Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/11/18

Bitcoin Cash – The ABC Sinks

Bitcoin Cash ABC slid by 10.87% on Thursday, reversing Wednesday’s 7.17% gain with interest, to end the day at $205.00.

An early morning intraday high $233.13 came up well short of the first major resistance level at $243.92, with BCH ABC succumbing to a broad based cryptomarket sell-off, sliding through the day to a late in the day intraday low $205.

The reversal saw BCH ABC fall through the first major support level at $210.98 before steadying, with sub-$200 support levels left untested.

For the ABC team, being assigned the BCH ticker by a number of large crypto exchanges will be considered a positive, though much of this will have been overshadowed by news of a lawsuit against Coinbase for insider trading, which is yet more bad news for Bitcoin Cash.

At the time of writing, BCH ABC was down 1.93% to $201.04, a bearish start to the day seeing BCH ABC fall from a morning high $207.98 to a morning low $194.77, the reversal seeing BCH ABC call on the day’s first major support level at $195.62 before finding support.

For the day ahead, a move through to $215 levels would support a run at $220 levels to bring the day’s first major resistance level at $223.75 into play, though we can expect BCH ABC to face plenty of resistance on any run at $220 levels on the day, which should pin BCH ABC to sub-$220 levels through the day in the event of a recovery.

Failure to move through to $215 levels could see BCH ABC fall back through first major support level at $195.62 and the morning low $194.77 to bring $180 levels and the day’s second major support level at $186.25 into play before any recovery.

Litecoin Back in the Red

Litecoin fell by 8.72% on Thursday, reversing Wednesday’s 6.26% gain, to end the day at $31.3.

An early move to an intraday high $34.7 was the only bullish move of the day, Litecoin coming up short of the first major resistance level at $35.47, with a broad based cryptomarket sell-off hitting Litecoin in the early hours.

Litecoin fell through the day to a late in the day intraday low $31.13, the reversal seeing Litecoin fall through the first major support level at $32.09 before steadying.

At the time of writing, Litecoin was down 0.51% to $31.14, with a bearish start to the day seeing Litecoin fall from a morning high $31.81 to an early morning low $30.33 before finding support, the moves leaving the major support and resistance levels untested early on.

For the day ahead, a move through the morning high $31.81 to $32 levels would signal a likely afternoon rebound to bring the day’s first major resistance level at $33.62 into play before any pullback, Litecoin likely to come up short of $34 levels barring a material shift in sentiment across the broader market.

Failure to move through to $32 levels could see Litecoin take a bigger hit later in the day, a pullback through the morning low $30.33 bringing the day’s first major support level at $30.05 into play before any recovery, sub-$30 support levels in play today should sentiment deteriorate further.

Ripple Tracks the Pack

Ripple’s XRP fell by 5.78% on Thursday, reversing Wednesday’s 2.13% gain, to end the day at $0.42749.

Tracking the broader market, Ripple’s XRP moved to an early morning intraday high $0.4571 before hitting reverse, the first major resistance level at $0.4756 left untested on the day.

The reversal saw Ripple’s XRP fall to a late in the day intraday low $0.4250, calling on support at the day’s first major support level at $0.4246 before steadying, with Ripple’s XRP managing to hold above the 23.6% FIB Retracement Level of $0.4164 in spite of the bearish sentiment over the last 10-days.

At the time of writing, Ripple’s XRP was down 3.86% to $0.411, with Ripple’s XRP falling from a morning high $0.43417 to a morning low $0.39866 before moving back through to $0.40 levels, the reversal seeing Ripple’s XRP fall through the day’s first major support level at $0.4160 and second major support level at $0.4044 and more importantly the 23.6% FIB Retracement Level of $0.4164.

For the day ahead, a move back through the 23.6% FIB Retracement Level would support a recovery to $0.42 levels to cut the day’s losses, while sentiment would need to materially shift to support an afternoon rally, Ripple’s XRP needing to move through to $0.4364 for a break out.

Failure to move back through the 23.6% FIB could see Ripple’s XRP pullback through the morning low, while we would expect the third major support level at $0.3723 to be left untested on the day.

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