Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/01/19

Bitcoin Cash – ABC – Hits the Brakes

Bitcoin Cash ABC fell by 1.71% on Thursday, partially reversing a 3.59% gain from Wednesday, to end the day at $128.04.

A bearish morning saw Bitcoin Cash ABC fall from a start of a day intraday high $130.27 to an early morning intraday low $126.00 before steadying.

Falling well short of the day’s first major resistance level at $134.71, Bitcoin Cash ABC fell through the first major support level at $127.29 in the early hours before finding support. A 2^nd half of a day high $129.13 saw Bitcoin Cash ABC come up short of a recovery to $130 levels by the day’s end, to trail the top 10 on the day.

At the time of writing, Bitcoin Cash ABC was down 0.26% to $127.71, with moves through the early hours seeing Bitcoin Cash ABC fall from a start of a day high $128 to a morning low $127.51 before steadying. The day’s major support levels were left untested early on.

For the day ahead, a move through to $128 levels would support a run back through to $130 levels to bring the day’s first major resistance level at $130.21 into play before any pullback. Barring a material improvement in sentiment across the broader market later in the day, we don’t expect the second major resistance level at $132.37 to be in play on the day.

Failure to move back through to $128 levels could see Bitcoin Cash ABC pullback through to $126 levels, bringing the day’s first major support level at $125.94 into play before any recovery. Heavier losses are not expected barring a broad based sell-off, which would bring $123 levels and the second major support level at $123.83 into play.

Litecoin Finds Support

Litecoin rose by 2.75% on Thursday, following from a 0.41% gain on Wednesday, to end the day at $32.47.

Bearish through the early hours, Litecoin fell through the first major support level at $31.21 to a mid-morning intraday low $31.08 before making a move.

Rallying through to the late afternoon, Litecoin broke through the first major resistance level at $32.10 and second major resistance level at $32.59 to strike an intraday high $33.13 before easing back to $32 levels.

At the time of writing, Litecoin was up 0.92% to $32.77, a bullish start to the day seeing Litecoin rise from a morning low $32.47 to a morning high $32.95 before easing back. 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 $33 levels would support a run at the first major resistance level at $33.37 before any pullback. We would expect $34 levels and the second major resistance level at $34.28 to be off the table later in the day, barring a broad based pre-weekend rally that could deliver $35 levels for the bulls.

Failure to move back through the morning high $32.95 could see Litecoin hit reverse later in the day, a pullback through the morning low $32.47 to $32.2 levels bringing the day’s first major support level at $31.32 into play before any recovery. We would expect sub-$31 support levels to be left untested on the day.

Ripple Trundles Along

Ripple’s XRP gained 0.89% on Thursday, partially reversing a 0.97% fall from Wednesday, to end the day at $0.32310.

Tracking the broader market, Ripple’s XRP fell to a mid-morning intraday low $0.3180, holding above the day’s first major support level at $0.3170 before finding support from the broader market.

Ripple’s XRP rallied to a late afternoon intraday high $0.32612, breaking through the first major resistance level at $0.3249 before easing back.

At the time of writing, Ripple’s XRP was down 0.02% to $0.32304, with Ripple’s XRP rising to an early morning high $0.32467 before hitting reverse. A pullback to a morning low $0.32211 left the major support and resistance levels untested early on.

For the day ahead, a hold above $0.322 levels through the morning would support a move back through the morning high $0.32467 to bring the first major resistance level at $0.3268 into play before any pullback. Support from the broader market could deliver a move through to $0.33 levels to test the second major resistance level at $0.3305 before any pullback.

Failure to hold above $0.322 levels could see Ripple’s XRP slide back through the morning low $0.32211 to bring $0.31 levels and the first major support level at $0.3187 into play before any recovery. While we would expect sub-$0.31 support levels to be out of play through the day, a broad based crypto sell-off would bring the second major support level at $0.3143 into play.

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