Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 19/12/18

It’s a crypto bull week, with the majors moving into the early hours with another bullish start to the day. There could be more to come…
Bob Mason
Crypto coins 77

Bitcoin Cash – ABC Back in the $100s

Bitcoin Cash ABC rallied by 16.41% on Tuesday, following on from an 11.98% gain on Monday, to end the day at $103.65.

A late morning intraday low $84.18 was the only bearish move of the day, Bitcoin Cash ABC steering well clear of the first major support level at $80.59, before finding support from the broader cryptomarket.

Through the 2nd half of the day, Bitcoin Cash ABC hit a late in the day intraday high $105, breaking through the first major resistance level at $93.7 and second major resistance level at $98.9 to hold onto $100 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was up 10.92% to $114.97, early moves seeing Bitcoin Cash ABC breaking through the first major resistance level at $111.04, with a rise from a morning low $101.99 to a morning high $117 before easing back.

For the day ahead, holding above the first major resistance level through the morning would support another run at the second major resistance level at $118.43, with support from the broader market needed for Bitcoin Cash ABC to break out from $118 levels to bring $120 levels into play later in the day.

Failure to hold above the first major resistance level could see Bitcoin Cash ABC hit reverse later in the day, a pullback through the morning low $101.99 bringing sub-$100 levels into play, with the first major support level at $90.22 in play in the event of a broad based crypto sell-off.

Litecoin Holds onto $30

Litecoin gained 4.29% on Tuesday, following on from Monday’s 14.51% rally, to end the day at $30.12.

A relatively choppy day saw Litecoin fall to a late morning intraday low $27.71 before recovering to $28 levels through the afternoon, Litecoin holding well above the first major support level at $25.86.

It all boiled down to a late in the day broad based crypto rally, with Litecoin striking an intraday high $30.20, falling short of the first major resistance level at $31.19, while holding onto $30 levels.

At the time of writing, Litecoin was up 1.79% to $30.66, with moves through the early hours seeing Litecoin rise from a start of a day morning low $29.6 to a morning high $31.38, Litecoin breaking through the first major resistance level at $30.98, before easing back.

For the day ahead, a hold onto $30 levels through the morning would support another move through the first major resistance level to $31 levels to bring the second major resistance level at $31.83 and $32 levels into play, though Litecoin will need support from the broader market for a breakout from $31.8 levels later in the day.

Failure to hold onto $30 levels could see Litecoin ease back through the morning low $29.6, with a fall through $29.3 bringing $28 levels and the first major support level at $28.49 into play before any recovery, sub-$28 support levels unlikely to be in play on the day.

Ripple Back in the $0.35s

Ripple’s XRP gained 7.02% on Tuesday, following on from Monday’s 15.42% rally, to end the day at $0.0.36182.

Tracking the broader market, Ripple’s XRP struck a morning high $0.35398 before easing back to a late morning intraday low $0.33151, leaving the major support and resistance levels left untested through the morning.

A relatively range bound 2nd half of a day also saw Ripple’s XRP steer clear of the major support and resistance levels ahead of a broad based cryptomarket rally, Ripple’s XRP rising to an intraday high $0.36183 at the day’s end, breaking through the first major resistance level at $0.3612 on the way.

At the time of writing, Ripple’s XRP was up 5.3% to $0.3810, with Tuesday’s late rally continuing into the early hours, Ripple’s XRP breaking through the first major resistance level at $0.3719 and second major resistance level at $0.3820 to strike a morning high $0.3833 before easing back.

For the day ahead, a hold onto $0.38 levels through the morning would signal more to come later in the day, with a broad based crypto rally supporting a run at $0.40 levels to bring the third major resistance level at $0.4124 into play before any pullback.

Failure to hold onto $0.38 levels through the morning could see Ripple’s XRP cough up some of the morning gains, while we would expect Ripple’s XRP to avoid a pullback to sub-$36 levels, barring a broad based sell-off, Ripple’s XRP tracking the broader market through the first half of the week, with the bears very much in the driving seat.

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