Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/12/18

It was a mixed morning for the majors, while afternoon recoveries looked to have woken the bulls who are in action this morning.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC On the Move

Bitcoin Cash ABC fell by 2.89% on Saturday, following on from an 8.02% slide on Friday, to end the day at $76.37.

A bearish first half of the day saw Bitcoin Cash ABC fall from an early morning intraday high $80.44 to an early afternoon intraday low and new swing low $73.53, calling on support at the first major support level at $73.99 before bouncing back.

Bitcoin Cash ABC managed to move back through to $78 levels late in the day before easing back by the day’s end, the major resistance levels left untested through the day.

At the time of writing, Bitcoin Cash ABC was up 4.84% to $80.07, a bullish start to the day seeing Bitcoin Cash ABC rise from a start of a day $76.27 to a morning high $81.3, breaking through the first major resistance level at $80.03 before easing back.

For the day ahead, holding on to $80 levels through the morning would support another run at $81 levels, with a continuation of a broad based crypto rally supporting a run at $82 levels before any pullback.

Failure to hold onto $80 levels could see Bitcoin Cash ABC slide back later in the day, a pullback through the start of a day morning low $76.27 bringing $74 levels into play before any recovery, the day’s first major support level at $73.12 unlikely to be tested on the day.

Litecoin Bucked the Trend Again

Litecoin rose by 0.95% on Saturday, following on from a 1.44% gain on Friday, to end the day at $23.39.

A particularly range bound day, by weekend standards, Litecoin struck an early morning intraday high $23.83, breaking through the first major support level at $23.7 before easing back. A late morning intraday low $22.89 saw Litecoin steer clear of the first major support levels at $22.41.

Through the 2nd half of the day, Litecoin moved back through to $23 levels to close out the day in positive territory, the day’s first major resistance level at $23.7 pinning Litecoin back from a move through to $24 levels.

At the time of writing, Litecoin was up 10.18% to $25.77, a particularly bullish start to the day seeing Litecoin rise from a start of a day $23.39 to a morning high $26.25 before easing back, Litecoin breaking through the day’s major resistance levels early in the day.

For the day ahead, holding onto $25 levels through the morning could support another bounce later in the day, while we would expect Litecoin to face plenty of resistance on any move back through to $26 levels to pin Litecoin back from a run at $27 levels.

Failure to hold onto $25 levels could see Litecoin give up some of the day’s gains later in the day, a pullback through to $24 levels and through the second major resistance level at $24.31 bringing $23 levels into play before steadying, some profit taking to be expected should the rally stall.

Ripple Down Again

Ripple’s XRP fell by 1.15% on Saturday, following on from a 3.37% loss on Friday, to end the day at $0.29043.

Bearish through much of the day, Ripple’s XRP slid from an early morning intraday high $0.29717 to an early afternoon intraday low $0.28534, calling on support at the day’s first major support level at $0.2861 before recovering some of the day’s losses.

Ripple’s XRP moved back through to $0.29 levels at the day’s end, unable to break through to $0.30 levels, leaving the day’s first major resistance level at $0.3035 left untested.

At the time of writing, Ripple’s XRP was up 3.23% to $0.29982, with Ripple’s XRP moving from a start of a day morning low $0.29031 to a morning high $0.30484. Ripple’s XRP broke through the first major resistance level at $0.2966 and second major resistance level at $0.3028 before easing back to $0.29 levels.

For the day ahead, a move back through to $0.30 levels and a break back through the second major resistance level at $0.3028 would support more sizeable gains later in the day to bring $0.31 levels and the third major resistance level at $0.3146 into play, though Ripple’s XRP will need support from the broader market.

Failure to move back through to $0.30 levels could see Ripple’s XRP come under pressure later in the day, any pull back through the morning low likely to bring $0.28 levels and the first major support level at $0.2848 into play before any recovery.

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