Bitcoin Cash ABC, EOS and Ethereum – Daily Tech Analysis – 15/12/19

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Published: Dec 15, 2019, 04:17 GMT+00:00

It's back into the red for the pack, with more losses on the cards should key levels not be hit by the early afternoon...

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin Cash – ABC

Bitcoin Cash ABC slid by 2.22% on Saturday. Reversing a 1.88% gain from Friday, Bitcoin Cash ABC ended the day at $205.92.

A bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $212.75 before hitting reverse.

Falling short of the first major resistance level at $213.94, Bitcoin Cash ABC slid to a late intraday low $205.09.

The sell-off saw Bitcoin Cash ABC fall through the first major support level at $207.01.

At the time of writing, Bitcoin Cash ABC was down by 0.40% to $205.09. Bitcoin Cash ABC eased back from Saturday’s end of the day $205.92.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

BCHABC/USD 15/12/19 Daily Chart

For the Day Ahead

A move through to $208 levels would support a run at the first major resistance level at $210.75.

Support from the broader market would be needed, however, for Bitcoin to break back through to $210 levels.

Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin Cash ABC back on the day.

Failure to move through to $208 levels could see Bitcoin Cash ABC struggle through the day.

A fall back through to $204 levels would bring the first major support level at $203.09 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$200 levels. The second major support level at $200.26 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $203.09

Major Resistance Level: $210.75

23.6% FIB Retracement Level: $269

38% FIB Retracement Level: $316

62% FIB Retracement Level: $393

EOS

EOS slid by 2.04% on Saturday. Reversing a 1.4% gain from Friday, EOS ended the day at $2.5783.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6389 before hitting reverse.

Falling short of the first major resistance level at $2.6628, EOS slid to a late afternoon intraday low $2.5570.

The reversal saw EOS fall through the first major support level at $2.5908 before finding support.

In spite of a partial recovery late on, however, EOS failed to break back through the first major support level.

At the time of writing, EOS was down by 0.43% to $2.5672. A bearish start to the day saw EOS slide from an early morning high $2.5791 to an early morning low $2.5464.

In spite of the early moves, however, EOS left the major support and resistance levels untested.

EOS/USD 15/12/19 Daily Chart

For the day ahead

EOS would need to move through to $2.59 levels to support a run at the first major resistance level at $2.6256.

The broader market would need to provide support, however, for EOS to break back through to $2.60 levels.

Barring a broad-based crypto rebound, resistance at $2.60 would likely pin EOS back on the day.

Failure to move through to $2.59 levels could see EOS take another slide on the day.

A fall back through the early morning low $2.5464 would bring the first major support level at $2.5437 into play.

Barring a crypto meltdown, however, EOS should steer well clear of the second major support level at $2.5094.

Looking at the Technical Indicators

Major Support Level: $2.5437

Major Resistance Level: $2.6256

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.05% on Saturday. Following a flat Friday, Ethereum ended the day at $141.73.

Tracking the broader market, Ethereum rose to an early morning intraday high $145.03 before hitting reverse.

Falling short of the first major resistance level at $145.63, Ethereum slid to a late afternoon intraday low $141.11.

Ethereum fell through the first major support level at $143.26 and the second major support level at $141.83.

A recovery to $142 levels was brief, with Ethereum falling back through the second major support level in the final hour.

At the time of writing, Ethereum was down by 0.54% to $140.97. A bearish start to the day saw Ethereum slide from an early morning high $141.90 to a low $139.80.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $140.22 before finding support.

ETH/USD 15/12/19 Daily Chart

For the day ahead

Ethereum would need to move through to $142.60 level to support a run at the first major resistance level at $144.14.

Support from the broader market will be needed, however, for Ethereum to break back through to $143 levels.

Barring a broad-based crypto rally on the day, the first major resistance level would likely pin Ethereum back from $145 levels.

Failure to move through to $142.60 levels could see Ethereum take another hit on the day.

A fall back through the first major support level at $140.22 would bring the second major support level at $138.70 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$139 levels on the day.

Looking at the Technical Indicators

Major Support Level: $140.22

Major Resistance Level: $144.14

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Please let us know what you think in the comments below.

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.