Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/01/19

Bitcoin Cash – ABC – Looks for Support

Bitcoin Cash ABC fell by 1.65% on Monday, following from a 5.30% slide on Sunday, to end the day at $120.73.

It was a relatively range bound day, Bitcoin Cash ABC moving within tight ranges as investors looked to brush off yet another market reversal.

Recovering from an intraday low $120.20, Bitcoin Cash ABC moved through to a mid-day intraday high $122.81 before sliding back to $120 levels through the afternoon.

The tight ranges left the day’s major support and resistance levels untested on the day, with Bitcoin Cash ABC managing to avoid sub-$120 levels, the only good bit of news for the bulls.

At the time of writing, Bitcoin Cash ABC was 0.47% to $121.30, with moves through the early morning seeing Bitcoin Cash ABC rise from a start of a day morning low $120.26 to a morning high $121.83 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $121.25 levels would support a move back through the morning high $121.83 to bring $122 levels and the day’s first major resistance level at $122.29 into play. Support from the broader market would be needed for a breakout to $123 levels to bring the second major resistance level at $123.86 into play, with Tuesday’s high $122.81 likely to contribute to a build-up of resistance on a run at $123 levels.

Failure to hold above $121.25 could see Bitcoin Cash ABC fall through the morning low $120.26 to bring sub-$120 levels into play. The day’s first major support level at $119.68 would likely prevent heavier losses in the event of a pullback, barring a broad based crypt sell-off.

Litecoin Steadies

Litecoin rose by 0.69% on Monday, partially reversing Sunday’s 5% slide, to end the day at $30.82.

Also suffering from post-sell-off blues, Litecoin moved within a $1 range through the day. An early morning intraday low $30.38 saw Litecoin steer clear of the day’s first major support level at $29.51.

Avoiding sub-$30 levels drew in side lined investors to drive Litecoin to a late morning intraday high $31.37 before easing back to $30 levels and a particularly range bound afternoon, Litecoin having fallen short of the day’s first major resistance level at $32.39.

At the time of writing, Litecoin was down 0.16% to $30.77. A bullish start to the day saw Litecoin rise to a morning high $31.02 before pulling back to a morning low $30.65, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $30.90 levels would support another run at the first major resistance level at $31.33, with a broad based crypto rally needed to support a run at the second major resistance level at $31.85 and $32 levels. We would expect Litecoin to fall short of $33 levels in the event of a broad based crypto rally.

Failure to move back through to $30.90 could see Litecoin pullback deeper into the red, a fall through the morning low $30.65 bringing the first major support level at $30.34 into play before any recovery. We would expect Litecoin to steer clear of sub-$30 support levels, barring a cryptomarket sell-off later in the day.

Ripple Sees Red

Ripple’s XRP rose by 0.22% on Monday, following a 4.20% fall on Sunday, to end the day at $0.32213.

An uneventful start to the week saw Ripple’s XRP recover from an early morning intraday low $0.31726 to strike a late morning intraday high $0.3271 before easing back.

The tight ranges through the day saw Ripple’s XRP steer clear of the day’s first major support level at $0.3119, while also falling short of the first major resistance level at $0.3344

At the time of writing, Ripple’s XRP was down 0.61% to $0.32016, with Ripple’s XRP pulling back from an early morning high $0.32475 to a morning low $0.31776, coming within range of the first major support level at $0.3172 before moving back through to $0.32 levels.

For the day ahead, a move through to $0.3230 levels would support a run at the first major resistance level at $0.3271, while we would expect Ripple’s XRP to fall short of $0.33 levels and the second major resistance level at $0.3320, barring a major rally across the broader market.

Failure to move through to $0.3230 levels could see Ripple’s XRP pullback deeper into the red, with a fall through the morning low 0.31776 likely to see Ripple’s XRP slide through the first major support level at $0.3172 to call on support at the second major support level at $0.3123 before any recovery. We would expect sub-$0.31 levels to be avoided.

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