Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/01/19

Bitcoin Cash – ABC – Hits Red for a 6^th Consecutive Day

Bitcoin Cash ABC fell by 0.64% on Tuesday, following on from a 7.25% slide on Monday, to end the day at $108.96.

A bearish start to the day saw Bitcoin Cash ABC fall to a mid-morning intraday low $105.90 before finding support, with Bitcoin Cash ABC managing to stay clear of the first major support level at $104.22.

Recovering through to the late afternoon, Bitcoin Cash ABC struck an intraday high $111.70 before easing back, unable to break through to $112 levels to support a run at the day’s resistance levels.

At the time of writing, Bitcoin Cash ABC was up 0.29% to $109.27, with moves through the early morning seeing Bitcoin Cash ABC recover from a dip to a morning low $107.69 to strike a morning high $109.27. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $109 levels through the morning would support a run at the first major resistance level at $111.81 before any pullback. A broad-based cryptomarket rebound would be needed for Bitcoin Cash ABC to breakout from $111 levels to bring the second major resistance level at $114.65 into play.

Failure to hold onto $109 levels could see Bitcoin Cash ABC cough up the morning gains, with a pullback through the morning low $107.69 bringing $106 levels and the first major support level at $106.01 into play before any recovery. Heavier losses and a visit to $105 levels could be on the cards in the event of a crypto sell-off.

Litecoin Struggles after the Slide

Litecoin fell by 0.90% on Tuesday, following on from a 3.31% slide on Monday, to end the day at $30.69.

Tracking the broader market, Litecoin slid from a start of a day intraday high $31.21 to a mid-morning intraday low $29.86, coming within range of the first major support level at $29.76 before finding support.

Litecoin faced strong resistance at $31 to pin the afternoon high back to $30.99 before easing back late in the day, a break back through to $31 levels having been needed to support a bounce back from Monday’s reversal.

At the time of writing, Litecoin was up by 0.29% to $30.78. A start of a day morning low $30.42 and bounce back to a morning high $30.90 left the day’s major support and resistance levels untested early on.

For the day head, a hold above $30.60 would support a run at $31 levels to bring the first major resistance level at $31.31 into play. Support from the broader market would be needed for Litecoin to take a run at the second major resistance level at $31.94, which would likely pin Litecoin back from more material gains, in the event of a rebound.

Failure to hold above $30.60 could see Litecoin hit reverse later in the day. A fall through the morning low $30.42 would bring sub-$30 levels and the first major support level at $29.96 into play before any recovery. A broad-based crypto sell-off would bring the second major support level at $29.24 into play, while we would expect Litecoin to steer clear of $28 levels.

Ripple Sees More Red

Ripple’s XRP fell by 1.70% on Tuesday, following a 3.97% decline on Monday, to end the day at $0.29254.

The moves through the day mirrored the broader market, with Ripple’s XRP falling from a start of a day intraday high $0.29970 to a mid-morning intraday low $0.28524 before recovering to $0.29 levels.

Falling short of the first major resistance level at $0.3101, Ripple’s XRP tested the day’s first major support level at $0.2858 on its first visit to $0.28 levels since 15^th December.

At the time of writing, Ripple’s XRP was up 0.62% to $0.29435, with moves through the early hours seeing Ripple’s XRP recover from a start of a day morning low $0.28955 to strike a morning high $0.29542 before easing back. The early dip saw Ripple’s XRP come within range of the first major support level at $0.2853 before recovering.

For the day ahead, a hold above $0.2930 levels through the morning would support a run at the first major resistance level at $0.2997 to bring $0.30 levels into play before any pullback. We would expect the second major resistance level at $0.3070 to be out of reach on the day, barring a broad-based crypto rebound, which could bring $0.31 levels into play.

Failure to hold above $0.2930 levels could see Ripple’s XRP take a hit later in the day, a fall through the morning low $0.2853 bringing the first major support level at $0.2853 and a possible visit to $0.27 levels before any recovery.

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