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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/12/18

The majors are back on the move with an impressive start to the day and the week that gives the bull some new targets for the week.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Back on the Move

Bitcoin Cash ABC gained just 0.02% on Sunday, following a 1.76% rise on Saturday, to end the week up 148% at $196.00.

A relatively choppy day saw Bitcoin Cash ABC fall to an early morning intraday low $186.4, holding above the first major support level at $182.15 before rallying to an early afternoon intraday high $208.71.

Breaking through the first major resistance level at $207.61, Bitcoin Cash ABC was unable to move through to $210 levels leading to a pullback to sub-$200 levels through the late afternoon to run out the day within some tight ranges,

At the time of writing, Bitcoin Cash ABC was up 3.95% to $203.33, with a bullish start to the day seeing Bitcoin Cash ABC rise from a morning low $195.84 to a morning high $207.42 before easing back, the day’s first major resistance level at $207.67 pinning Bitcoin Cash ABC from more material gains early on.

For the day ahead, a hold onto $200 levels through the morning would support another run at the first major resistance level at $207.67 to bring $210 levels into play later in the day, with support from the broader market needed for a breakout later in the day.

Failure to hold onto $200 levels through the morning could see Bitcoin Cash ABC pullback through the morning low $195.84 to bring sub-$190 levels and the day’s first major support level at $185.36 into play before any recovery, though sentiment would need to materially shift for Bitcoin Cash ABC to slide back through the morning’s low.

Litecoin on the Rise, Eyeing the $40s

Litecoin rose by 4.65% on Sunday, following on from a 4.6% gain on Saturday, to end the week up 31.13% to $33.07.

Bullish through much of the day, Litecoin rallied from a start of a day intraday low $31.43 to a late afternoon intraday high $33.84.

Steering clear of the first major support level at $30.35, Litecoin broke through the first major resistance level at $32.22 and second major resistance level at $32.84 before easing back.

At the time of writing, Litecoin was up 6.86% to $35.34, a particularly bullish start to the day seeing Litecoin rally to a morning high $35.48, breaking through the first major resistance level at $34.13 and second major resistance level at $35.19 before easing back.

For the day ahead, holding above $33 levels through the morning would support positive momentum through the 2nd half of the day, with $36 levels in play before any pullback, Litecoin likely to come up short of the day’s third major resistance level at $37.60.

Failure to hold above $33 levels could see Litecoin hit reverse later in the day, a pullback through this morning’s $33.06 low likely to bring $31 levels and the first major support level at $31.72 into play before any recovery, heavier losses not expected in the event of a reversal.

Ripple Hits the $0.40s

Ripple’s XRP rose by 1.94% on Sunday, following on from a 1.75% gain on Saturday, to end the week up 26.7% to $0.37995.

A relatively bullish morning saw Ripple’s XRP break through the first major resistance level at $0.3833 and second major resistance level at $0.3936 to strike a late morning intraday high $0.39652 before easing back.

An early afternoon reversal saw Ripple’s XRP fall to an intraday low $0.37056, holding well above the first major support level at $0.3590 to close out the day within relatively tight ranges.

At the time of writing, Ripple’s XRP was up 5.3% to $0.4001, with moves through the morning seeing rally from a morning low $0.37970 to a morning high $0.41161 before easing back.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3941 and second major resistance level at $0.4083 to come within reach of the 23.6% FIB Retracement Level of $0.4164 before pulling back, the day’s first major support level at $0.3682 left untested early on.

For the day ahead, a move back through to $0.41 levels would signal another run at the 23.6% FIB of $0.4164, though Ripple’s XRP would need support from the broader market to support another breakout from the second major resistance level later in the day.

Failure to move back through to $0.41 levels later in the day could see Ripple’s XRP come under selling pressure, with a pullback through $0.3820 likely to bring $0.37 levels and the first major support level at $0.3682 into play in the event of a sell-off later in the day.

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