Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/12/18

Bitcoin Cash – ABC Recovery Continues

Bitcoin Cash ABC surged by 20.36% on Wednesday, following on from a 16.41% rally on Tuesday, to end the day at $126.00.

Bullish through the day, Bitcoin Cash ABC surged from a start of a day intraday low $101.99 to strike a late in the day intraday high $144.57 before easing back to sub-130 levels by the day’s end.

The moves through the day saw Bitcoin Cash ABC break through the day’s major resistance levels and 23.6% FIB of $125 before easing back through the third major resistance level at $139.25, the day’s major support levels left untested on the day.

At the time of writing, Bitcoin Cash ABC was up 2.48% to $129.13, with moves through the early morning seeing Bitcoin Cash ABC move from a start of a day morning low $122.45 to a morning high $132.26, breaking back through the 23.6% FIB, while leaving the major support and resistance levels untested.

For the day ahead, a move back through to $130 levels could see Bitcoin Cash ABC break back through to $140 levels and Wednesday’s high $144.57 to bring the first major resistance level at $146.38 into play before any pullback. For Bitcoin Cash ABC to enjoy another major bounce, there’s going to need to be significant support from the broader market.

Failure to move back through to $130 levels could see Bitcoin Cash ABC give up some of the week’s gains, with a fall through $124 to the morning low $122.45 likely to bring the first major support level at $103.8 into play before any recovery, sub-$100 levels unlikely to be in play on the day.

Litecoin Gives up $30

Litecoin fell by 3.72% on Wednesday, partially reversing a 4.29% rise on Tuesday, to end the day at $29.00.

A bullish start to the day saw Litecoin rally to an early afternoon intraday high $31.59, Litecoin breaking through the first major resistance level at $30.98 before easing back to sub-$30 levels and an intraday low $28.64, Litecoin calling on the first major support level at $28.49 late in the day to move back through to $29 levels.

The day’s loss brought to an end a run of 5 consecutive days in the green, in a day that was mixed across the broader market.

At the time of writing, Litecoin was down 0.1% to $28.97, in what’s been a range bound start to the day, a morning low $28.81 and high $29.23 leaving the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high to $29.7 levels would support a move through to $30 levels to bring the first major resistance level at $30.85 into play, while resistance at $31 levels will likely to pin Litecoin back from a breakout to $32 levels to test the second major resistance level at $32.69.

Failure to move through to $29.7 could see Litecoin pullback through the morning low $28.81 to bring $27 levels and the first major support level at $27.90 into play, with sub-$27 support levels in play should sentiment shift across the broader market later in the day.

Ripple Joins Litecoin in the Red

Ripple’s XRP fell by 1.09% on Wednesday, partially reversing a 7.02% rise on Tuesday, to end the day at $0.35786.

Tracking the broader market in the early part of the day, Ripple’s XRP rallied to an early afternoon intraday high $0.40620, breaking through the day’s major resistance levels before easing back to $0.35 levels by the day’s end. The day’s major support levels were left untested on the day, with Ripple’s XRP striking $0.40 levels for the first time since 19^th November.

At the time of writing, Ripple’s XRP was up 1.51% to $0.36326, with moves through the early morning seeing Ripple’s XRP rise from a start of a day morning low $0.353 to a morning high $0.3649 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 $0.3649 to $0.37 levels would support a run at $0.39 levels and the day’s first major resistance level at $0.3905, while Ripple’s XRP will need another broad based crypto rally to bring $0.40 levels back into play. We would expect Ripple’s XRP to be pinned back from a break out to $0.42 levels however, with the 23.6% FIB of $0.4164 there to catch any breakout attempts.

Failure to move through to $0.37 levels could see Ripple’s XRP struggle later in the day, with pullback through the morning low $0.353 bringing $0.34 levels and the first major support level at $0.3416 into play before any recovery.

Buy & Sell Cryptocurrency Instantly