Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/01/19

It’s another bearish start to the week, which could weigh heavily later in the day should the majors fail to recover the losses by late morning.
Bob Mason
Cryptos

Bitcoin Cash – ABC – Slides for a 5th Consecutive Day

Bitcoin Cash ABC tumbled by 7.25% on Monday, following on from a 3% slide on Sunday, to end the day at $111.59.

A particularly bearish day saw Bitcoin Cash ABC slide from a start of a day intraday high $120.52 to an early afternoon intraday low and new swing lo $105 before finding support.

The reversal, coming off the back of a broad-based cryptomarket sell-off, saw Bitcoin Cash ABC slide through the day’s major support levels, before breaking back through the third major support level at $106.04, the first major resistance level at $125.49 left untested on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.86% to $109.51, with Bitcoin Cash ABC falling from a start of a day morning high $109.66 to a morning low $109.51. The major support and resistance levels were left untested early on.

For the day ahead, a move through to $112 levels would be needed to signal a rebound to bring the day’s first major resistance level at $119.74 into play. While a rebound could see Bitcoin Cash ABC recover most of Sunday’s losses, we would expect Bitcoin Cash ABC to fall short of $120 levels in the event of a broad-based crypto rebound.

Failure to move through to $112 levels could see Bitcoin Cash ABC take a dive later in the day, a pullback through the to $107 levels likely to lead to a slide through the first major support level at $104.22 to bring sub-100 levels into play before any recovery.

Litecoin Tracks the Pack

Litecoin fell by 3.31% on Monday, following on from a 2.17% decline from Sunday, to end the day at $30.96.

Tracking the broader market through the day, Litecoin slumped from a start of a day intraday high $32.27 to an afternoon intraday low $29.81 before finding support to move back through to $30 levels.

The reversal saw Litecoin slide through the first major support level at $31.09 and second major support level at $30.15, while managing to steer clear of $28 levels and the third major support level at $28.31. Litecoin came up short of the day’s first major resistance level at $32.93 at the start of the day.

At the time of writing, Litecoin was down by 0.55% to $30.79, with Litecoin falling from a start of a day morning high $31.21 to a morning low $30.61 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $31 levels would support a run at $32 levels to bring the day’s first major resistance level at $32.22 into play before any pullback. We would expect Sunday’s high $32.27 to pin Litecoin back from a breakout from $32 levels, barring a broad-based crypto rebound.

Failure to move back through to $31 levels could see Litecoin lose more ground later in the day. A fall through the morning low $30.61 would bring sub-$30 levels and the day’s first major support level at $29.76 into play. Heavier losses could be on the cards should sentiment fail to improve by late morning, with the second major support level at $28.55 in play through the day.

Ripple in Choppy Waters

Ripple’s XRP slid by 3.97% on Monday, following on from a 2.61% slide on Sunday, to end the day at $0.2977.

A start of a day intraday high $0.31159 saw Ripple’s XRP come up well short of the first major resistance level at $0.3173 before hitting reverse.

Tracking the broader market through the day, Ripple’s XRP slid through the day’s major support levels to an intraday low $0.28625 before finding support to move back through to $0.29 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.37% to $0.2966, moves through the early morning seeing Ripple’s XRP fall from a morning high $0.2997 to a morning low $0.29545 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through $0.2982 would support a breakthrough to $0.30 levels to bring the day’s first major resistance level at $0.3101 into play before any pullback. Negative sentiment across the broader market will need to shift for Ripple’s XRP to break out from $0.30 levels, however.

Failure to move back through $0.2982 could see Ripple’s XRP pullback deeper into the red later in the day, with a fall through the morning low $0.29545 to $0.293 levels bringing $0.28 levels and the first major support level at $0.2858 into play. There could be a visit to $0.27 levels to test the second major support level at $0.2739 should sentiment fail to improve later in the day.

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