Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/02/19

It’s another bearish start to the day, with Litecoin bucking the trend early on. Sentiment will need to improve, else Litecoin may well join the pack.
Bob Mason
Crypto majors
Crypto00 567

Bitcoin Cash – ABC – A 3rd Day in the Red

Bitcoin Cash ABC fell by 3.05% on Monday. Following on from a 1.01% decline on Sunday, Bitcoin Cash ABC ended the day at $120.26.

A particularly bearish day saw Bitcoin Cash ABC slide from a start of a day intraday high $125.2 to a late afternoon intraday low $119.5 before recovering to $120 levels.

The reversal saw Bitcoin Cash ABC slide through the first major support level at $121.76, having fallen short of the first major resistance level at $128.57 at the beginning of the day.

At the time of writing, Bitcoin Cash ABC was down by 1.67% to $118.24. Another bearish start to the day saw Bitcoin Cash ABC slide from a morning high $119.86 to a morning low $117 before steadying.

The early reversal saw Bitcoin Cash ABC fall through the first major support level at $118.11, while the day’s resistance levels were left untested.

For the day ahead, a move back through the morning high $118.86 to $121 levels would be needed to give Bitcoin Cash ABC a chance of recovering some of Monday’s losses. A move through $121 levels would bring the day’s first major resistance level at $123.81 into play, though support from the broader market would be needed for any breakout out from $119 levels.

Failure to move back through the morning high could see Bitcoin Cash ABC take a bigger hit, with a pullback through the morning low $117 bringing the second major support level at $115.95 into play before any recovery.

Litecoin Sees Heavy Losses

Litecoin slumped by 8.94% on Monday. Reversing a 5.2% rise from Sunday, Litecoin ended the day at $42.37.

Tracking the broader market, Litecoin fell from a start of a day intraday high $46.55 to a late afternoon intraday low $41.11.

Falling short of the first major resistance level at $48.43, Litecoin fell through the first major support level at $43.15 before finding support at $41 levels.

Leading the way down, the heavier losses come off the back of a 41.5% rally last week, some profit taking expected to weigh more heavily in the sell-off environment.

At the time of writing, Litecoin was up by 2.36% to $43.37. Recovering from an early morning low $41.4, Litecoin moved through to a morning high $43.45 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $43.3 levels through the morning could see Litecoin take a run at the first major resistance level at $45.58 before any pullback. We would expect Litecoin to fall short of the second major resistance level at $48.78. Monday’s high $46.55 will likely pin back any breakout from $45 levels.

Failure to hold onto $43 levels could see Litecoin fall back to $41 levels later in the day. However, we would expect Litecoin to steer clear of $40 levels and the day’s first major support level at $40.14.

Ripple Holds onto $0.30 Levels

Ripple’s XRP fell by 2.74% on Monday. Following on from a 0.45% decline on Sunday, Ripple’s XRP ended the day at $0.30694.

A start of a day broad-based crypto sell-off saw Ripple’s XRP fall from an intraday high $0.31559 to a mid-day intraday low $0.30601.

Finding support at the first major support level at $0.3071, Ripple’s XRP managed to move back through to $0.31 levels in the early afternoon.

The bearish sentiment across the broader market ultimately weighed, however, with Ripple’s XRP falling back through the first major support level. Support late in the day was needed for Ripple’s XRP to steer clear of sub-$0.30 support levels.

At the time of writing, Ripple’s XRP was down by 0.71% to $0.30476. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.30717 to a morning low $0.30100 before steadying. The pullback saw Ripple’s XRP fall through the first major support level at $0.3034 to call on support at the second major support level at $0.2999.

For the day ahead, a move through the morning high $0.30717 to $0.3090 levels would bring the first major resistance level at $0.3130 into play before any pullback. Support from the broader market would be needed to bring the second major resistance level at $0.3191 into play. We would expect Ripple’s XRP to come up short of $0.32 levels on the day.

Failure to move through to $0.3090 levels could see Ripple’s XRP fall deeper into the red. A fall back through the first major support level would likely see Ripple’s XRP slip to sub-$0.30 levels before any recovery. The second major support level at $0.2999 would likely prevent heavier losses on the day.

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