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

Bitcoin Cash – ABC – Slides for a 4^th 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.

Buy & Sell Cryptocurrency Instantly