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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/01/19

By:
Bob Mason
Published: Jan 15, 2019, 01:50 UTC

It's a positive start to the day, with the trio holding onto Monday's gains. A move through key levels will be needed to keep the momentum going.

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/01/19

Bitcoin Cash – ABC – On the Up

Bitcoin Cash ABC gained 6.03% on Monday, reversing most of Sunday’s 6.54% slide, to end the day at $131.9.

A relatively range bound start to the day saw Bitcoin Cash ABC fall from a mid-morning high $126.32 to an intraday low $122.39, holding above the first major support level at $119.27, before a broad based crypto rally kicked in.

Bitcoin Cash ABC rallied through the afternoon to an intraday high $136, breaking through the first major resistance level at $131.79 before easing back to $131 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was up by just 0.03% to $131.94. A relatively range bound start to the day has seen Bitcoin Cash ABC rise from a morning low $131.9 to a morning high $132.08 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a hold onto $131 levels through the morning could see Bitcoin Cash ABC find buying interest later in the day, a move through Monday’s high $136 likely to bring the first major resistance level at $137.8 into play before any pullback.

Failure to hold onto $131 levels could see Bitcoin Cash ABC pull back through to sub-$130 levels, while Bitcoin Cash ABC will likely steer clear of the first major support level at $124.19, barring materially negative news hitting the wires.

BCHABC/USD 15/01/19 4-Hourly Chart

Litecoin on the Rebound

Litecoin jumped by 7.22% on Monday, reversing a 6.62% slide on Sunday, to end the day at $32.07.

Tracking the broader market, Litecoin steered clear of the day’s first major support level at $28.66, with a start of a day intraday low $29.8, to break back through to $30 levels ahead of the broad based crypto rally.

Litecoin rallied to an intraday high $32.96, breaking through the first major resistance level at $32.03, before easing back, Litecoin managing to hold above the first major resistance level by the day’s end.

At the time of writing, Litecoin was up 0.94% to $32.37, with moves through the early part of the day seeing Litecoin rise from a morning low $32.07 to a morning high $32.43 before easing back. Moves through the first 90 minutes of the day left the major support and resistance levels untested.

For the day ahead, a hold onto $32 levels through the morning would support a move back through the morning high $32.43 to bring $33 levels and the day’s first major resistance level at $33.42 into play. A material improvement in sentiment across the broader market could give Litecoin a run at $34 levels, while we would expect the second major resistance level at $34.77 to be out of reach on the day.

Failure to hold onto $32 levels could see Litecoin slide back through to $30 levels to call on support at the first major support level at $30.26. We would expect Litecoin to steer clear of sub-$30 support levels, barring a broad based crypto meltdown.

LTC/USD 15/01/19 Daily Chart

Ripple Tracks the Pack

Ripple’s XRP gained 5.61% on Monday, reversing a 4.13% fall on Sunday, to end the day at $0.3397.

Rising from a start of a day intraday low $0.32121, Ripple’s XRP broke through to $0.33 levels in the early morning, tracking the broader market through to the mid-afternoon surge.

Ripple’s XRP rallied to a mid-afternoon intraday high $0.34788, breaking through the first major resistance level at $0.3358 to come within range of the second major resistance level at $0.3498 before easing back to $0.33 levels. For the bulls, Ripple’s XRP managed to hold above the first major resistance level by the day’s end.

At the time of writing, Ripple’s XRP was up 0.83% to $0.34252. Ripple’s XRP rose from a morning low $0.33958 to a morning high $0.34312 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.34 levels through the morning would support a move through the morning high $0.34312 to bring $0.35 levels and the first major resistance level at $0.3513 into play before any pullback. Barring a broad based crypto rally, Ripple’s XRP will likely come up short of the second major resistance level at $0.3629.

Failure to hold onto $0.34 levels through the morning could see Ripple’s XRP slide back through the morning low $0.33958 to bring $0.32 levels and the first major support level at $0.3246 into play, with heavier losses unlikely, barring materially negative news hitting the crypto wires.

XRP/USD 15/01/19 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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