Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/01/19

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC fell by 4.5% on Tuesday, partially reversing a 6.03% gain from Monday, to end the day at $125.96.

A relatively range bound morning saw Bitcoin Cash ABC strike an intraday high $132.9, coming up well short of the first major resistance level at $137.80 before hitting reverse.

An afternoon slide saw Bitcoin Cash ABC fall to an intraday low $124.05, calling on support at the first major support level at $124.19 before recovering to $125 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was up 0.67% to $126.81, with moves through the early morning seeing a morning low $126.66 and high $127.11 steer well clear of the day’s major support and resistance levels early on in the day.

For the day ahead, a move back through the morning high to $127.70 levels would support a run at $130 levels to bring the first major resistance level at $131.22 into play before any pullback. Bitcoin Cash ABC will likely struggle on any attempted breakout to bring $135 levels into play, with Tuesday’s high $132.9 likely to pin Bitcoin Cash ABC back to $133 levels in the event of an afternoon rally.

Failure to move back through the morning high could see Bitcoin Cash ABC hit reverse later in the day, a fall through the morning low $126.66 bringing $124 levels into play before any recovery. While we would expect Bitcoin Cash ABC to steer clear of $122 levels and the first major support level at $122.37, a broad based crypto market sell-off could bring Monday’s low $122.39 into play later in the day.

Litecoin in Struggle Mode

Litecoin fell by 3.4% on Tuesday, partially reversing a 7.22% rise on Monday, to end the day at $30.99.

Following a relatively range bound start to the day, Litecoin seeing a morning high $32.43 and low $31.21, Litecoin struck an early afternoon intraday high $32.48 before hitting reverse, the day’s major resistance levels left untested.

Litecoin fell to an intraday low $30.11, calling on support at the first major support level at $30.26 to prevent sub-$30 levels on the day.

At the time of writing, Litecoin was down 0.1% to $30.96, moves through the early morning seeing Litecoin rise from a morning low $30.69 and to a high $31.16 before easing back. A relatively range bound start to the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $31.16 to $31.20 levels would support a run at $32 levels to bring the first major resistance level at $32.28 into play before any pullback. Barring a major crypto rally, $33 levels and the second major resistance level at $33.56 will unlikely be in play, with Tuesday’s high $32.48 likely to cap the gains on the day.

Failure to move through to $31.20 levels could see Litecoin come under pressure later in the day, a pullback the morning low $30.69 bringing sub-$30 levels and the day’s first major support level at $29.91 into play before any recovery.

Ripple in a Bearish Mood

Ripple’s XRP fell by 2.47% on Tuesday, following a 5.61% gain on Monday, to end the day at $0.33123.

An early morning intraday high $0.34312 came up well short of the first major resistance level at $0.3513, with negative sentiment across the broader market weighing through the day to see Ripple’s XRP move into the red.

Tracking the broader market through the afternoon, Ripple’s XRP slid to an intraday low $0.32623, coming within range of the first major support level at $0.3246 before recovering to $0.33 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.18% to $0.33182, with Ripple’s XRP recovering from a start of a day morning low $0.32890 to hit a morning high $0.33323 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 $0.33323 would support another run at $0.34 levels and the day’s first major resistance level at $0.3408 before any pullback. Tuesday’s high $0.34312 will likely pin Ripple’s XRP back from a run at $0.35 levels and the second major resistance level at $0.3504.

Failure to move through to $0.333 levels by the early afternoon could see Ripple’s XRP hit reverse later in the day, a pullback through the morning low $0.32890 bringing the first major support level at $0.3239 into play before any recovery, sub-$0.32 levels unlikely to be in play on the day.

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