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

Bob Mason
Updated

Bitcoin Cash – ABC Back in the Red

Bitcoin Cash ABC fell by 4.28% on Monday, partially reversing Sunday’s 7.11% fall, to end the day at $101.78.

Bearish through much of the day, Bitcoin Cash ABC fell from a start of a day intraday high $107.89 to an early afternoon intraday low $99.06 before steadying, with the day’s high and low leaving the major support and resistance levels untested.

A relatively range bound 2nd half of a day saw Bitcoin Cash ABC find continued support at sub-$100 levels to recover to $101 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 2.5% to $99.23, with moves through the early morning seeing Bitcoin Cash ABC slide from a start of a day morning high $101.51 to a morning low $99.00, the day’s major support and resistance levels left untested early on.

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For the day ahead, a move back through the morning high $101.51 to $102.9 would support an afternoon rally to bring the day’s first major resistance level at $106.76 and Monday’s intraday high $107.89 into play before any pullback, Bitcoin Cash ABC unlikely to hit $108 levels with the bears still firmly in control.

Failure to move through the morning high to $102 levels could see Bitcoin Cash ABC take a bigger hit later in the day, a pullback through the morning low $99 to $98 levels bringing the day’s first major support level at $97.93 into play before any recovery, sub-$97 support levels unlikely to be tested on the day.

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Litecoin Finds Support

Litecoin fell by 5.22% on Monday, reversing Sunday’s 4.63% gain, to end the day at $23.97.

A start of a day intraday high $25.65 came up short of the first major resistance level at $26.59, with a broad based crypto reversal seeing Litecoin slide through the first major support level at $24.03 to an early afternoon intraday low $23.55 before steadying.

A relatively range bound afternoon saw Litecoin move back through to $24 levels before sliding back through the first major support level by the day’s end.

At the time of writing, Litecoin was down 0.08% to $23.95, a relatively range bound start to the day seeing Litecoin rise from a morning low $23.78 to a morning high $24.17 before easing back to $23 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $24.4 levels would support an afternoon rally to bring the day’s first major resistance level at $25.23 into play before a pullback, $26 levels and the second major resistance level at $26.49 unlikely to be in play through the day.

Failure to move through to $24.4 could see Litecoin hit reverse later in the day, a pullback through the morning low $23.23 bringing the day’s first major support level at $23.13 and $22 levels into play before any recovery, the second major support level at $22.29 there to prevent heavier losses on the day.

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Ripple Holds onto $0.30s

Ripple’s XRP slipped by 3.07% on Monday, reversing Sunday’s 2.05% gain, to end the day at $0.3075.

Tracking the broader market, Ripple’s XRP fell from a start of a day intraday high $0.32162 to an early afternoon intraday low $0.3002. The reversal saw Ripple’s XRP call on support at the day’s first major support level at $0.3047 to avoid a return to sub-$0.30 levels, while the day’s high came up short of the first major resistance level at $0.3294.

Ripple’s XRP managed to break back through the first major support level by the late afternoon, while failing to breakout from $0.30 levels through the rest of the day.

At the time of writing, Ripple’s XRP was down 0.38% to $0.30632, moves through the early hours seeing Ripple’s XRP fall to a morning low $0.30399 before recovering to a morning high $0.30765, the relatively tight ranges leaving the major support and resistance levels untested.

For the day ahead, a move through the morning high $0.30765 to $0.31 levels would signal the start of a rebound, bringing the day’s first major resistance level at $0.3193 and $0.32 levels into play before any pullback, Monday’s high likely to pin Ripple’s XRP back from bigger gains on the day.

Failure to move through to $0.31 levels could see Ripple’s XRP pullback through the morning low $0.30399 to bring sub-$0.30 levels and the day’s first major support level at $0.2979 into play before any recovery, heavier losses unlikely barring particularly negative news hitting the wires.

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This article was originally posted on FX Empire

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