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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/12/18

By:
Bob Mason
Published: Dec 17, 2018, 04:20 UTC

It's a slow start to the day for most of the majors, whilst Litecoin continues to find support following a strong finish to last week.

Cryptos

Bitcoin Cash – ABC Up, But Gives up $80

Bitcoin Cash ABC gained 3.58% on Sunday, reversing a 2.89% fall on Saturday, to end the week down 25.7% to $79.00.

A bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high $81.31, breaking through the first major resistance level at $80.03 before easing back to sub-$80 levels, with resistance at $80 proving to be too great late in the day, a break back through to $80 short lived.

A start of a day intraday low $76.27 saw Bitcoin Cash ABC steer clear of the day’s major support levels on the day.

At the time of writing, Bitcoin Cash ABC was up 0.47% to $79.37, with moves through the early morning seeing Bitcoin Cash ABC fall from a morning high $80.07 to a morning low $77.88, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $80 levels would support a run at Sunday’s $81.31 high to bring the day’s first major resistance level at $81.45 into play, though Bitcoin Cash ABC will need to hold onto $79 levels through the morning to support a move later in the day.

Failure to move back through to $80 levels could see Bitcoin Cash ABC hit reverse later in the day, a fall through the morning low $77.88 bringing $76 levels and the first major support level at $76.41 into play before any recovery.

BCHABC/USD 17/12/18 4-Hourly Chart

Litecoin Takes the Sunday Rally

Litecoin rallied by 7.91% on Sunday, following on from a 0.95% rise on Saturday, to end the week down just 0.2% at $25.24, a 3rd day in the green easing the pain from the bearish start to the week.

A particularly bullish start to the day saw Litecoin rally to an early morning high $26.25, Litecoin breaking through the day’s major resistance levels before striking a mid-day intraday high $26.67.

Easing back through the afternoon, Litecoin fell back to $25 levels late in the day, unable to hold above the day’s third major resistance level at $25.25 by the day’s end.

At the time of writing, Litecoin was up 1.66% to $25.66, with Litecoin rising from a start of a day morning low $25.15 to a morning high $25.79 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $26 levels would bring Sunday’s high $26.67 and the day’s first major resistance level at $26.83 into play before any pullback, resistance on the way through to $27 levels likely to pin Litecoin back from a breakout to $28 levels and the day’s second major resistance level at $28.43.

Failure to move through to $26 levels could see Litecoin struggle later in the day, with a fall through $25.10 likely to signal the start of a partial reversal of late last week’s gains, a fall through to $24 levels bringing the first major support level at $23.48 into play before any recovery, heavier losses not expected on the day.

LTC/USD 17/12/18 Daily Chart

Ripple Down Again

Ripple’s XRP gained just 0.95% on Sunday, partially reversing Saturday’s 1.15% loss, to end the week down 7.62% to $0.29307.

Tracking Litecoin at the start of the day, Ripple’s XRP struck an early morning intraday high $0.30484, breaking through the first major resistance level at $0.2966 and second major resistance level at $0.3028 before easing back.

By the day’s end, Ripple’s XRP was unable to hold onto $0.30 levels, with Ripple’s XRP falling back through the resistance levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.11% to $0.29274, with Ripple’s XRP recovering from an early morning low $0.29073 to strike a morning high $0.29451 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 $0.2960 would support a move through to $0.30 levels to test the day’s first major resistance level at $0.3018, with Ripple’s XRP likely to struggle to breakout from there to take a run at $0.31 levels and the second major resistance level at $0.3106.

Failure to move through to $0.2960 could see Ripple’s XRP take a bigger hit later in the day, with a fall through the morning low $0.29073 bringing $0.28 levels and the first major support level at $0.2873 into play. Heavier losses could be on the cards should sentiment across the broader market deteriorate, with the second major support level at $0.2815 in play in the event of a broad based crypto sell-off.

XRP/USD 17/12/18 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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