Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/01/19

Bitcoin Cash – ABC – Joins the Pack in the Red

Bitcoin Cash ABC gained 2.17% on Thursday, following on from a 0.97% rise on Wednesday, to end the day at $129.31.

A late morning sell-off saw Bitcoin Cash ABC slide to an intraday low $123.12, calling on support at the first major support level at $123.66 before recovering.

Recovering through the afternoon, Bitcoin Cash ABC rallied to a late afternoon intraday high $131.05, falling well short of the first major resistance level at $132.51 before easing back to sub-$130 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 0.36% to $128.85, a morning high $129.83 and low $128.85 leaving the day’s major support and resistance levels untested early on.

For the day ahead, a move back through the morning high $129.83 to $130 levels would bring the first major resistance level at $132.53 into play before any pullback. We would expect Bitcoin Cash ABC to continue to fall short of $135 levels, with a downward trend on the day highs likely to pin Bitcoin Cash ABC back to $133 levels in the event of a rebound.

Failure to move back through the morning high $129.83 could see Bitcoin Cash ABC pullback deeper into the red, with a fall through $127.8 bringing the first major support level at $124.6 into play before any recovery. Heavier losses are not expected on the day, barring a broad based crypto sell-off.

Litecoin Sees Red Early

Litecoin gained 0.60% on Thursday, following on from a 1.32% rise on Wednesday, to end the day at $31.62.

A bearish first half of the day saw Litecoin slide through the first major support level at $30.68 to call on support at the second major support level at $29.95, with an intraday low $29.98, before recovering.

An afternoon rally saw Litecoin strike a late in the day intraday high $31.73 before easing back, the day’s high coming up short of the first major resistance level at $32.14.

At the time of writing, Litecoin was down 0.35% to $31.51, with moves through the early morning seeing Litecoin fall from a start of a day morning high $31.7 to a low $31.29 before steadying, the major support and resistance levels left untested early on.

For the day ahead, a hold above $31.2 through the morning would support a move back through the morning high $31.7 to bring $32 levels and the first major resistance level at $32.24 into play before any pullback, Litecoin likely to continue falling short of $33 levels on the day.

Failure to hold above $31.2 could see Litecoin pullback through the morning low $31.29 to $30 levels, bringing the first major support level at $30.49 into play. Sentiment across the broader market will play a hand in the day, with red across the board likely to bring sub-$30 levels and the second major support level at $29.36 into play before any recovery.

Ripple Struggling in Tight Ranges

Ripple’s XRP rose by 0.27% on Thursday, following a 0.59% gain on Wednesday, to end the day at $0.33457.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.3265, calling on support at the first major support level at $0.3274 before moving back through to $0.33 levels.

An afternoon recovery saw Ripple’s XRP strike a late afternoon intraday high $0.33788, coming up short of the first major resistance level at $0.3404 and $0.34 levels for the first time since 9^th January, before easing back.

At the time of writing, Ripple’s XRP was down 0.39% to $0.33327, with Ripple’s XRP falling from a start of a day morning high $0.33513 to a morning low $0.33235 before steadying. The tight ranges early on left the major support and resistance levels untested.

For the day ahead, a hold onto $0.333 levels through the morning would support a run a move through the morning high $0.33513 to bring the first major resistance level at $0.3395 into play, with support from the broader market needed to bring $0.34 levels back into play. Barring a major cryptomarket rebound, we would expect Ripple’s XRP to continue to fall short of $0.35 levels, with the second major resistance level at $0.3444 there to pin Ripple’s XRP back on the day.

Failure to hold onto $0.333 levels could see Ripple’s XRP pullback through the morning low $0.33235 to test the day’s first major support level at $0.3281 before any recovery, the second major support level at $0.3216 unlikely to be in play barring a major crypto meltdown.

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