Bitcoin Cash – ABC / SV, Litecoin and Ripple Daily Analysis – 19/11/18

Bitcoin Cash – ABC on the Rise

BCH ABC turned the screw on Sunday, rallying 15.01% to end the day at $287.53, with BCH SV sliding by 22.45% to end the day at $86.47.

For BCH ABC, it was a particularly bullish day, with BCH ABC rallying through the day to a late in the day intraday high $290, breaking through the first major resistance level at $271.74 in the day.

In contrast, BCH SV saw red through the day, falling to a late intraday low $81.88 before finding support, the reversal seeing BCH SV fall through the first major support level at $100.2 and second major support level at $88.26 before finding support.

Hash rates did the damage through the day, with a divergence in hash rates favouring BCH ABC through the day.

At the time of writing, BCH ABC and BCH SV were down 7.28% and 12.25% respectively, with Bitcoin Cash facing the prospects of falling to sub-$300 levels combined, BCH ABC’s clear lead over BCH SV by hash rate and by investor appetite providing little support to the broader market.

We will expect focus to begin to move predominantly to BCH ABC, with moves through the early morning seeing BCH ABC fall from a morning high $286.2 to a morning low $263.46, holding just above the day’s first major support level at $262.35 before moving to $266.6 at the time of writing.

For the day ahead, a move back through to $275 would support a run at $280 levels to recover the day’s losses, though with the negative bias in play, a pullback through the first major support level at $262.35 could lead to $240 levels before any recovery.

Litecoin Finds Support

Litecoin gained 0.77% on Sunday, reversing a 0.48% fall on Saturday, to end the day at $41.86, the day’s gain reducing Litecoin’s deficit for the week to a 17.6% loss, Monday through Sunday.

A relatively range bound end to the week saw Litecoin break through the day’s major resistance levels with a late in the day intraday high $42.95 before pulling back.

The reversal saw Litecoin fall to an intraday low $41.5 before recovering to hold just above the first major resistance level at $41.81 by the day’s end, the day’s first major support level at $41.21 left untested on the day.

At the time of writing, Litecoin was down 3.11% to $40.56, with a bearish start to the day seeing Litecoin fall from a  morning high $41.87 to a morning low $40.20 before steadying, the sell-off seeing Litecoin fall through the first major support level at $41.26 and second major support level at $40.65 before support kicked in.

For the day ahead, a move back through to $41 levels would support a move back through the morning high $41.87 to bring $42 levels into play, though for Litecoin to recover this morning’s losses, sentiment across the broader market will need to materially improve.

Failure to move back through to $41 levels could see Litecoin pullback further to bring sub-$40 support levels into play before any recovery.

Ripple Enjoys the Weekend

Ripple’s XRP gained 3.58% on Sunday, following on from a 4.17% rally on Saturday, to end the day at $0.51573, the weekend moves reversing losses from earlier in the week to leave Ripple’s XRP with a 1.15% gain for the week.

A bullish start to the day saw Ripple’s XRP rally from an intraday low $0.49511 to an early morning intraday high $0.53127, breaking through the first major resistance level at $0.5120 and second major resistance level at $0.5258 before easing back.

For the crypto bulls, a breakthrough the 38.2% FIB Retracement Level of $0.5225 was short lived, supporting the extended bearish trend.

At the time of writing, Ripple’s XRP was down 3.6% to $0.49714, the moves through the early morning seeing Ripple’s XRP fall from a start of a day morning high $0.5159 to an early morning low $0.49409 before steadying. The early sell-off saw Ripple’s XRP fall through the day’s first major support level at $0.4968 before support kicked in.

For the day ahead, a move back through to $0.505 would support a recovery to bring the morning high $0.5159 into play, while we would expect Ripple’s XRP to fall short of $0.52 levels and the day’s first major resistance level at $0.5330, the losses too heavy for a meaningful rebound later in the day.

Failure to move back through $0.505 could see Ripple’s XRP take a bigger hit later in the day, with a fall back through the first major support level at $0.4968 likely to bring $0.48 levels into play before any recovery, the second major support level at $0.4779 unlikely to be tested barring particularly negative news hitting the wires.

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