Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/12/18

Bitcoin Cash – ABC Deep in the Red

Bitcoin Cash ABC slid by 4.99% on Tuesday, following on from a 4.28% fall on Monday, to end the day at $96.44.

Bearish through most of the day, Bitcoin Cash ABC slid from a start of a day intraday high $101.51 through to an early afternoon intraday low and new swing lo $92.42. The reversal saw Bitcoin Cash ABC slide through the first major support level at $97.93 and second major support level at $94.08 before steadying and break back through the second major support level.

At the time of writing, Bitcoin Cash ABC was down 1.04% to $95.43, with Bitcoin Cash ABC recovering from an early morning low $94.23 to a morning high $95.81 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $95.81 to $96 levels would be needed to signal an afternoon rally, with Bitcoin Cash ABC needing to move through $96.80 to bring $101 levels and the day’s first major resistance level at $101.16 into play before any pullback.

Failure to move through to $96 levels could see Bitcoin Cash ABC fall back deeper into the red, with a pullback through the morning low $94.23 to $93 levels bringing the day’s first major support level at $92.07 and sub-$92 levels into play before any recovery, while we would expect Bitcoin Cash ABC to steer clear of sub-$90 levels on the day.

Litecoin Touches Falls Again

Litecoin fell by 3.13% on Tuesday, following on from a 5.22% slide on Monday, to end the day at $23.22.

A relatively range bound early part of the day saw Litecoin move from an opening $23.97 to an intraday high $24.38, coming up well short of the first major resistance level at $25.23, before being hit by a broad based crypto sell-off in the late morning.

The reversal saw Litecoin fall through the first major support level at $23.13 to an early afternoon intraday low $22.72 before recovering to $23 levels.

At the time of writing, Litecoin was up 0.82% to $23.41, with moves through the early morning seeing Litecoin rise from an early morning low $23.01 to a morning high $23.53 before easing back, a relatively range bound start to the day leaving the major support and resistance levels untested.

For the day ahead, a hold onto $23.4 levels through the morning would support a move through the morning high to bring the first major resistance level at $24.16 into play, with any broad based cryptomarket rally supporting a run at $25 levels and the second major resistance level at $25.10 before any pullback.

Failure to hold onto $23.4 levels through the morning could see Litecoin hit reverse and resume the week’s slide. A pullback through the morning low $23.01 to $22 levels would bring the day’s first major support level at $22.5 into play, with the second major support level at $21.78 in play should sentiment fail to shift through the middle of the afternoon.

Ripple Touches sub-$0.30s

Ripple’s XRP fell by 1.14% on Tuesday, following on from a 3.07% slide on Monday, to end the day at $0.3040.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.31901, coming up against the first major resistance level at $0.3193 to hit reverse through the rest of the morning and early afternoon.

The pullback saw Ripple’s XRP slide to a late afternoon intraday low $0.299, calling on support at the first major support level at $0.2979 to recover back through to $0.30 levels.

At the time of writing, Ripple’s XRP was up 0.41% to $0.30516, with Ripple’s XRP recovering from a start of a day morning low $0.30195 to strike a morning high $0.30749 before easing back, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high would bring $0.31 levels and the day’s first major resistance level at $0.3156 into play, while we would expect Ripple’s XRP to fall short of $0.32 levels, with Tuesday’s high $0.31901 likely to limit the upside on the day.

Failure to move back through the morning high $0.30749 by the early afternoon could see Ripple’s XRP hit reverse later in the day, a fall through the morning low $0.30195 bringing sub-$0.30 levels and the day’s first major support level at $0.2956 into play.

Sentiment across the broader market later in the day will dictate whether the day’s second major support level at $0.2873 will be in play, the negative bias needing investors to heavily guard the downside.

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