Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/12/18

Bitcoin Cash – ABC – Bounces Back

Bitcoin Cash ABC rallied by 17.26% on Friday, reversing a 14.8% tumble on Thursday, to end the day at $172.9, the rally leaving Bitcoin Cash ABC down 11.71% for the current week.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $141.12 before finding support, the day’s major support levels left untested ahead of a move back though to $150 levels by late morning.

The gains for the day came in the early afternoon, with Bitcoin Cash ABC bouncing to an intraday high $177.95 before easing back, Bitcoin Cash ABC breaking through 38.2% FIB Retracement Level at $163 and the first major resistance level at $167.5.

At the time of writing, Bitcoin Cash ABC was down 1.45% to $170.38, with moves through the early morning seeing Bitcoin Cash ABC ease back from a start of a day morning high $174.82 to a morning low $168.46 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $170 levels would support a run at Friday’s high $177.95 to bring $180 levels into play, with support from the broader market needed to bring the first major support level at $186.86 into play later in the day.

Failure to hold onto $170 levels could see Bitcoin Cash ABC fall through the morning low 168.48 to bring $150 levels and the first major support level at $150.03 into play before any recovery, sub-$150 levels unlikely to be in play barring a broad based crypto sell-off.

Litecoin Back in the $30s

Litecoin rallied by 16.23% on Thursday, reversing a 9.17% slide on Thursday, to end the day at $32.22, the gains the first of the week to leave Litecoin down 2.6%, Monday through Friday.

Bullish from the start of the day, Litecoin moved from an intraday low $27.72 to a morning high $29.40 before a broad based crypto rally kicked in through the early afternoon.

Litecoin rallied to an intraday high $33.53, breaking through the first major resistance level at $30.05 and second major resistance level at $32.37, before easing back through the second major resistance level at the day’s end.

At the time of writing, Litecoin was down 0.25% to $32.14, a range bound start to the day seeing a morning high $32.36 and low $31.93 steer well clear of the day’s major support and resistance levels.

For the day ahead, holding onto $32 levels through the morning would support a breakout later in the day, with a move through Friday’s $33.53 high bringing $34 levels and the first major resistance level at $34.59 into play before any pullback.

Failure to hold onto $32 levels could see Litecoin take a bigger hit later in the day, a fall through $31.2 bringing $30 levels into play before any recovery. Sub-$30 levels and the first major support level at $28.78 would come into play in the event of a broad based crypto reversal, with some profit taking expected to pin the majors back early in the day.

Ripple Attempts a Run at $0.40 Levels

Ripple’s XRP jumped by 12.10% on Friday, reversing Thursday’s 10.39% fall, to end the day at $0.38982, the recovery seeing Ripple’s XRP up 4.59% for the current week.

Ripple’s XRP recovered from an early morning intraday low $0.34288 to a late afternoon day intraday low $0.39590 before easing back to $0.38 levels by the day’s end.

The rally saw Ripple’s XRP break through the first major resistance level at $0.3788 to test resistance at $0.40 levels, while leaving the major support levels untested on the day.

At the time of writing, Ripple’s XRP was down 0.65% to $0.38727, Ripple’s XRP falling back from a start of a day morning high $0.39539 to a morning low $0.38510 before finding support, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.39 levels would support another run at the first major resistance level at $0.4095, with support from the broader market needed for a break through to $0.40 levels, any sign of a sell-off likely to pin Ripple’s XRP back at sub-$0.40 levels.

Failure to move back through to $0.39 levels could see Ripple’s XRP pullback deeper into the red through the day, with a fall through to $0.37 levels likely to see Ripple’s XRP test the day’s first major support level at $0.3565 before any recovery, heavier losses not expected barring another crypto meltdown.

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