Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 13/12/18

Bitcoin Cash – ABC on the Slide Again

Bitcoin Cash ABC gained 0.76% on Wednesday, partially reversing Tuesday’s 4.99% slide, to end the day at $95.69.

A relatively bullish day saw Bitcoin Cash ABC rise from a start of a day intraday low $94.23 to a late afternoon intraday high $98.55 before easing back to $95 levels by the day’s end.

The moves through the day left the major support and resistance levels untested, the rally failing to drive Bitcoin Cash ABC through to $100 levels to bring the first major resistance level at $101.16 into play, Bitcoin Cash ABC not touching $100 levels for the first time since the BCH hard fork.

At the time of writing, Bitcoin Cash ABC was down 0.84% to $94.89. Bitcoin Cash ABC fell from a start of a day morning high $96.22 to a morning low $93.98 before recovering, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through Wednesday’s end of day $95.69 to $96 levels would be needed to support another day in positive territory, a move through to $96 levels bringing the day’s first major resistance at $98.08 into play. More material gains are not expected, with Wednesday’s high $98.55 likely to pin Bitcoin Cash ABC through the day.

Failure to move back through to $96 levels could see Bitcoin Cash ABC fall back deeper into the red, a pullback through the morning low $93.98 and the first major support level at $93.76 bringing $92 levels and the second major support level at $91.84 into play before any recovery.

Litecoin Finds Short Term Support

Litecoin rallied by 3.31% on Wednesday, reversing Tuesday’s 3.13% loss, to end the day at $24.00.

Tracking the broader market, a bullish morning saw Litecoin rally through to a late afternoon intraday high $24.89, coming up against the day’s first major resistance level at $24.92 before easing back. An intraday low $23.01 steered clear of the first major support level at $22.50 at the start of the day.

At the time of writing, Litecoin was down 1.75% to $23.58, Wednesday’s late pullback continuing into the early hours of this morning. Falling from a start of a day morning high $24.17, Litecoin touched a morning low $23.51, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $24 levels would signal a recovery of the morning losses, with the day’s first major resistance level at $24.92 in play. We will expect Litecoin to face plenty of resistance at the first major resistance level, with Wednesday’s high $24.89 likely to pin Litecoin back from a breakout.

Failure to move back through to $24 levels could see Litecoin slide through the morning low $23.51 to call on support at the first major support level at $23.01 before any recovery, a visit to sub-$23 levels and the second major support level at $22.09 dependent upon sentiment across the broader market later in the day.

Ripple Struggles to hold onto the $0.30s

Ripple’s XRP gained 2.94% on Wednesday, reversing Tuesday’s 1.14% fall, to end the day at $0.31293.

A positive start to the day saw Ripple’s XRP rally through to a morning high $0.31849 before easing back, Ripple’s XRP breaking through the first major resistance level at $0.3156 early on in the day.

Supported by positive sentiment across the broader market, Ripple’s XRP broke back through the first major resistance level to a late afternoon intraday high $0.31858 before easing back alongside the broader market.

For the crypto bulls, Ripple’s XRP managed to avoid sub-$0.30 levels, with a start of a day morning low $0.30195 steering clear of the first major support level at $0.2956, though the negative bias and sub-$0.30 levels remains in play near-term.

At the time of writing, Ripple’s XRP was down 1.71% to $0.30757, moves through the early morning seeing Ripple’s XRP fall from a start of a day morning high $0.31386 to a morning low $0.30740, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.31 levels by the early afternoon would support a run at the day’s first major resistance level at $0.3204, while sentiment across the broader market would need to materially improve to support a breakout to bring the second major resistance level at $0.3278 into play before any pullback.

Failure to move back through to $0.31 levels could see Ripple’s XRP slide through the first major support level at $0.3037 to $0.29 levels, with the second major support level at $0.2945 in play should sentiment fail to improve through the middle part of the day.

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