Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/11/18

Bitcoin Cash – ABC Sees Red Again

Bitcoin Cash ABC fell by 1.66% on Friday, following on from a 10.87% slide on Thursday, to end the day at $201.71, with four days in the red out of five leaving Bitcoin Cash ABC down 29.51% for the current week.

A bearish start to the day saw Bitcoin Cash ABC slide through the first major support level at $195.62 to a mid-morning intraday low $192, before steadying to a relatively range bound afternoon, the first major resistance level at $223.75 left untested with an early afternoon intraday high $208.11.

At the time of writing, BCH ABC was up 2.5% to $206.75, a bullish start to the day seeing BCH ABC rise from a morning low $201.15 to a morning high $211.33 before easing back, BCH ABC managing to break through the day’s first major resistance level at $209.21, while steering clear of the day’s major support levels early on.

For the day ahead, a move back through the first major resistance level at $209.21 to $210 levels would support another run at the second major resistance level at $216.72, though the broader market will need to be on the move to support BCH ACB through the day.

Failure to move back through to $210 levels could see BCH ABC give up gains from the early morning, a pullback through the morning low $201.15 to $200 levels likely to bring $190 levels into play, though we would expect BCH ABC to steer clear of the day’s first major support level at $193.1 barring particularly negative news hitting the wires.

Litecoin on the Move

Litecoin gained 1.15% on Friday, partially reversing Thursday’s 8.72% slide, to end the day at $31.69, the day’s gain reducing the current week’s loss to 24.31%.

Recovering from an early morning intraday low $30.33, Litecoin moved through to a late morning intraday high $32.77, before easing back to a relatively range bound afternoon, Litecoin giving up $32 levels late in the day.

The day’s major support and resistance levels were left untested in what was a markedly less choppy day than the days prior.

At the time of writing, Litecoin was up 1.67% to $32.22, with Litecoin rising from a start of a day morning low $31.73 to a morning high $32.98 before easing back, Litecoin coming up against the day’s first major resistance level at $32.86 early on, while holding well above the day’s first major support level at $30.42.

For the day ahead, a move back through the first major resistance level to $33 levels would bring the day’s second major resistance level at $34.04 into play, though we can expect Litecoin to face plenty of resistance at $33 to pin Litecoin back from a breakout on the day.

Failure to move through to $33 levels could see Litecoin pullback through the morning low to bring the day’s first major support level at $30.42 into play before any recovery, sub-$30 support levels unlikely to be tested barring particularly negative news hitting the wires.

Ripple Falls Back Further

Ripple’s XRP fell by 2.88% on Friday, following an 5.78% fall on Thursday, to end the day at $0.4147, a 4^th day in the red in the week leaving Ripple’s XRP down 19.62% Monday through Friday.

A bearish start to the day saw Ripple’s XRP fall through the 23.6% FIB Retracement Level of $0.4164 and the day’s first major support level at $0.4160 and second major support level at $0.4044 to an intraday low $0.39866 before support kicked in.

Moving back through back through the day’s support levels and 23.6% FIB Retracement Level, Ripple’s XRP managed to hit $0.429 levels by late morning before falling back.

At the time of writing, Ripple’s XRP was up 0.85% to $0.41821, with moves through the early morning seeing Ripple’s XRP rise from a morning low $0.41404 to a morning high $0.42873 before easing back to $0.41 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.42873 would bring $0.43 levels and the day’s first major resistance level at $0.4330 into play before any pullback, with the second major resistance level at $0.4514 unlikely to be tested barring a broad based market driven breakout later in the day.

Failure to move back through the morning high could see Ripple’s XRP pullback through the morning low $0.41404 to bring $0.40 levels and the day’s first major support level at $0.3975 into play before any recovery, heavier losses on the day unlikely barring a news driven event.

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