Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/12/18

With the broader market seeing red following Monday’s sell-off, things could turn around should the majors not slide deeper into the red this morning.
Bob Mason
Cryptos

Bitcoin Cash – ABC Back in the Red

Bitcoin Cash ABC fell by 4.28% on Monday, partially reversing Sunday’s 7.11% fall, to end the day at $101.78.

Bearish through much of the day, Bitcoin Cash ABC fell from a start of a day intraday high $107.89 to an early afternoon intraday low $99.06 before steadying, with the day’s high and low leaving the major support and resistance levels untested.

A relatively range bound 2nd half of a day saw Bitcoin Cash ABC find continued support at sub-$100 levels to recover to $101 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 2.5% to $99.23, with moves through the early morning seeing Bitcoin Cash ABC slide from a start of a day morning high $101.51 to a morning low $99.00, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $101.51 to $102.9 would support an afternoon rally to bring the day’s first major resistance level at $106.76 and Monday’s intraday high $107.89 into play before any pullback, Bitcoin Cash ABC unlikely to hit $108 levels with the bears still firmly in control.

Failure to move through the morning high to $102 levels could see Bitcoin Cash ABC take a bigger hit later in the day, a pullback through the morning low $99 to $98 levels bringing the day’s first major support level at $97.93 into play before any recovery, sub-$97 support levels unlikely to be tested on the day.

Litecoin Finds Support

Litecoin fell by 5.22% on Monday, reversing Sunday’s 4.63% gain, to end the day at $23.97.

A start of a day intraday high $25.65 came up short of the first major resistance level at $26.59, with a broad based crypto reversal seeing Litecoin slide through the first major support level at $24.03 to an early afternoon intraday low $23.55 before steadying.

A relatively range bound afternoon saw Litecoin move back through to $24 levels before sliding back through the first major support level by the day’s end.

At the time of writing, Litecoin was down 0.08% to $23.95, a relatively range bound start to the day seeing Litecoin rise from a morning low $23.78 to a morning high $24.17 before easing back to $23 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $24.4 levels would support an afternoon rally to bring the day’s first major resistance level at $25.23 into play before a pullback, $26 levels and the second major resistance level at $26.49 unlikely to be in play through the day.

Failure to move through to $24.4 could see Litecoin hit reverse later in the day, a pullback through the morning low $23.23 bringing the day’s first major support level at $23.13 and $22 levels into play before any recovery, the second major support level at $22.29 there to prevent heavier losses on the day.

Ripple Holds onto $0.30s

Ripple’s XRP slipped by 3.07% on Monday, reversing Sunday’s 2.05% gain, to end the day at $0.3075.

Tracking the broader market, Ripple’s XRP fell from a start of a day intraday high $0.32162 to an early afternoon intraday low $0.3002. The reversal saw Ripple’s XRP call on support at the day’s first major support level at $0.3047 to avoid a return to sub-$0.30 levels, while the day’s high came up short of the first major resistance level at $0.3294.

Ripple’s XRP managed to break back through the first major support level by the late afternoon, while failing to breakout from $0.30 levels through the rest of the day.

At the time of writing, Ripple’s XRP was down 0.38% to $0.30632, moves through the early hours seeing Ripple’s XRP fall to a morning low $0.30399 before recovering to a morning high $0.30765, the relatively tight ranges leaving the major support and resistance levels untested.

For the day ahead, a move through the morning high $0.30765 to $0.31 levels would signal the start of a rebound, bringing the day’s first major resistance level at $0.3193 and $0.32 levels into play before any pullback, Monday’s high likely to pin Ripple’s XRP back from bigger gains on the day.

Failure to move through to $0.31 levels could see Ripple’s XRP pullback through the morning low $0.30399 to bring sub-$0.30 levels and the day’s first major support level at $0.2979 into play before any recovery, heavier losses unlikely barring particularly negative news hitting the wires.

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