Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/12/18

Bitcoin Cash – ABC – The Rally Continues

Bitcoin Cash ABC jumped by 50.57% on Thursday, following on from a 20.36% rally on Wednesday, to end the day at $189.72.

Another particularly bullish day saw Bitcoin Cash ABC rally through the morning to an intraday high $201, the moves through the day seeing Bitcoin Cash ABC, not only break through the first major resistance level at $146.38 and second major resistance level at $156, but also break through the 23.6% FIB of $125 and 38.2% FIB of $156, to form a bearish trend reversal.

At the time of writing, Bitcoin Cash ABC was up 10.95% to $210.49, with another bullish start to the day seeing Bitcoin Cash ABC rally to a morning high $228.79, breaking through the first major resistance level at $219.66 to strike a new swing hi before easing back.

For the day ahead, a move back through the first major resistance level at $219.66 to the morning high $228.79 would support a break through to $230 levels, with the day’s second major resistance level at $249.61 very much in play should Bitcoin Cash ABC move back through to $220 levels by the early afternoon.

Failing to make a move by the early afternoon, Bitcoin Cash ABC could give up some of the day’s gains, with a pullback through to sub-$200 levels likely to see Bitcoin Cash ABC give up some of Thursday’s gains, while we would expect the day’s first major support level at $141.11 to be left untested. A fall through the 23.6% FIB of $171 to sub-$170 levels would signal a more material slide later in the day.

Litecoin Struggles Early

Litecoin rallied by 11.55% on Thursday, reversing Wednesday’s 3.72% slide with interest, to end the day at $32.36.

A bullish day saw Litecoin rally to a late afternoon intraday high $33.2, Litecoin rallying from an early morning intraday low $28.66 to break through the first major resistance level at $30.85 and second major resistance level at $32.69 before easing back.

At the time of writing, Litecoin was down 2.69% to 31.49, a mixed start to the day seeing Litecoin rise to a morning high $33.06 before falling to a morning low $31.07, the day’s major support and resistance levels left untested early in the day.

For the day ahead, holding above $31.4 through the morning would support an afternoon recovery, with a move back through Thursday’s end of day $32.36 supporting a break back through to $33 levels to bring the day’s first major resistance level at $34.15 into play before any pullback.

Failure to hold onto $31.4 levels through the morning could see Litecoin take a bigger hit through the day, with a pullback through this morning’s low $31.07 bringing $30 levels and the day’s first major support level at $29.61 into play before any recovery, heavier losses not expected barring a broad based crypto sell-off.

Ripple Fails to Hold onto $0.40 Levels

Ripple’s XRP gained 8.22% on Thursday, reversing Wednesday’s 1.09% fall, to end the day at $0.38736.

A bullish morning saw Ripple’s XRP rally from a start of a day intraday low $0.353 to a late morning intraday high $0.40181 before easing back to sub-$0.40 levels. The moves through the morning saw Ripple’s XRP break through the first major resistance level at $0.3905, while falling short of 23.6% FIB of $0.4164 and the second major resistance level at $0.4231.

At the time of writing, Ripple’s XRP was down 2.63% to $0.37718, with moves through the morning seeing Ripple’s XRP rise to a morning high $0.39865 before falling to a morning low $0.37279. The moves through the early part of the day left the major support and resistance levels untested.

For the day ahead, a move back through to $0.38 levels by the early afternoon would signal the start of another run at $0.40 levels, though Ripple’s XRP will need support from the broader market to make a move through the morning high $0.39865 to attempt a breakout from the first major resistance level at $0.4084.

Failure to move through to $0.38 levels could see Ripple’s XRP struggle through the day, with a pullback through the morning low $0.37279 bringing $0.36 levels and the day’s first major support level at $0.3596 into play before any recovery, the day’s second major support level at $0.3319 unlikely to be tested on the day.

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