Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/11/18

Bitcoin Cash Slides Again

Bitcoin Cash slid by 4.1% on Sunday, reversing Saturday’s 2.27% gain, to end the day at $535.5, the day’s loss leaving Bitcoin Cash down 6.38% for the week.

Bearish through the day, Bitcoin Cash reversed from a start of a day intraday high $558.4 that came up short of the first major resistance level at $572.93, with Bitcoin Cash sliding through the first major support level at $539.23 and second major support level at $519.87 to an early afternoon intraday low $518.2 before finding support to move back through to $530 levels by the day’s end.

At the time of writing, Bitcoin Cash was down 2.26% to $523.4, with moves through the early morning seeing Bitcoin Cash fall from a start of a day morning high $537.8 to a morning low $521.3, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $537.8 and hold by the early afternoon would support a run at the first major resistance level at $556.53 before any pullback, with the day’s second major resistance level at $577.5 unlikely to be in play, barring particularly positive news hitting the wires.

Failure to move back through the morning high and hold could see Bitcoin Cash take a bigger hit later in the day, with the day’s first major support level at $516.33 very much in play later in the day should sentiment fail to improve, while we would expect sub-$500 support levels to remain untested.

Litecoin Hits the $40s

Litecoin fell by 2.04% on Sunday, reversing Saturday’s 0.41% gain, to end the day at $50.8, the day’s loss leaving Litecoin down 5.72% for the week.

A bearish morning saw Litecoin slide from an early morning intraday high $51.99 to an early afternoon intraday low $49.5, the reversal seeing Litecoin slide through the day’s major support levels before support kicked in, a late rally taking Litecoin back through the third major support level at $50.29 to the day’s ending $50.8.

At the time of writing, Litecoin was up 0.22% to $50.91, a relatively choppy start to the day seeing Litecoin fall from a start of a day morning high $51.34 to a morning low $50.59 before recovering, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $51.34 would support another run at $52 levels to bring the day’s first major resistance level at $52.03 into play before any pullback, $53 levels and the second major resistance level at $53.25 unlikely to be in play on the day.

Failure to move back through to $51 levels and the morning high could see Litecoin hit reverse later in the day, with a fall through $50.76 bringing sub-$50 levels and the day’s first major support level at $49.54 into play before any recovery, more material losses unlikely barring negative news hitting the wires.

Ripple Sees Choppy Waters

Ripple’s XRP gained just 0.15% on Sunday, following a 0.99% rise on Saturday, to end the week up 8.5% to $0.51004.

Tracking the broader market, a bearish first half of the day saw Ripple’s XRP slide through the first major support level at $0.5025 to call on support at the day’s second major support level at $0.4955 with an early afternoon intraday low $0.49775.

A late afternoon recovery saw Ripple’s XRP break back through the major support levels to $0.51 levels by the day’s end, the day’s major resistance levels left untested, with Ripple’s XRP also coming up short of the 38.2% FIB Retracement Level of $0.5225.

At the time of writing, Ripple’s XRP was down 0.01% to $0.51, moves through the early morning seeing Ripple’s XRP fall from a start of a day morning high $0.51493 to a morning low $0.50764 before recovering to $0.51 levels, the early moves seeing Ripple’s XRP come up against the first major resistance level at $0.5155 while steering clear of the first major support level at $0.5012.

For the day ahead, a hold onto $0.51 levels would support a run at the first major resistance level at $0.5155 to bring 0.52 levels and the second major resistance level at $0.5210 into play, though Ripple’s XRP will need to make an early run at $0.5155 to bring $0.52 levels into sight.

Failure to hold onto $0.51 levels through the morning could see Ripple’s XRP take a hit later in the day, with a fall through $0.5066 bringing the day’s first major support level at $0.5012 and sub-$0.50 support levels into play before any recovery, the day’s second major support level at $0.4923 very much in play in the event of a sell-off.

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