Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/01/19

The bulls will be looking for another set of gains off the back of an anticipated pickup in Litecoin adoption. Key levels need to be watched.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Looking for a Rally

Bitcoin Cash ABC gained 1.02% on Saturday, partially reversing a 2.83% fall on Friday, to end the day at $128.16.

A bullish morning saw Bitcoin Cash ABC rally from an early morning intraday low $126.84 to a late morning intraday high $130.77 before easing back.

Steering clear of the first major support level at $124.16, Bitcoin Cash ABC broke through the first major resistance level at $128.99 to hit $130 levels before easing back.

At the time of writing, Bitcoin Cash ABC was up 0.63% to $128.97, with Bitcoin Cash ABC rising from a start of a day morning low $128.84 to a morning high $128.97, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold above $128.6 would support a run at $130 levels to bring the day’s first major resistance level at $130.34 into play. While we can expect Saturday’s high $130.77 to limit gains on the day, a broad based market rally would bring $132 levels and the second major resistance level at $132.52 into play before any pullback.

Failure to hold above $128.6 could see Bitcoin Cash ABC fall through $127 to bring the day’s first major support level at $126.41 into play before any recovery. We would expect sub-$125 support levels to be avoided, barring materially negative news hitting the wires.

Litecoin Rallies

Litecoin rallied by 4.1% on Saturday, reversing Friday’s 2.09% loss with interest, to end the day at $32.22.

Off the back of a relatively range bound start to the day, Litecoin rallied to a late morning intraday high $33.15, breaking through the first major resistance level at $31.59 and second major resistance level at $32.22 to come within range of the third major resistance level at $33.37 before easing back.

An afternoon low $32.04 was as bearish as it got through the 2nd half of the day, with a start of a day intraday low $30.95 holding above the first major support level at $30.44.

At the time of writing, Litecoin was up 1.43% to $32.68, with moves through the early morning seeing Litecoin rise from a start of a day morning low $32.11 to a morning high $32.7 before steadying.

For the day ahead, a hold above $32.5 would support a move back through to $33 levels to bring the first major resistance level at $33.26 into play before any pullback. Saturday’s $33.15 high will likely pin Litecoin back from $34 levels in the absence of a crypto rally, Litecoin having last hit $34 levels back on 10th January.

Failure to hold above $32.5 could see Litecoin fall through to $31 levels to bring the day’s first major support level at $31.06 into play before any recovery, heavier losses not expected barring a broad based crypto sell-off.

Ripple Finds Support

Ripple’s XRP gained 2.36% on Saturday, reversing a 2% fall from Friday, to end the day at $0.33531.

Tracking the broader market, Ripple’s XRP rallied from a start of a day intraday low $0.32758 to a late morning intraday high $0.34994 before easing back through to $0.33 levels and a relatively range bound 2nd half of a day.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.3339 and second major resistance level at $0.3403, while managing to steer clear of the first major support level at $0.3224 at the start of the day.

At the time of writing, Ripple’s XRP was down 0.06% to $0.33510, with Ripple’s XRP falling from an early morning high $0.33797 to a morning low $0.33389 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.3380 levels would support a run at $0.34 levels to bring the first major resistance level at $0.3476 into play before any pullback. Barring a broad based crypto rally, Ripple’s XRP will likely continue to fall short of $0.35 levels, leaving the second major resistance level at $0.36 off the table for the day.

Failure to move back through to $0.3380 levels could see Ripple’s XRP fall deeper into the red, with a pullback through to $0.32 levels bringing the first major support level at $0.3253 into play before any recovery. We would expect Ripple’s XRP to steer clear of $0.31 levels and the second major support level at $0.3153 barring materially negative news hitting the crypto wires.

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