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.

Buy & Sell Cryptocurrency Instantly

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

Top Promotions

Top Brokers

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