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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/12/18

By:
Bob Mason

If there was ever a need for a weekend rally it would be now. The majors are in positive territory, but they need to hold on through the weekend.

Cryptos

Bitcoin Cash – ABC Hits New Lows Again…

Bitcoin Cash ABC tumbled by 8.02% on Friday, following on from a 9.91% slide on Thursday, to end the day at $79.09. A 4th day in the red for the current week left Bitcoin Cash ABC down 25.62% Monday through Friday.

An early morning move to an intraday high $88 was the only bullish move of the day, Bitcoin Cash ABC coming up short of the first major resistance level at $93.43 before hitting reverse.

A day long slide saw Bitcoin Cash ABC fall through the first major support level at $82.69 and second major support level at $78.84 to an intraday low and new swing low $75.89 before moving back through the second major support level by the day’s end.

At the time of writing, Bitcoin Cash ABC was up 0.75% to $79.69, a relatively range bound start to the day seeing Bitcoin Cash ABC rise from a morning low $78.11 to a morning high $80.44 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $81 levels would signal an afternoon rally, bringing the first major resistance level at $86.10 into play before any pullback, $90 levels and the second major resistance level at $93.10 likely to be step too far on the day.

Failure to move through to $81 levels by the early afternoon could see Bitcoin Cash ABC hit reverse later in the day, with a pullback through the morning low $78.11 bringing Friday’s low $75.89 and the first major support level at $73.99 into play before any recovery.

BCHABC/USD 15/12/18 4-Hourly Chart

Litecoin Bucks the Trend

Litecoin gained 1.44% on Friday, partially reversing Thursday’s 4.91% slide, to end the day at $23.17. Bucking the trend, a 2nd day in the green for the week left Litecoin down 8.38% Monday through Friday.

A bearish start to the day saw Litecoin slide to an intraday low and new swing lo $22.17, Litecoin falling through the first major support level at $22.29 before moving through to a late morning intraday high $23.46.

Falling short of the day’s major resistance levels, Litecoin slid back to a 2nd half of a day low $22.30, calling on support at the first major support level at $22.29 to bounce back to $23 levels.

At the time of writing, Litecoin was up 2.16% to $23.67, with Litecoin recovering from a start of a day dip to a morning low $22.92 to strike a morning high $23.83 before easing back, Litecoin coming up against the first major resistance level at $23.7 early in the day.

For the day ahead, a move back through the first major resistance level would support a run at $24 levels and the second major resistance level at $24.22 before any pullback, with Litecoin likely to face plenty of resistance at $24 levels.

Failure to break back through the first major resistance level could see Litecoin cough up the morning gains later in the day, a pullback through to $22 levels bringing the first major support level at $22.41 into play, with a reversal likely to lead to heavier losses and a test of the second major support level at $21.64 before any recovery.

LTC/USD 15/12/18 Daily Chart

Ripple Unable to Avoid sub-$0.30 Levels

Ripple’s XRP fell by 3.37% on Friday, following a 2.77% decline on Thursday, to end the day at $0.29382, a 4th day in the red leaving Ripple’s XRP down 7.39% for the current week.

Range bound through the morning, a late afternoon sell-off led Ripple’s XRP to an intraday low $0.28804, Ripple’s XRP sliding through the first major support level at $0.2983 and second major support level at $0.2926 before recovering to $0.29 levels

At the time of writing, Ripple’s XRP was up 0.46% to $0.29516, with Ripple’s XRP recovering from a start of a day morning low $0.29417 to a morning high $0.29549 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $0.296 levels would support a run at $0.30 levels to bring the first major resistance level at $0.3032 into play before any pullback, a major cryptomarket rebound needed to give Ripple’s XRP a run at $0.31 levels and the second major resistance level at $0.3132.

Failure to move through to $0.296 levels could see Ripple’s XRP come under pressure later in the day, with a pullback through the morning low $0.29417 likely to see Ripple’s XRP call on support at the first major support level at $0.2861 before any recovery, $0.27 support levels unlikely to be tested barring materially negative news hitting the wires.

XRP/USD 15/12/18 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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