Bitcoin Cash – ABC / SV, Litecoin and Ripple Daily Analysis – 21/11/18

It’s been a mixed start to the day and a recovery of heavier losses early on may give some hope, but the bearish sentiment remans and requires vigilance.
Bob Mason
Cryptos

Bitcoin Cash – The ABC – SV Tumble Again

Bitcoin Cash continued to slide on Tuesday, with BCH ABC falling by 3.55% to $212.2, while BTC SV tumbled by 27.1% to $41.42, the market rout taking its toll on BCH SV more than the rest of the pack.

In spite of the material divergence in price, with investors dumping BCH SV coins in a hurry amidst the ongoing cryptomarket rout, it’s not been so cut and dry on the hash rate front, with Bitcoin SV seeing a bounce back in hash rates to move ahead of BCH ABC.

Based on the latest figures available on cash.coin.dance, BCH SV’s hash rate stood at 4,077 PH/s at the time of writing, while BCH ABC’s hash rate stood at 3,139 PH/s, which is quite a shift from the previous day’s widest point where the BCH ABC hash rate stood at 6,131 PH/s and BCH SV’s hash rate stood at 1,151 PH/s.

The slide in Bitcoin Cash has done coin holders few favours, with Stellar’s Lumen now hot on Bitcoin Cash’s heels for the number 4 spot, just $0.2bn separating the pair by market cap at the time of writing.

There was some respite for the pair in the early part of the day, with BCH ABC and BCH SV up 1.72% and by 0.69% respectively, though holding on may be an issue.

Litecoin Holds onto $30s

Litecoin fell by 9.73% on Tuesday, following on from a 14.62% slide on Monday, to end the day at $32.28.

A bullish start to the day was short lived, with an early move to an intraday high $37.5 coming up short of the first major resistance level at $40.17 before yet another broad based crypto sell-off kicked in.

The reversal saw Litecoin slide through the first major support level at $33.03 to a late morning intraday low $30.25, calling on support at the second major support level at $30.31 to bounce back to $35 levels. It was a bearish end to the day however, with Litecoin sliding back through the first major resistance level at $33.03 late in the day.

At the time of writing, Litecoin was down 0.03% to $32.27, with moves through the early morning seeing Litecoin fall back from a start of a day morning high $32.46 to an early morning low $31.06 before recovering, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $33 levels would signal the start of a recovery from the current week’s losses, with Litecoin needing to move through $33.3 by the early afternoon to signal a rebound, though we can expect plenty of resistance on the way through to $33 levels, with the day’s first major resistance level at $36.44 unlikely to be tested on the day.

Failure to move through to $33 levels by the early afternoon could see Litecoin fall back into the red, with a fall through the morning low $31.06 bringing $30 levels and the day’s first major support level at $29.19 into play before any recovery.

Ripple Joins the Pack

Ripple’s XRP tumbled by 8.23% on Tuesday, following on from Monday’s 6.45% fall, to end the day at $0.44333.

A start of a day move to an intraday high $0.50888 came up short of the first major resistance level at $0.5103, with Ripple’s XRP joining the rest of the pack, sliding through the first major support level at $0.4606 and second major support level at $0.4385 to a late morning intraday low $0.41184 before finding support.

Tracking the broader market, Ripple’s XRP moved back through to $0.48 levels in the early afternoon before sliding back through the first major support level to call on support at the second major support level at $0.4385 at the day’s end.

At the time of writing, Ripple’s XRP was down 0.62% to $0.4406, with Ripple’s XRP falling from a start of a day morning high $0.44698 to a morning low $0.41803 before recovering, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.44698 to $0.45 levels would signal a bullish run, with Ripple’s XRP needing to move through $0.4550 to bring $0.47 levels into play before any pullback, the day’s first major resistance level at $0.4975 unlikely to be in play later in the day.

Failure to move through to $0.45 levels could see Ripple’s XRP pullback later in the day, while we would expect the day’s first major support level at $0.4005 and sub-$0.40 support levels to be left untested through the day.

 

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