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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 14/12/18

Bob Mason
Updated

Bitcoin Cash – ABC Hits New Lows

Bitcoin Cash ABC slumped by 9.91% on Thursday, reversing Wednesday’s 0.76% gain with interest, to end the day at $86.53.

Relatively range bound through the first half of the day, Bitcoin Cash ABC moved through to a late morning intraday high $96.46, from an opening $96.05, before succumbing to a broad based crypto sell-off, the day’s high falling well short of the first major resistance level at $98.08.

A late in the day reversal saw Bitcoin Cash ABC slide through the day’s major support levels to an intraday low and new swing lo $85.73 before steadying, Bitcoin Cash ABC unable to break back through the third major support level at $87.52 by the day’s end.

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At the time of writing, Bitcoin Cash ABC was up 0.91% to $87.32, with a mixed start to the day seeing Bitcoin Cash ABC recover from a morning low and new swing lo $84.8 to strike a morning high $88.8 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $88.8 to $89.5 would signal a possible rebound through the afternoon bringing the day’s first major resistance level at $93.42 into play, with sentiment across the broader market to dictate whether Bitcoin Cash ABC can break out to $96 levels before any pullback.

Failure to move through the morning high to $89 levels could see Bitcoin Cash ABC fall back into the red, with a fall through the morning low $84.8 bringing $83 levels and the day’s first major support level at $82.69 into play before any recovery, heavier losses unlikely on the day, in the event of a reversal.

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Litecoin Takes a Hit

Litecoin fell by 4.91% on Thursday, reversing Wednesday’s 3.31% gain, to end the day at $22.84.

Tracking the broader market, Litecoin eased back from a start of a day intraday high $24.17 to a range bound morning and early afternoon before being hit by a crypto sell-off.

The sell-off saw Litecoin slide through the first major support level at $23.04 to a late afternoon intraday low $22.68 before steadying, the major resistance levels left untested early on in the day.

At the time of writing, Litecoin was down 0.39% to $22.75, with a bearish start to the day seeing Litecoin slide through the first major support level at $22.29 to an early morning low and new swing lo $22.17 before recovering to a morning high $22.95.

For the day ahead, a move back through the morning high to $23.2 levels by the early afternoon would support a run at the first major resistance level at $23.78 to bring $24 levels into play before any pullback. We will expect Litecoin to face plenty of resistance on any attempt at a run at the second major resistance level at $24.72 however, which should limit any upside on the day.

Failure to move through to $23.2 levels could see Litecoin pullback deeper into the red, a fall through the morning low $22.17 bringing $21 levels and the second major support level at $21.74 into play before any recovery.

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Ripple Avoids sub-$0.30 Levels for Now

Ripple’s XRP fell by 2.77% on Thursday, reversing Wednesday’s 2.94% gain, to end the day at $0.30409.

A bearish start to the day saw Ripple’s XRP fall from a start of a day intraday high $0.31386 to a morning low $0.30668 calling on support at the first major support level at $0.3037 before moving back through to $0.31 levels.

A broad based crypto sell-off weighed late in the day, with Ripple’s XRP falling to an intraday low $0.30032, calling on support at the first major support level at $0.3037 before steadying in the final hours.

At the time of writing, Ripple’s XRP was down 0.21% to $0.30346, with Ripple’s XRP falling to an early morning low $0.3000 before recovering to strike a morning high $0.30549, a range bound start to the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high to $0.3060 levels would bring $0.31 levels and the day’s first major resistance level at $0.3119 into play, with the second major resistance level at $0.3196 unlikely to be tested barring a material shift in sentiment across the broader market.

Failure to move through to $0.3060 levels could see Ripple’s XRP pullback through the morning low $0.3000 and first major support level at $0.2983 to call on support at the second major support level at $0.2945 before recovering, sub-$0.29 support levels unlikely to be tested in the event of a sell-off.

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This article was originally posted on FX Empire

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