Bitcoin Cash – ABC / SV, Litecoin and Ripple Daily Analysis – 20/11/18

Bitcoin Cash – The ABC – SV Tumble

Bitcoin Cash fell to sub-$300 levels on Monday, with BCH ABC tumbling by 23.52% to $218.86 and BTC SV sliding by 34.96% to $56.8, leaving investors none the wiser on which of the pair will ultimately dominate when viewing the latest price action.

It was an altogether different story when viewing the respective hash rates however, with BCH ABC surging to 6,338 PH/s, while BCH SV saw its hash rate slide to 974 PH/s, the divergence through Monday pointing to an ABC team victory.

In spite of the jump in hash rates, negative sentiment plagued BCH ABC and the broader market, with BCH ABC sliding from a start of a day intraday high $286.2 to a late in the day intraday low $211.9, the reversal seeing BCH ABC fall through the first major support level at $262.35 and second major support level at $237.18 before finding support above the third major support level at $198.18.

At the time of writing, BCH ABC was down 1.57% to $215.42, while BCH SV suffered another major setback, sliding by 16.1% to $47.66, with the fall in hash rate support weighing heavily at the start of the day, the outlook looking grim for self-proclaimed Satoshi’s Bitcoin Cash SV.

Litecoin Back in the $30s

Litecoin slumped by 14.62% on Monday, following on from last week’s 17.6% slide, to end the day at $35.76.

Bearish from the start of the day, Litecoin slid from a start of a day morning high $41.87 to a late in the day intraday low and new swing lo $34.73, the reversal through the day seeing Litecoin fall through the day’s major support levels by late morning.

At the time of writing, Litecoin was up 2.69% to $36.71, moves through the early morning seeing Litecoin rise from a start of a day morning low $35.73 to a morning high $36.72, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $37.5 would signal further upside through the second half of the day to bring $40 levels and the day’s first major resistance level at $40.17 into play before any pullback, Litecoin likely to struggle to hold onto $40 levels by the day’s end, barring a broad based cryptomarket breakout in the early afternoon.

Failure to move through to $37.5 by late morning could see Litecoin give up some of this morning’s early gains, with a pullback through the morning low $35.73 bringing $34 levels and Monday’s new swing lo $34.73 into play before any recovery, the day’s first major support level at $33.03 unlikely to be tested barring materially negative news hitting the wires.

Ripple Fares Better than the Rest

Ripple’s XRP fell by 6.45% on Monday, reversing last week’s 1.15% gain, to end the day at $0.4826.

Tracking the broader market through the early part of the day, Ripple’s XRP slid from an intraday high $0.5159 to a mid-morning intraday low $0.46618 before steadying, the early reversal seeing Ripple’s XRP fall through the first major support level at $0.4968 and second major support level at $0.4779.

Support through the middle part of the day prevented heavier losses, with Ripple’s XRP moving back through to $0.49 levels before easing back at the end of the day.

At the time of writing, Ripple’s XRP was up 3.2% to $0.49805, with Ripple’s XRP rallying from a start of a day morning low $0.48262 to a morning high $0.50330, the moves through the day leaving the major support and resistance levels untested.

For the day ahead, a move back through to $0.50 levels would support a run at $0.51 levels and the day’s first major resistance level at $0.5103 before any pullback, the day’s second major resistance level at $0.5379 unlikely to be in play today, barring a broad based market rebound.

Failure to move back through to $0.50 levels by late morning could see Ripple’s XRP give up some of the morning gains, with any pullback through the morning low $0.48262 likely to bring the day’s first major support level at $0.4606 into play before any recovery, sub-$0.46 levels unlikely to be in play in the event of a cryptomarket reversal later in the day.

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