Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/07/19

It’s back in the red for the majors… There could be more pain ahead if key levels are not hit by the early afternoon.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – in a Spin

Bitcoin Cash ABC tumbled by 10.47% on Thursday. Following on from a 6.74% fall on Wednesday., Bitcoin Cash ABC ended the day at $346.06.

An early morning rise to an intraday high $387.32 was the only bullish move of the day. Falling well short of the first major resistance level at $415.9, Bitcoin Cash ABC slid to a mid-morning intraday low $315.94.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $371.3 and second major resistance level at $352.6.

Finding support through the rest of the day, Bitcoin Cash ABC managed to hit $354 levels before pulling back.

Of significance on the day was a slide through the 38.2% FIB of $359…

At the time of writing, Bitcoin Cash ABC was down by 1% to $342.60. It was a mixed start to the day. Bitcoin Cash ABC rose to an early morning high $360 before hitting reverse.

While falling short of the major resistance levels, Bitcoin Cash ABC broke back through the 38.2% FIB of $359.

The reversal saw Bitcoin Cash ABC fall to a morning low $339.17 before steadying. Bitcoin Cash steered clear of the first major support level at $312.23 early on.

For the day ahead, a move back through to $350 levels would signal a rebound later in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through the 38.2% FIB.

Failure to move back through to $350 levels could see Bitcoin Cash ABC take another hit. A fall back through to sub-$340 levels would bring the first major support level at $312.23 into play.

We would expect Bitcoin Cash ABC to steer clear of sub-$300 levels…

Litecoin Visits sub-$100

Litecoin fell by 4.96% on Thursday. Following on from a 9.35% tumble on Wednesday, Litecoin ended the day at $102.94.

A bearish start to the day saw Litecoin fall from an early intraday high $108.31 to a mid-morning intraday low $95.25.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $100.35. Of greater significance, however, was a fall through the 38.2% FIB of $99.

Finding support through the afternoon, Litecoin recovered to $105 levels before easing back. Holding above the 38.2% FIB at the day end was key.

At the time of writing, Litecoin was down by just 0.02% to $102.92. Moves in the early hours saw Litecoin rise to a morning high $105.0 before pulling back to a morning low $100.59.

Steering clear of the major support levels and 38.2% FIB of $99 supported a move back to $102 levels.

For the day ahead, a hold onto $102 levels through the morning would support upside later in the day. A move back through the morning high $105 would bring the first major resistance level at $109.08 into play.

Litecoin would need support from the broader market, however, to break out from Thursday’s high $108.31.

Failure to hold onto $102 levels could see Litecoin fall deeper into the red. A fall through morning low would bring the 38.2% FIB of $99 and the first major support level at $96.02 into play.

Ripple’s XRP is Struggling

Ripple’s XRP tumbled by 8.94% on Thursday. Following on from an 8.46% slide on Wednesday, Ripple’s XRP ended the day at $0.32876.

A mixed start to the day saw Ripple’s XRP rise to an early intraday high $0.36276 before hitting reverse. Ripple’s XRP slid through the first major support level at $0.3373 to an early intraday low $0.3160.

Steering clear of the second major support level at $0.3135, Ripple’s XRP recovered to $0.337 levels before easing back to sub-$0.32 levels.

Late support led to a move back to $0.32 levels by the day end.

At the time of writing, Ripple’s XRP was down by 1.93% to $0.32241. Ripple’s XRP rose to a morning high $0.33112 before hitting reverse in the early hours.

Falling well short of the major resistance levels, Ripple’s XRP fell to a morning low $0.3200.

Ripple’s XRP held above the first major support level at $0.3089 early on.

For the day ahead, Ripple’s XRP would need to move through the morning high to $0.3360 levels to signal upside for the day.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.33 levels.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the first major resistance level at $0.3557.

Failure to move through to $0.3360 levels would see Ripple’s XRP struggle on the day. A pullback to sub-$0.32 levels would bring the first major support level at $0.3089 into play.

Barring a 3rd consecutive crypto sell-off, Ripple’s XRP should steer clear of sub-$0.30 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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