Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/01/19

Bitcoin Cash – ABC – Sees Red Again

Bitcoin Cash ABC slipped by 0.74% on Friday, following on from a 1.7% fall on Thursday, to end the day at $127.05.

A bearish start to the day saw Bitcoin Cash ABC fall from an early morning intraday high $128.35 to an intraday low $125, calling on support at the first major support level at $125.94 before recovering to an afternoon high $127.33.

Bearish sentiment across the broader market weighed, Bitcoin Cash ABC seeing it’s week’s gains reduced to 3.5%.

At the time of writing, Bitcoin Cash ABC was up 0.29% to $127.42, with a bullish start to the day seeing Bitcoin Cash ABC rise from a morning low $125.71 to a high $127.42, Bitcoin Cash ABC coming within range of the first major support level at $125.25 early on in the day.

For the day ahead, a hold onto $127 levels through the morning would support a run at $128 levels to bring the first major resistance level at $128.6 into play, with a broad based crypto rally likely to see Bitcoin Cash ABC take a run at $130 levels and the second major resistance level at $130.15 before any pullback.

Failure to hold onto $127 levels through the morning could see Bitcoin Cash ABC hit reverse later in the day, with a fall back through to $125 levels likely to see Bitcoin Cash ABC call on support at the first major support level at $125.25 before any recovery. We would expect Bitcoin Cash ABC to steer clear of sub-$125 support levels, barring a broad based sell-off later in the day.

Litecoin Bucks the Trend

Litecoin rose by 0.8% on Friday, following on from a 2.75% gain from Thursday, to end the day at $32.73.

Bearish through the morning, Litecoin fell from an early morning intraday high $32.95 to an early afternoon intraday low $31.84 before finding support late in the day.

Bucking the trend from the broader market, Litecoin broke back through to $32 levels late in the day, reversing the day’s losses to leave Litecoin up 6.93% for the current week.

At the time of writing, Litecoin was up 0.21% to $32.80, with moves through the early hours seeing Litecoin fall from a start of a day morning high $32.90 to a morning low $32.51 before recovering, the major support and resistance levels left untested early on.

For the day ahead, a hold above the morning low $32.51 through to the early afternoon would support a run at $33 levels to bring the first major resistance level at $33.17 into play. We would expect Litecoin to fall short of $34 levels on the day, in the event of a rally, with the second major resistance level at $33.62 there to pin Litecoin back from a breakout.

Failure to hold above $32.51 could see Litecoin slide through the first major support level at $32.06 to $31 levels, with a broad based crypto sell-off likely to bring the second major support level at $31.40 into play before any recovery.

 

Ripple Slides Back

Ripple’s XRP fell by 1.13% on Friday, reversing a 0.89% gain from Thursday, to end the day at $0.31949.

A particularly bearish start to the day saw Ripple’s XRP slide from an early morning intraday high $0.32647 to a late morning intraday low $0.31445 before finding support. The moves through the morning saw Ripple’s XRP slide through the first major support level at $0.3187 to call on support at the second major support level at $0.3143. The early morning high saw Ripple’s XRP fall short of the first major resistance level at $0.3268.

At the time of writing, Ripple’s XRP was up 0.24% to $0.32027, with a bullish start to the day seeing rise from a morning low $0.31921 to a morning high $0.32085, 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 a run at the day’s first major resistance level at $0.3246, while we would expect Ripple’s XRP to continue to fall short of $0.33 levels, with the second major resistance level at $0.3298 there to pin Ripple’s XRP from a breakout.

Failure to hold onto $0.32 levels could see Ripple’s XRP hit reverse later in the day, with a pullback through the morning low $0.31921 likely to bring the first major support level at $0.3144 into play. We would expect Ripple’s XRP to steer clear of sub-$0.31 levels, with the second major support level at $0.3093 there to limit heavier losses on the day.

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