Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/01/19

Bitcoin Cash – ABC – Breaks Out

Bitcoin Cash ABC rose by 3.59% on Wednesday, following on from a 5.08% rally on Tuesday, to end the day at $131.33.

Bullish through to the late afternoon, Bitcoin Cash ABC rallied from a start of a day intraday low $126.64 to a late afternoon intraday high $134.06 before easing back.

Steering clear of the first major support level at $118.01, Bitcoin Cash ABC broke through the first major resistance level at $133.42 before falling back to sub-$130 levels. In spite of the late pullback, Bitcoin Cash ABC found support to recover to $131 levels.

At the time of writing, Bitcoin Cash ABC was down 1.77% to $129.00, with a late pullback from Wednesday continuing into the early hours, Bitcoin Cash ABC falling from a start of a day high $130.27 to a morning low $129.00.  The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high to $131 levels would support a run at $133 levels to bring the first major resistance level at $134.71 into play before any pullback. Wednesday’s high $134.06 and the day’s first major resistance level will likely pin Bitcoin Cash ABC back from a breakout to $135 levels on the day.

Failure to move through this morning’s high could see Bitcoin Cash ABC take a bigger hit later in the day, with a fall to $128 levels likely to see Bitcoin Cash ABC call on support at the first major support level at $127.29 before any recovery. Heavier losses could be on the cards should the broader markets hit red, though we would expect Bitcoin Cash ABC to steer clear of sub-$124 support levels.

Litecoin Holds On

Litecoin gained 0.41% on Wednesday, following on from a 2.11% rise on Tuesday, to end the day at $31.6

A mixed start to the day saw Litecoin fall to a late morning intraday low $31.31 before finding support, Litecoin managing to steer clear of sub-$30 levels and the first major support level at $29.92.

Recovering through the late morning, Litecoin struck an intraday high $32.2, coming up short of the first major resistance level at $32.52 before easing back to hold onto $31 levels by the day’s end.

At the time of writing, Litecoin was down 0.09% to $31.57, with Litecoin falling from a start of a day morning high $31.78 to a morning low $31.57, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $31.7 levels would support another run at $32 levels to bring the first major resistance level at $32.10 into play. A broad based crypto rally would bring the second major resistance level at $32.59 into play, while we would expect Litecoin to fall short of $33 levels on the day.

Failure to move back through to $31.70 levels could see Litecoin fall deeper into the red, with a fall through to sub-$31.5 levels bringing the first major support level at $31.21 into play before any recovery. Sub-$31 support levels could come into play later in the day should sentiment across the broader market fail to improve.

Ripple Loses More Ground

Ripple’s XRP fell by 0.97% on Wednesday, reversing a 0.22% gain from Monday, to end the day at $0.32046.

An early morning intraday high $0.32586 was as bullish as it got, with Ripple’s XRP falling well short of $0.33 levels and the first major resistance level at $0.3307.

Bearish through much of the day, Ripple’s XRP fell to a late in the day intraday low $0.3180, before recovering to $0.32 levels, Ripple’s XRP managing to hold above the first major support level at $0.3136 on the day.

At the time of writing, Ripple’s XRP was down 0.13% to $0.32003, with Ripple’s XRP recovering from an early morning low $0.31972 to hit a morning high $0.32052 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $0.3215 levels would support a run at the first major resistance level at $0.3249, with any support from the broader market likely to bring the second major resistance level at $0.3293 into play before any pullback. Ripple’s XRP has trailed the majors through the week so could be ripe for a bounce should sentiment improve.

Failure to move through to $0.3215 levels could see Ripple’s XRP pullback deeper into the red, a fall through the morning low $0.31972 bringing the first major support level at $0.3170 into play. A broad based sell-off could see Ripple’s XRP call on support at the second major support level at $0.3136.

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