Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/11/18

The majors are on the move and need to hold onto current levels to hold on to gains later in the day, key resistance levels being tested early on.
Bob Mason
Crypto coins 77

Bitcoin Cash – ABC Bounces

Bitcoin Cash ABC fell by 0.12% on Tuesday, following a 3% slide on Monday, to end the day at $175.86.

A bullish start to the day saw BCH ABC rise to an early morning intraday high $185.82 before easing back, the day’s high falling well short of the first major resistance level at $199.15.

Reversing through the morning, BCH ABC slipped to an early afternoon intraday low $165 before finding support from the broader market to move back through to $175 levels, the day’s low steering well clear of the first major support level at $156.95.

At the time of writing, BCH ABC was up 3.7% to $182.38, with a bullish start to the day seeing BCH ABC rise from a morning low $173.25 to an early morning high $186 before easing back,  resistance at the day’s first major resistance level at $186.13 pinning BCH ABC back from more material gains.

For the day ahead, a move back through the morning high $186 and first major resistance level would support a run at $190 levels, though we can expect BCH ABC to fall short of $200 levels in the event of an afternoon rally, the second major resistance level at $196.39 likely to limit more material gains on the day.

Failure to move back through the morning high could see BCH ABC pullback through the morning low $173.25 to bring sub-$170 levels into play, while we would expect the day’s first major support level at $165.31 to be left untested on the day, barring materially negative news hitting the wires.

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Litecoin Eyeing the $40s

Litecoin rallied by 6.05% on Tuesday, reversing Monday’s 4.18% loss with interest, to end the day at $30.85.

A mixed start to the day saw Litecoin pullback from a morning high $29.93 to a late morning intraday low $28.23 before finding support, Litecoin holding well above the first major support level at $27.17.

Recovering through the late morning, Litecoin rallied to a late in the day intraday high $31.32, falling just shy of the first major resistance level at $31.41 before easing back to sub $31 levels by the day’s end.

At the time of writing, Litecoin was up 4.93% to $32.37, a bullish morning seeing Litecoin move from a morning low $30.71 to a morning high $32.9 before easing back, Litecoin breaking through and holding above the first major resistance level at $32.04.

For the day ahead, holding onto $32 levels through the early afternoon would support a break through to $33 levels to test the day’s first major resistance level at $33.22 before pulling back, while $34 levels are unlikely to be touched on the day.

Failure to hold onto $32 levels through the early afternoon could see Litecoin hit reverse later in the day, with a pullback through the morning low $30.71 bringing sub-$30 levels into play, while we would expect Litecoin to steer clear of the day’s first major support level at $28.95.

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Ripple on the Move

Ripple’s XRP gained 0.76% on Tuesday, partially reversing Monday’s 4.74% slide, to end the day at $0.36618.

Tracking the broader market, Ripple’s XRP eased back from a morning high $0.36763 to a late morning intraday low $0.3466, holding just above the day’s first major support level at $0.3403 before steadying to a range bound afternoon.

A late in the day intraday high $0.37922 came up well short of the first major resistance level at $0.3932 before easing back to $0.36 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 4.49% to $0.38262, a rally in the early hours seeing Ripple’s XRP move from a start of a day low $0.36606 to a morning high $0.389 before easing back, the day’s first major resistance level at $0.3814 pinning Ripple’s XRP back from a break through to $0.39 levels.

For the day ahead, a move back through the day’s first major resistance level would support another run at $0.39 levels to bring the day’s second major resistance level at $0.3966 into play before any pullback, $0.40 levels unlikely to be touched through the day.

Failure to move back through to the day’s first major resistance level could see Ripple’s XRP cough up some of the morning gains, with a pullback through the morning low $0.36606 bringing $0.35 levels and the day’s first major support level at $0.3488 into play before any recovery.

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