Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/11/18

It’s back in the red for the majors, with Wednesday’s late reversal spilling over, which could see another tumble should key levels not be held onto.
Bob Mason
consensus

Bitcoin Cash – ABC Eyes $200

Bitcoin Cash ABC gained 7.8% on Wednesday, following a 0.12% fall on Tuesday, to end the day at $188.87.

Bullish through much of the day, Bitcoin Cash ABC rallied from an early morning intraday low $173.25 to a late in the day intraday high $196.56.

The moves through the day saw Bitcoin Cash ABC break through the first major support level at $186.13 and the 23.6% FIB Retracement Level of 192 to come up against the second major resistance level at $196.39 before pulling back to sub-$190 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 3.72% to $181.836, with Wednesday’s late pullback continuing into the early hours, BCH ABC falling from a start of a day morning high $189 to a morning low $180.98 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $187 levels would support another run at $190 levels to bring the day’s first major resistance level at $198.57 into play, though the markets will need to shake off late Wednesday’s pullback through the early afternoon to support a bounce back later in the day, $200 levels unlikely to be hit on the day.

Failure to move back through to $187 levels and hold by the early afternoon could see BCH ABC take a bigger hit later in the day, a pullback through the morning low $180.98 bringing sub-$180 levels and the day’s first major support level at $177.17 into play, which could get investors jittery once more.

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Litecoin Leads the Way

Litecoin rallied by 11.57% on Wednesday, following on from Tuesday’s 6.05% gain, to end the day at $34.43.

A bullish move in the early hours saw Litecoin recovery from an intraday low $30.71 to rally through to a late in the day intraday high $36.00, Litecoin breaking through the first major resistance level at $32.04 and second major resistance level at $33.22 to come against the third major resistance level at $36.31 before a late in the day pullback to $34 levels.

At the time of writing, Litecoin was down 2.99% to $33.4, moves through the early morning seeing Litecoin fall from a start of a day high $34.56 to a morning low $33.08 before steadying, the day’s major support and resistance levels left untested.

For the day ahead, a move back through to $34 levels would support a possible bounce later in the day, while we would expect the day’s first major resistance level at $36.72 to be left untested, barring particularly positive news hitting the wires.

Failure to move back through to $34 levels by the early afternoon could see Litecoin take another hit later in the day, with a pullback through the morning low $33.08 bringing the day’s first major support level at $31.43 into play before any recovery, more material losses not expected unless the broader market gets hit, the downside needing protecting following the Tuesday and Wednesday’s gains.

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Ripple Touches $0.40

Ripple’s XRP gained 7.9% on Wednesday, reversing Tuesday’s 0.76% loss with interest, to end the day at $0.39499, the day’s gain seeing Ripple’s XRP move into positive territory for the week.

Bullish through the early hours, Ripple’s XRP moved from a start of a day intraday low $0.36606 to an early morning high $0.389, breaking through the first major resistance level at $0.3814 before easing back to a range bound late morning. An afternoon rally to a late in the day intraday high $0.40794 saw Ripple’s XRP break back through the day’s first major resistance level and through the second major resistance level at $0.3966 before falling back to $0.39 levels by the day’s end.

At the time of writing, Ripple’s XRP was down 2.78% to $0.384, a bearish start to the day seeing Ripple’s XRP fall from a start of a day high $0.39845 to a morning low $0.38044 before finding support, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.39 levels would support an afternoon bounce back to bring $0.40 levels and the day’s first major resistance level at $0.4133 into play before any pullback, any hold onto $0.40 levels by the day’s end signaling a possible near-term bottoming out.

Failure to move back through to $0.39 levels by the early afternoon could see Ripple’s XRP fall back deeper into the red, a pullback through the morning low $0.38044 bringing the first major support level at $0.3714 into play before any recovery, sub-$0.37 support levels unlikely to be tested on the day.

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