Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/12/18

It’s back in the red for the majors, with the bears looking to eat into last week’s gains.
Bob Mason
cryptos 8

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC gained 2.89% on Wednesday, partially reversing a 5.99% fall on Tuesday, to end the day at $174.98.

A bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $187.02, breaking through the first major resistance level at $183.82 and 23.6% FIB Retracement Level of $184, before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to an early afternoon intraday low $163.1 before recovering to $170 levels, the day’s first major support level at $153.61 left untested on the day.

At the time of writing, Bitcoin Cash ABC was down 3.96% to 168.05, with a bearish start to the day seeing Bitcoin Cash ABC fall from a morning high $175.94 to a morning low $166.32 before steadying, the day’s major support and resistance levels left untested early in the day.

For the day ahead, a move back through to $175 levels and the morning high $175.94 would bring $180 levels into play, with a broad based crypto rebound needed to bring the day’s first major resistance level at $186.97 into play later in the day.

Failure to move back through to $175 levels could see Bitcoin Cash ABC pullback deeper into the red, with a fall through the morning low $166.32 bringing the first major support level and 38.2% FIB Retracement Level of $163 into play, while we would expect Bitcoin Cash ABC to steer clear of sub-$160 levels on the day.

Litecoin at sub-$30

Litecoin fell by 0.78% on Wednesday, following on from a 6.7% slide on Tuesday, to end the day at $30.52.

Tracking the broader market, a bullish start to the day saw Litecoin rally to an early morning intraday high $31.89 before hitting reverse, the day’s high coming up short of the first major resistance level at $32.66.

The morning pullback saw Litecoin slide through the first major support level at $29.27 to an early afternoon intraday low $28.87 before finding support to move back through to $30 levels by the day’s end.

At the time of writing, Litecoin was down 2.23% to $29.84, with Litecoin sliding from a morning high $31.09 to a morning low $29.53, the day’s major support and resistance levels left untested early on in the day.

For the day ahead, a move back through to $30.50 levels would support another run at $31 levels to bring the first major resistance level at $31.98 into play before any pullback, the broader market needing to recover from early losses to bring $32 levels into play later in the day.

Failure to move back through $30.50 levels could see Litecoin pullback deeper into the red, with a fall through the morning low $29.53 bringing the first major support level at $28.96 into play, sub-$28 support levels unlikely to be tested on the day.

Ripple on the Back Foot

Ripple’s XRP fell by 1.31% on Wednesday, following on from Tuesday’s 5.32% slide, to end the day at $0.38774.

A start of a day rally saw Ripple’s XRP rise to an early morning intraday high $0.40503 before hitting reverse, Ripple’s XRP coming up short of the first major resistance level at $0.4151 and the 23.6% FIB Retracement Level of $0.4164.

The reversal saw Ripple’s XRP slide to an early afternoon intraday low $0.36613, falling through the first major support level at $0.3715 before finding support to recovery to $0.38 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 2.66% to $0.37743, with moves through the early morning seeing Ripple’s XRP fall from a morning high $0.38989 to a morning low $0.376, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.38989 by the early afternoon would bring $0.40 levels and the day’s first major resistance level at $0.4065 into play, with sentiment across the broader market needing to materially improve for Ripple’s XRP to take a run at $0.41 levels in the event of a rebound.

Failure to move back through the morning high could see Ripple’s XRP take a bigger hit later in the day, a pullback through the morning low $0.376 bringing $0.36 levels and the first major support level at $0.3676 into play before any recovery, sub-$0.36 support levels unlikely to be tested on the day.

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