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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/12/18

It’s a mixed start to the day for the majors, with Bitcoin Cash ABC struggling, while Litecoin and Ripple’s XRP hold onto minor gains early on.
Bob Mason
Cryptos

Bitcoin Cash – ABC – Sees More Red

Bitcoin Cash ABC tumbled by 14.8% on Thursday, reversing Wednesday’s 2.89% gain, to end the day at $147.54.

An early rise to an intraday high $175.94 was the only bullish move of the day, Bitcoin Cash ABC coming up well short of the first major resistance level at $186.97 before hitting reverse.

Sliding through the rest of the day, Bitcoin Cash ABC fell to a late in the day intraday low $144.46, the reversal seeing Bitcoin Cash ABC fall through the 38.2% FIB Retracement Level and first major support level at $163 and second major support level at $151.11 to strike $140 levels for the first time since 19th December and the 50% rally.

At the time of writing, Bitcoin Cash ABC was down 3.14% to $142.90, with Bitcoin Cash ABC sliding from a start of a day morning high $150.97 to a morning low $141.12 before finding support, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $156 would support a move through to $160 levels, while we would expect Bitcoin Cash ABC to fall short of the first major resistance level at $167.5, with Bitcoin Cash ABC needing to break through the 38.2% FIB of $163 to support a breakout.

Failure to move through to $156 levels later in the day could see Bitcoin Cash ABC take a bigger hit, with a fall through the morning low $141.12 bringing the first major support level at $136 into play before any recovery, sub-$130 support levels in play should sentiment across the market deteriorate through the day.

Litecoin Struggles Continue

Litecoin slumped by 9.17% on Thursday, marking a 4th consecutive day in the red, to end the day at $27.72.

A bearish morning saw Litecoin fall from an early intraday high $31.09 to a morning low $29.81, steering clear of the day’s major support and resistance levels before a late afternoon tumble.

Litecoin fell to an intraday low $27.48, falling through the first major support level at $28.96 to call on support at the second major support level at $27.41 before steadying.

At the time of writing, Litecoin was up 0.69% to $27.91, with moves through the early hours seeing Litecoin rise from a start of a day morning low $27.72 to a morning high $28.08 before easing back to $27 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $28.08 to $28.8 would support a run through to $29 levels to bring the first major resistance level at $30.05 into play before any pullback, though sentiment will need to materially improve across the broader market for Litecoin to break through to $30 levels on the day.

Failure to move through the morning high $28.08 could see Litecoin hit reverse later in the day, with a fall through the morning low $27.72 bringing $26 levels and the day’s first major support level at $26.44 into play before any recovery.

Ripple Eyeing sub-$0.30 Levels

Ripple’s XRP slid by 10.39% on Thursday, following on from a 1.31% fall on Wednesday, to end the day at $0.34773.

Tracking the broader market through the day, Ripple’s XRP fell from an early morning intraday high $0.38989 to a late in the day intraday low $0.33872 before recovering to $0.34 levels by the day’s end.

The reversal saw Ripple’s XRP slide through the first major support level at $0.3676 and second major support level at $0.3474, with the day’s high coming up well short of the first major resistance level at $0.4065.

At the time of writing, Ripple’s XRP was up 0.33% to $0.34887, with a mixed start to the day seeing Ripple’s XRP fall to an early morning low $0.34288 before hitting a morning high $0.35314, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.35314 to $0.3588 would support a move through to $0.36 levels to bring the first major resistance level at $0.3788 into play before any pullback, with $0.40 levels and the second major resistance level at $0.4100 unlikely to be in play later in the day.

Failure to move back through the morning high could see Ripple’s XRP hit reverse later in the day, with a pullback through the morning low $0.34288 bringing $0.33 levels and the first major support level at $0.3277 into play, with sentiment across the broader market to dictate whether Ripple’s XRP will visit $0.31 levels before any recovery.

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