Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/01/19

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC gained 0.97% on Wednesday, partially reversing a 4.5% slide on Tuesday, to end the day at $127.89.

A relatively bullish start to the day saw Bitcoin Cash ABC rise to a mid-day intraday high $132.9, breaking through the first major resistance level at $131.22, before hitting reverse.

Pulling back through the afternoon, Bitcoin Cash ABC slid to an intraday low $124.05, before recovering to $127 levels, the major support levels left untested on the day.

At the time of writing, Bitcoin Cash ABC was down 1.05% to $126.54, a bearish start to the day seeing Bitcoin Cash ABC fall from a morning high $127.18 to a morning low $125.31 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high to $128.30 levels would support a run at $130 levels to bring the first major resistance level at $132.51 into play before any pullback. Wednesday’s high $132.9 will likely pin Bitcoin Cash ABC back from a breakout to leave $135 levels and the second major resistance level at $137.13 out of play through the day.

Failure to move back through the morning high to $128 levels could see Bitcoin Cash ABC slide back through the morning low $125.31 to bring the day’s first major support level at $123.66 into play before any recovery, sub-$123 support levels unlikely to be tested in the event of a sell-off.

Litecoin on the Slide

Litecoin rose by 1.32% on Wednesday, partially reversing a 3.4% fall on Tuesday, to end the day at $31.4.

Tracking the broader market, a bullish first half of the day saw Litecoin rally from an early morning intraday low $30.69 to an intraday high $32.15, coming within range of the first major resistance level at $32.28 before easing back.

While falling short of the major resistance levels, Litecoin also managed to steer clear of sub-$30 levels and the first major support level at $29.91.

At the time of writing, Litecoin was down 1.72% at $30.86, with a bearish start to the day seeing Litecoin slide from a morning high $31.57 to a morning low $30.46 before steadying, the first major support level at $30.68 being tested early on in the day.

For the day ahead, a move back through to $31.4 levels would support a run at $32 levels to bring the first major resistance level at $32.14 into play before any pullback. A material shift in market sentiment through the day would be needed for Litecoin to take a run at the second major resistance level at $32.87, with Wednesday’s high $32.15 likely to pin Litecoin back from $33 levels on the day.

Failure to move back through to $31.4 levels could see Litecoin fall deeper into the red, a pullback through the first major support level at $30.68 likely to bring sub-$30 levels and the second major support level at $29.95 into play before any recovery.

 

Ripple Hits Reverse

Ripple’s XRP gained 0.59% on Wednesday, following a 2.47% fall on Tuesday, to end the day at $0.33318.

Upward momentum through the morning saw Ripple’s XRP rally from a start of a day intraday low $0.32890 to a mid-day intraday high $0.34188, breaking through the first major resistance level at $0.3408 before pulling back.

The afternoon reversal saw Ripple’s XRP fall to a low $0.33004, holding above the day low $0.32890 and first major support level at $0.32390 to wrap up the day at $0.33 levels.

At the time of writing, Ripple’s XRP was down 1.16% to $0.32931, with a slide across the broader market weighing early on in the day.

Falling from a start of a day morning high $0.33482, Ripple’s XRP fell to a morning low $0.3270 to test the day’s first major support level at $0.3274 before moving back through to $0.329 levels.

For the day ahead, a move back through the morning high to $0.335 levels would support a run at $0.34 levels to bring the day’s first major resistance level at $0.3404 into play. Any improvement in crypto sentiment through the day could support a run at the second major resistance level at $0.3476, with Wednesday’s high $0.34188 likely to pin Ripple’s XRP back from $0.35 levels on the day.

Failure to move through to $0.335 levels by the early afternoon could see Ripple’s XRP fall back through the first major support level at $0.3274 to call on support at the second major support level at $0.3217 before any recovery, sub-$0.32 levels unlikely to be in play on the day, barring materially negative news hitting the wires.

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