Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/11/18

Bitcoin Cash – ABC Slides Again

Bitcoin Cash ABC resumed its downward trend at the start of the week, falling by 3%, following last week’s 36.8% tumble, to end the day at $175.52.

A bullish start to the day saw BCH ABC rally through to a late morning intraday high $204.2, breaking through the 23.6% FIB Retracement Level of $192 and the first major resistance level at $195.81 before succumbing to market forces.

A broad based sell-off saw BCH ABC slide to a late afternoon intraday low $162, before finding support, the reversal leaving the day’s major support levels untested, while pulling back below the 23.6% FIB Retracement Level of $192.

At the time of writing, BCH ABC was up 0.73% to $176.8, with moves through the early morning seeing BCH ABC recover from an early morning low $172.12 to a morning high $185.82 before easing back to $170 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $180 levels would support another run at $190 levels to bring the day’s first major resistance level at $199.15 and $200 levels into play before any pullback, though BCH ABC will need to find support from the broader market for a breakout to $190 levels and beyond later in the day.

Failure to move back through to $180 levels could see BCH ABC hit reverse, with a fall through the morning low $172.12 bringing $160 levels back into play before any recovery, the day’s first major support level at $156.95 unlikely to be tested barring a mass cryptomarket sell-off later in the day.

Litecoin Back in the $20s

Litecoin fell by 4.18% on Monday, reversing most of Sunday’s 6.36% gain, to end the day at $29.10, the reversal coming off the back of last week’s 27% loss.

Tracking the broader market, Litecoin rallied to a late morning intraday high $31.8, before hitting the reverse, Litecoin coming up short of the day’s first major resistance level at $32.78.

The late morning reversal saw Litecoin slide to an intraday low $27.56, coming within range of the first major support level at $27.23 before steadying.

At the time of writing, Litecoin was up 2.06% to $29.7, Litecoin recovering from a morning low $28.6 to a morning high $29.92 before steadying, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a hold above $29.5 through the morning would support a move through to $30 levels to bring the day’s first major resistance level at $31.41 into play before any pullback, resistance likely to be the higher side on any run at $32 levels to leave the day’s second major resistance level at $33.73 out of reach.

Failure to hold above $29.5 through the morning could see Litecoin pullback through the morning low $28.6 to bring $27 levels and the day’s first major support level at $27.17 into play before any recovery, sub-$27 support levels unlikely to be tested barring materially negative news hitting the crypto wires.

Ripple Slides

Ripple’s XRP tumbled by 4.74% on Monday, following on from last week’s 25.8% slide, to end the day at $0.3639.

Bucking the trend from across the broader market, Ripple’s XRP fell from a start of a day intraday high $0.3989 to a late afternoon intraday low $0.34607 before steadying, the moves through the day leaving the major support and resistance levels untested.

At the time of writing, Ripple’s XRP was down 1.33% to $0.35905, with a relatively bearish start to the day seeing Ripple’s XRP fall from a morning high $0.36393 to a low $0.35336 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.36393 would be needed to support a run at $0.38 levels to bring the day’s first major resistance level at $0.3932 into play before any pullback, $0.40 levels likely to be out of play for a 3^rd consecutive day, with Ripple’s XRP likely to need support from the broader market to breakout from $0.37 levels later in the day.

Failure to move back through the morning high to $0.37 levels could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.35336 bringing $0.34 levels and the day’s first major support level at $0.3403 into play before any recovery, sub-$0.34 support levels unlikely to be tested barring particularly negative news hitting the wires.

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