Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/01/19

Bitcoin Cash – ABC – Bounces Back

Bitcoin Cash ABC rallied by 5.08% on Tuesday, reversing a 1.65% fall from Monday, to end the day at $127.02.

A bearish start to the day saw Bitcoin Cash ABC slide through the day’s major support levels to a late morning intraday low $115.4 before bouncing back.

Tracking the broader market, Bitcoin Cash ABC rallied to a late afternoon intraday high $130.81, breaking through the day’s major resistance levels and holding above the third major resistance level at $126.47 by the day’s end.

At the time of writing, Bitcoin Cash ABC was 2.39% to $130.05, with moves through the early part of the day seeing Bitcoin Cash ABC rise from a start of a day morning low $126.64 to a morning high $130.6 before easing back.

For the day ahead, a hold onto $130 levels through the morning would support a run at $132 levels to bring $133 levels and the day’s first major resistance level at $133.43 into play, though Bitcoin Cash ABC will need support from the broader market for a break out from $130 levels later in the day.

Failure to hold onto $130 levels could see Bitcoin Cash ABC pullback through the morning low $126.64 to give up the morning gains, with any fall through to $124 levels likely to be a signal for a reversal of Tuesday’s gains, the first major support level at $118.01 coming into play in the event of a sell-off.

Litecoin Steadies

Litecoin rose by 2.11% on Tuesday, following on from a 0.69% gain on Monday, to end the day at $31.48.

Negative sentiment across the cryptomarket weighed through the morning, leading Litecoin to a late morning intraday low $29.41, Litecoin falling through the first major support level at $30.34 and second major support level at $29.87 before finding support from the broader market.

Rallying through the late morning and early afternoon, Litecoin broke through the first major resistance level at $31.33 and second major resistance level at $31.85 to hit a late afternoon intraday high $32.01 before easing back to $31 levels.

At the time of writing, Litecoin was up 0.29% to $31.57, with a range bound start to the day seeing Litecoin rise to a morning high $31.90 before pulling back to a morning low $31.43, the major support and resistance levels left untested early on.

For the day ahead, a hold onto $31 levels through the morning would support a move back through the morning high to bring $32 levels and the day’s first major resistance level at $32.52 into play before any pullback, $33 levels and the second major resistance level at $33.57 unlikely to be in play barring a major crypt rally later in the day.

Failure to hold onto $31 levels could see Litecoin slide back to call on support at the first major support level at $29.92 before any recovery, sub-$29 support levels unlikely to be tested barring a broad based sell-off later in the day.

Ripple Trails the Majors

Ripple’s XRP gained 0.53% on Tuesday, following on from a 0.22% rise on Monday, to end the day at $0.3240.

Tracking the broader market through the morning, Ripple’s XRP slumped to a late morning intraday low $0.3100, falling through the first major support level at $0.3172 and second major support level at $0.3123 before recovering to $0.32 levels.

Relatively range bound through the 2^nd half of the day, a late afternoon intraday high $0.32708 saw Ripple’s XRP come up against the day’s first major resistance level at $0.3271 before easing back to particularly tight ranges in the latter part of the day.

At the time of writing, Ripple’s XRP was down 0.37% to $0.32281, with moves through the early morning seeing Ripple’s XRP fall from a morning high $0.32586 to a morning low $0.32119 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead a hold onto $0.32 levels through the morning would support an afternoon recovery, with a move through the morning high $0.32586 bringing $0.33 levels and the day’s first major resistance level at $0.3307 into play before any pullback. We will expect Ripple’s XRP to fall short of $0.34 levels for a 4^th consecutive day, in the event of a rebound, with the second major resistance level at $0.3374 there to pin Ripple’s XRP back on the day.

Failure to hold onto $0.32 levels could see Ripple’s XRP slide back to call on support at the first major support level at $0.3136 before any recovery, Ripple’s XRP unlikely to test sub-$0.31 support levels, barring a broad based crypto sell-off later in the day.

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