a move through to $35 levels, while we would expect Litecoin to come up against strong resistance on any run at the day’s first major resistance level at $37.71 to limit to upside to $36 levels on the day.

Failure to move through to $34 levels by the early afternoon could see Litecoin hit reverse later in the day, a fall through the morning low $32.76 likely to see Litecoin slide to $31 levels to bring the first major support level at $30.37 into play before any recovery.

Ripple Sinks

Ripple’s XRP slid by 10.63% on Thursday, following a 0.46% gain on Wednesday, to end the day at $0.33603, the reversal taking Ripple’s XRP into the red for the New Year.

A start of a day intraday high $0.405 saw Ripple’s XRP break through the first major resistance level at $0.3827 and second major resistance level at $0.3895 to hit $0.40 levels for the first time since 26th December before hitting reverse.

Ripple’s XRP tumbled through the day’s major support levels to an intraday low $0.32303 before steadying to move back through to $0.33 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.79% to $0.33868, a morning low $0.33243 and morning high $0.34012 leaving the day’s major support and resistance levels untested early on.

For the day ahead, a move back through the morning high $0.35 levels by the late morning would support a run at $0.36 levels to cut the week’s deficit, following Thursday’s slide, with Ripple’s XRP needing support from the broader market to avoid hitting reverse later in the day.

Failure to move through to $0.35 levels could see Ripple’s XRP resume Thursday’s slide, with a fall through the morning low $0.33243 bringing $0.31 levels into play before any recovery, the day’s first major support level at $0.3044 unlikely to be in play barring another crypto meltdown.

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