Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/01/19

Bob Mason

Updated Mon, Dec 31, 2018, 9:59 PM

Bitcoin Cash – ABC – On the Rebound

Bitcoin Cash ABC slid by 9.03% on Monday, following on from last week’s 17.71% tumble, to end the day at $147.46.

Bearish through the final day of the year, Bitcoin Cash ABC slid from a start of a day intraday high $162.09 to a late intraday low $145.6 before steadying.

The reversal saw Bitcoin Cash ABC slide through the first major support level at $156.95 and second major support level at $152.76, while holding above the third major support level at $144.78, the sell-off coming off the back of negative sentiment from across the broader market.

At the time of writing, Bitcoin Cash ABC was up 8.94% to $160.64, with moves through the early morning seeing Bitcoin Cash ABC rise from a start of a day morning low $148 to strike a morning high $164.90 before easing back.

The early bounce saw Bitcoin Cash ABC break through the first major resistance level at $157.83 and 38.2% FIB Retracement Level of $163 before falling back through the 38.2% FIB.

For the day ahead, a hold above the first major resistance level at $157.83 through the morning would support another run at $160 levels and the 38.2% FIB, while sentiment across the broader market would need to improve for the second major resistance level at $168.21 to come into play.

Failure to hold above the first major resistance level at $157.83 could see Bitcoin Cash ABC slide through the morning low $148 to bring the first major support level at $141.34 into play before any recovery, sub-$140 levels not expected to come into play.

Litecoin in the Red

Litecoin fell by 5.64% on Monday, reversing a 3.07% rise on Sunday, to end the day at $29.78.

Tracking the broader market, Litecoin fell from a start of a day intraday high $31.62 to a late in the day intraday low $29.42 before steadying, with Litecoin ending up at sub-$30 levels for the 2^nd time in last 12 days.

The reversal saw Litecoin slide through the first major support level at $30.36 to come within range of the second major support level at $29.15 before finding support.

At the time of writing, Litecoin was up 0.44% to $29.91, with Litecoin falling from an early morning high $29.99 to a morning low $29.11 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move through to $30.3 levels would support a run at $31 levels to bring the first major resistance level at $31.13 into play before any pullback, Monday’s high $31.62 likely to pin Litecoin back from a breakout to $32 levels later in the day.

Failure to move through to $30.3 levels by the early afternoon could see Litecoin hit reverse, with a pullback through the morning low $29.11 bringing the first major support level at $28.93 and the second major support level at $28.07 into play before any recovery, sub-$28 levels unlikely to be touched on the day.

Ripple Looking to Make a Move

Ripple’s XRP fell by 5.51% on Monday, reversing Sunday’s 1.84% gain with interest, to end the day at $0.36131.

A start of a day intraday high $0.38961 saw Ripple’s XRP break through the first major resistance level at $0.3871 before hitting reverse, a day long reversal seeing Ripple’s XRP slide to a late in the day intraday low $0.35616 before moving back through to $0.36 levels.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3730 and second major support level at $0.3637, with Ripple’s XRP unable to break back through the support levels by the day’s end.

At the time of writing, Ripple’s XRP was up 0.94% to $0.36470, with moves through the early morning seeing Ripple’s XRP recover from an early morning low $0.35778 to strike a morning high $0.36718 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.36718 to $0.37 levels would support a run at $0.38 levels to bring the first major resistance level at $0.3819 into play, Ripple’s XRP likely to continue falling short of the $0.40 levels, with Monday’s high $0.38961 likely to pin Ripple’s XRP back from a breakout later in the day.

Failure to move through to $0.37 levels by the early afternoon could see Ripple’s XRP fall back through the morning low $0.35778 to call on support at the first major support level at $0.3484 before any recovery, sub-$0.34 support levels unlikely to be tested on the day.