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

A relatively bullish start to the day for the majors, while Litecoin fails to make an early move, with 2 solid days of gains pinning back an early run.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC Hits the $90s

Bitcoin Cash ABC rallied 11.98% on Monday, following on from a 3.58% gain on Sunday, to end the day at $88.49.

Tracking the broader market through the day, Bitcoin Cash ABC rallied from an early morning intraday low $77.89 to a late in the day intraday high $91.00, breaking through the day’s major resistance levels before pulling back through the third major resistance level at $88.94 by the day’s end.

While hitting $90 levels for the first time since 13th November, the bearish trend formed at mid-November’s swing hi $290 remained intact, with the bulls needing to break out from the 23.6% FIB of $125 and target the 38.2% FIB of $156 to begin a bearish trend reversal.

At the time of writing, Bitcoin Cash ABC was up 1.22% to $89.57, a mixed start to the day seeing Bitcoin Cash ABC fall from a start of day morning high $89.88 to a morning low $87.79 before recovering, the major support and resistance levels left untested early on.

For the day ahead, a move through to $90 levels would support a run through Monday’s high $91 to bring $93 levels and the first major resistance level at $93.7 into play, with sentiment across the broader market to dictate whether Bitcoin Cash ABC can breakout out to hit $95 levels before any pullback.

Failure to move through to $90 levels could see investors take some froth off the top of Monday’s gains, a pullback through the morning low likely to bring $85 levels into play before any recovery, a broad based crypto sell-off needed to bring the day’s first major support level at $80.59 into play on the day.

Litecoin Jumps Again

Litecoin jumped by 14.51% on Monday, following on from Sunday’s 7.91% gain, to end the day at $28.88.

Rallying from a start of a day intraday low $25.15, Litecoin broke through the first major resistance level at $26.83 and second major resistance level at $28.43 to an intraday high $30.48 before easing back late in the day.

It was Litecoin’s first visit to $30 levels since 6th December, though the recent run has not been enough to reverse the extended bearish trend formed at early May’s swing hi $182.35.

At the time of writing, Litecoin was up 0.21% to $28.94, with moves through the early morning seeing Litecoin recover from an early morning low $28.43 to hit a morning high $29.60 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $29.6 would support a run through Monday’s high $30.48 to bring $31 levels and the first major resistance level at $31.19 into play, though sentiment across the broader market will need to remain bullish for Litecoin to break through to $31 levels.

Failure to move back through the morning high could see Litecoin fall back through the morning low $28.43 to bring $27 levels into play before any recovery, the day’s first major support level at $25.86 unlikely to be tested barring a broad based crypto sell-off.

Ripple Plays Catch Up

Ripple’s XRP surged by 15.42% on Monday, following a lackluster 0.95% gain on Sunday, to end the day at $0.33814.

Recovering from an early morning intraday low $0.29073, Ripple’s XRP rallied through the 2nd half of the day to an intraday high $0.34895 before easing back, Ripple’s XRP breaking through the day’s major resistance levels with ease through the day.

For the bulls, a breakout from the 23.6% FIB of $0.4164 to $0.50 levels and the 38.2% FIB of $0.5225 would be needed for a bearish trend reversal to begin forming.

At the time of writing, Ripple’s XRP up 3.18% to $0.3489, with moves through the early morning seeing Ripple’s XRP rally from an early morning low $0.33632 to a morning high $0.35398 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 $0.35398 would support a run through to $0.36 levels to test the day’s first major resistance level at $0.3612, while a breakout to $0.37 levels would need support from the broader market on the day.

Failure to move back through the morning high could see Ripple’s XRP struggle later in the day, a pullback through the morning low $0.33632 to $0.32 levels a signal of a possible reversal, with the day’s first major support level at $0.3029 very much in play in the event of a shift in sentiment through the day.

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