Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/01/19

The bears take control early, with a sea of red across the majors. Things couldn’t go from bad to worse if key levels aren’t hit by the early afternoon.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Slides for a 4th Consecutive Day

Bitcoin Cash ABC slid by 3% on Sunday, following on from a 0.45% fall on Saturday, to end the week down by 1.12% to $121.38.

An early morning intraday high $125.85 was as good as it got for the bulls, with the bears taking over from there, the day’s high coming up well short of the first major resistance level at $127.34.

Bitcoin Cash ABC fell through the major support levels to an intraday low $118 before bouncing back. Bitcoin Cash ABC broke back through the third major support level at $119.43 to $122 levels, before easing back to $121 levels.

At the time of writing, Bitcoin Cash ABC was by 2.06% to $118.88, with Bitcoin Cash ABC sliding from a start of a day morning high $120.52 to a morning low $117.84 before recovering to $118 levels. Bitcoin Cash ABC came with range of the first major support level at $117.64 early on.

For the day ahead, a move through the morning high $120.52 to $121.5 levels would be needed to support a possible rebound later in the day. Sentiment across the broader market would need to materially improve for Bitcoin Cash ABC to take a run at $ the first major resistance level at $125.49. Sunday’s high $125.85 will likely to pin Bitcoin Cash ABC from more material gains on the day.

Failure to move back through to $120 levels could see Bitcoin Cash ABC pullback deeper into the red, with a fall through the first major support level at $117.64 likely to bring $115 levels and Tuesday’s swing lo $115.4 into play before any recovery.

Litecoin Slips

Litecoin fell by 2.17% on Sunday, following on from a 0.27% decline from Saturday, to end the week up 4.6% to $32.02.

A bearish first half of a day saw Litecoin slide from an early morning intraday high $32.90 to an early afternoon intraday low $31.06 before finding support.

While coming up short of the first major resistance level at $33.17, Litecoin fell through the first major support level at $32.06 and second major support level at $31.4, before recovering to $32 levels.

At the time of writing, Litecoin was down by 1.25% to $31.62, with a bearish start to the day seeing Litecoin fall from a morning high $32.27 to a morning low $31.4 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $32 levels would support a run at the first major resistance level at $32.92, though we can expect Litecoin to face plenty of resistance on any run at $33 levels, with Litecoin having struggled at $32.9 levels over the weekend.

A shift in sentiment across the broader market would certainly help, with the bears in control at the start of the week.

Failure to move back through to $32 levels could see Litecoin pullback through the morning low $31.4 to call on support at the first major support level at $31.09 before any recovery. We would expect a visit to sub-$31 levels should sentiment fail to improve, while we would expect Litecoin to hold above the second major support level at $30.15 on the day.

Ripple Tracks the Pack

Ripple’s XRP slid by 2.61% on Sunday, following on from a 0.31% fall from Saturday, to end the week down by 3.49% to $0.31019.

Tracking the broader market, Ripple’s XRP fell from an early morning intraday high $0.31919 to an early afternoon intraday low $0.30688 before recovering to $0.31 levels.

The reversal saw Ripple’s XRP fall through the day’s major support levels before breaking back through the third major support level at $0.3072. While moving back through to $0.31 levels, Ripple’s XRP was unable to break back through the second major support level at $0.3140.

At the time of writing, Ripple’s XRP was down by 1.1% to $0.30677, with Ripple’s XRP sliding from a start of a day morning high $0.31159 to a morning low $0.30633 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 $0.31159 to $0.3120 levels would support a run at the first major support level at $0.3173 to bring $0.32 levels into play before any pullback. Following last week’s moves, sentiment would need to materially improve however, for Ripple’s XRP to move back through to $0.31 levels.

Failure to move through the morning high could see Ripple’s XRP pullback deeper into the red, with a fall through the first major support level at $0.3050 likely to bring the second major support level at $0.2998 into play before any recovery.

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