Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/01/19

It’s a mixed start to the day for the majors, which could ultimately lead to some losses through the morning, investors wary afternoon Sunday’s sell-off.
Bob Mason
Cryptos

Bitcoin Cash – ABC – Slides

Bitcoin Cash ABC fell by 5.30% on Sunday, reversing a 1.02% gain from Saturday, to end the week down 1.92% at $122.01.

A late morning intraday high $129.33 came up short of the day’s first major resistance level at $130.34 before hitting reverse.

Bitcoin Cash ABC slid to a mid-day intraday low $120.02, falling through the first major support level at $126.41 and second major support level at $124.66 to call on support at the third major support level at $120.73 before steadying.

At the time of writing, Bitcoin Cash ABC was up 0.42% to $122.53, with Bitcoin Cash ABC moving from a start of a day morning low $122.08 to a morning high $122.75 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high $122.75 to $123.80 levels would signal a possible rebound to bring $127 levels and the day’s first major resistance level at $127.55 before any pullback, with Sunday’s high $129.33 likely to pin Bitcoin Cash ABC back from a break back through to $130 levels.

Failure to move through to $123.80 levels could see Bitcoin Cash ABC continue to struggle through the day, with a pullback through to $121 levels likely to bring Sunday’s low $120.02 into play before any recovery, sub-$120 and the day’s first major support level at $118.24 unlikely to be in play barring another crypto sell-off later in the day.

Litecoin Hits Reverse

Litecoin slid by 5% on Sunday, reversing Saturday’s 4.1% gain, to end the week up 2.34% at $30.61.

Tracking the broader market through the day, Litecoin struck a late morning intraday high $33.08, coming up short of the first major resistance level at $33.26, before hitting reverse.

Litecoin fell through the first major support level at $31.06 to a mid-day intraday low $30.20 before finding support, sub-$30 levels avoided on the day.

At the time of writing, Litecoin was flat at $30.61, with Litecoin falling from an early morning high $30.88 to a morning low $30.51 before steadying, the day’s major support and resistance left untested early on.

For the day ahead, a move back through to $31.30 levels could see Litecoin take a run at $32 levels to bring the day’s first major resistance level at $32.39 into play before any pullback. Sunday’s high $33.08 will likely to pin Litecoin back from any attempted breakout to $34 levels should sentiment improve through the day.

Failure to move through to $31.30 levels could see Litecoin struggle through the day, a pullback through this morning’s low $30.51 bringing sub-$30 levels and the first major support level at $29.51 into play before any recovery.

 

Ripple Tracks the Pack

Ripple’s XRP fell by 4.20% on Sunday, reversing Saturday’s 2.36% gain, to end the week down 0.10% at $0.32131.

An early morning intraday high $0.33797 was the only bullish move of the day, Ripple’s XRP falling short of the first major resistance level at $0.3476, ahead of the broad based market sell-off.

The late morning sell-off saw Ripple’s XRP slide to mid-day intraday low $0.31545, falling through the first major support level at $0.3253 to call on support at the second major support level at $0.3173 before moving back to $0.32 levels.

At the time of writing, Ripple’s XRP was down 0.13% to $0.32088, with a bearish start to the day seeing Ripple’s XRP fall from a morning high $0.32235 to a morning low $0.32027 before steadying. The early moves left the day’s major support and resistance left untested.

For the day ahead, a move through the morning high $0.32235 to $0.3250 levels would support a return to $0.33 levels to bring the first major resistance level at $0.3344 into play before any pullback. We would expect Ripple’s XRP to come up short of the second major resistance level at $0.3474, with Sunday’s high likely to pin back a Ripple’s XRP breakout.

Failure to move through to $0.3250 levels could see Ripple’s XRP struggle later in the day, with a fall through the morning low $0.32027 likely to see Ripple’s XRP fall to $0.31 levels, bringing the day’s first major support level at $0.3119 into play. We would expect Ripple’s XRP to steer clear of the second major support level at $0.3024 and sub-$0.30 levels on the day, barring a broad based crypto sell-off.

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