Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/12/18

It’s a mixed start to the day, with Friday’s reversal continuing into the early hours. It could get messy if sentiment doesn’t shift by late morning…
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Back on the Move

Bitcoin Cash ABC slipped by 0.62% on Friday, following Thursday’s 50.57% surge, to end the day at $190.75. For the current week, that’s an impressive 141.4% gain.

A bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high and new swing hi $218.2, coming within range of the first major resistance level at $219.66 before hitting reverse.

An early afternoon intraday low $171.86 was as bearish as it got, support at the 23.6% FIB of $171 kicking in to hold Bitcoin Cash ABC well clear of the first major support level at $141.11 before recovering to $190 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 0.39% to $190.00, in what’s been a relatively choppy start to the day, a start of a day morning high $205.46 and a morning low $182.90 leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $194 levels would support another move through to $200 levels to bring the day’s first major resistance level at $215.35 into play before any pullback, negative sentiment across the broader market pinning Bitcoin Cash ABC back, with a material shift in sentiment needed for Bitcoin Cash ABC to resume its gravity defying rally.

Failure to move back through to $194 levels could see Bitcoin Cash ABC fall back deeper into the red, with a fall through the morning low $182.9 bringing $170 levels and the first major support level at $169.01 into play before any recovery, heavier losses unlikely on the day.

Litecoin Sees Red

Litecoin fell by 6.65% on Friday, partially reversing an 11.55% gain on Thursday, to end the day at $30.20. Moves through the week saw Litecoin gain 19.8% Monday through Friday.

Bullish through the early hours, Litecoin rallied to an early morning intraday high $33.06, before tracking the broader market into the red. A pullback through the day saw Litecoin slide to a late in the day intraday low $29.62, calling on support at the first major support level at $29.61 to move back through to $30 levels by the day’s end

At the time of writing, Litecoin was up 0.1% to $30.23, with moves through the morning seeing Litecoin fall from a start of a day morning high $30.4 to a morning low $29.87 before recovering, the major support and resistance levels left untested early on.

For the day ahead, a hold onto $30 levels through the morning would support a move through to $31 levels to bring the first major resistance level at $32.3 into play, with Litecoin likely to face plenty of resistance on the way through to $32 levels to pin Litecoin back from more material gains on the day.

Failure to hold onto $30 levels through the morning could see Litecoin hit reverse later in the day, a fall through the morning low $29.87 bringing the day’s first major support level at $28.86 into play before any recovery, the second major support level at $27.52 unlikely to be tested, barring a broad based crypto meltdown in the day.

Ripple Tracks the Pack

Ripple’s XRP slid by 5.46% on Friday, following an 8.22% rally on Thursday, to end the day at $0.36663. For the current week, Friday’s loss left Ripple’s XRP with a 25.2% gain, Monday through Friday.

An early morning bounce saw Ripple’s XRP hit an intraday high $0.39865, falling short of $0.40 levels and the first major resistance level at $0.4084 before hitting reverse.

Tracking the broader market, Ripple’s XRP fell to a late in the day intraday low $0.36, calling on support at the first major support level at $0.3596 to avoid sub-$0.36 levels on the day.

At the time of writing, Ripple’s XRP was down 1.08% to $0.36268, a bearish start to the day seeing Ripple’s XRP fall from a morning high $0.3699 to a morning low $0.35935, before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.3699 to $0.37 levels would be needed to bring the first major resistance level at $0.3902 into play, with a material shift in sentiment across the broader market needed to support a breakout to $0.40 levels later in the day.

Failure to move through to $0.37 levels could see Ripple’s XRP take a bigger hit later in the day, a pullback through the morning low $0.35935 bringing the first major support level at $0.3515 into play before recovering, the second major support level at $0.3364 unlikely to be in play on the day.

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