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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/12/18

The bears hit back early on in the day, the majors deep in the red, with an afternoon rebound needed to avoid an equity like end to the year.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 8.14% on Monday, following a 0.02% gain on Sunday, to end the day at $179.89, the loss for the day bucking the trend from the broader market.

A bullish start to the day saw Bitcoin Cash ABC rally to a late morning intraday high $212.23, breaking through the first major resistance level at $207.67, before hitting reverse.

Reversing through the afternoon, Bitcoin Cash ABC tumbled through the first major support level at $185.36 and 23.6% FIB of $184 to an intraday low $175.48 before finding support, Bitcoin Cash ABC coming within range of the second major support level at $174.73 late in the day.

The trend bucking move will likely have been as a result of some profit taking off the back of last week’s 148% gain.

At the time of writing, Bitcoin Cash ABC was down 9.69% to 162.46, with Monday’s afternoon sell-off continuing into the early hours. Bitcoin Cash ABC slid from a start of a day high $181.1 to a morning low $156, falling through the first major support level at $166.17 on the way.

For the day ahead, a move back through the 38.2% FIB of $164 and the first major support level at $166.17 would support a run at $190 levels to bring the first major support level at $202.92 into play, though sentiment across the broader market would need to materially shift to support an afternoon rebound.

Failure to move back through the 38.2% FIB could see Bitcoin Cash ABC struggle through the day, with a pullback through the morning low $156 bringing the second major support level at $152.45 and $140 levels into play before any recovery.

Litecoin on the Slide

Litecoin fell by 0.09% on Monday, following on from a 4.65% rally on Sunday, to end the day at $33.05.

Tracking the broader market, a bullish start to the day saw Litecoin rally to an early afternoon intraday high $36.78 before hitting reverse, Litecoin breaking through the first major resistance level at $34.13 and second major resistance level at $35.19 on the way.

A late afternoon reversal saw Litecoin fall to an intraday low $32.6 before steadying, Litecoin managing to steer clear of the first major support level at $31.72 on the day.

At the time of writing, Litecoin was down 6.32% to $30.96, with a start of a day sell-off seeing Litecoin fall from $33 levels to a morning low $30.4, Litecoin falling through the first major support level at $31.51 to come within range of the second major support level at $29.96.

For the day ahead, a move back through to $31 levels and the first major support level at $31.51 would support a run at the morning high $33.05 to bring $34 levels into play in the event of a rebound, the day’s first major resistance level at $35.69 unlikely to be tested on the day.

Failure to move back through to $31.5 levels by the early afternoon could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $30.4 bringing sub-$30 levels and the second major support level at $29.96 into play before any recovery.

Ripple Takes a Hit

Ripple’s XRP rallied by 10.99% on Monday, following on from a 1.94% gain on Sunday, to end the day at $0.4137.

A particularly bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.46669, breaking through the major resistance levels and 23.6% FIB of $0.4164, before easing to $0.40 levels late in the day.

Ripple’s XRP managed to move back through the 23.6% FIB late in the day and hold above the second major resistance level at $0.4083.

At the time of writing, Ripple’s XRP was down 5.8% to $0.38970, with Ripple’s XRP falling through the 23.6% FIB of $0.4164 to a morning low $0.38090 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.40 levels would support a run at the 23.6% FIB of $0.4164 to bring $0.42 levels into play before any pullback, sentiment across the broader market needing to materially improve to support a break out from the 23.6% FIB, the day’s first major resistance level at $0.4600 unlikely to be in play on the day.

Failure to move back through to $0.40 levels could see Ripple’s XRP take a bigger hit later in the day, a fall through the morning low $0.38090 bringing the first major support level at $0.3734 into play before any recovery, $0.36 levels likely to be as bad as it will get in the event of a continued slide.

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