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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 19/12/18

Bob Mason
Updated

Bitcoin Cash – ABC Back in the $100s

Bitcoin Cash ABC rallied by 16.41% on Tuesday, following on from an 11.98% gain on Monday, to end the day at $103.65.

A late morning intraday low $84.18 was the only bearish move of the day, Bitcoin Cash ABC steering well clear of the first major support level at $80.59, before finding support from the broader cryptomarket.

Through the 2nd half of the day, Bitcoin Cash ABC hit a late in the day intraday high $105, breaking through the first major resistance level at $93.7 and second major resistance level at $98.9 to hold onto $100 levels by the day’s end.

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At the time of writing, Bitcoin Cash ABC was up 10.92% to $114.97, early moves seeing Bitcoin Cash ABC breaking through the first major resistance level at $111.04, with a rise from a morning low $101.99 to a morning high $117 before easing back.

For the day ahead, holding above the first major resistance level through the morning would support another run at the second major resistance level at $118.43, with support from the broader market needed for Bitcoin Cash ABC to break out from $118 levels to bring $120 levels into play later in the day.

Failure to hold above the first major resistance level could see Bitcoin Cash ABC hit reverse later in the day, a pullback through the morning low $101.99 bringing sub-$100 levels into play, with the first major support level at $90.22 in play in the event of a broad based crypto sell-off.

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Litecoin Holds onto $30

Litecoin gained 4.29% on Tuesday, following on from Monday’s 14.51% rally, to end the day at $30.12.

A relatively choppy day saw Litecoin fall to a late morning intraday low $27.71 before recovering to $28 levels through the afternoon, Litecoin holding well above the first major support level at $25.86.

It all boiled down to a late in the day broad based crypto rally, with Litecoin striking an intraday high $30.20, falling short of the first major resistance level at $31.19, while holding onto $30 levels.

At the time of writing, Litecoin was up 1.79% to $30.66, with moves through the early hours seeing Litecoin rise from a start of a day morning low $29.6 to a morning high $31.38, Litecoin breaking through the first major resistance level at $30.98, before easing back.

For the day ahead, a hold onto $30 levels through the morning would support another move through the first major resistance level to $31 levels to bring the second major resistance level at $31.83 and $32 levels into play, though Litecoin will need support from the broader market for a breakout from $31.8 levels later in the day.

Failure to hold onto $30 levels could see Litecoin ease back through the morning low $29.6, with a fall through $29.3 bringing $28 levels and the first major support level at $28.49 into play before any recovery, sub-$28 support levels unlikely to be in play on the day.

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Ripple Back in the $0.35s

Ripple’s XRP gained 7.02% on Tuesday, following on from Monday’s 15.42% rally, to end the day at $0.0.36182.

Tracking the broader market, Ripple’s XRP struck a morning high $0.35398 before easing back to a late morning intraday low $0.33151, leaving the major support and resistance levels left untested through the morning.

A relatively range bound 2nd half of a day also saw Ripple’s XRP steer clear of the major support and resistance levels ahead of a broad based cryptomarket rally, Ripple’s XRP rising to an intraday high $0.36183 at the day’s end, breaking through the first major resistance level at $0.3612 on the way.

At the time of writing, Ripple’s XRP was up 5.3% to $0.3810, with Tuesday’s late rally continuing into the early hours, Ripple’s XRP breaking through the first major resistance level at $0.3719 and second major resistance level at $0.3820 to strike a morning high $0.3833 before easing back.

For the day ahead, a hold onto $0.38 levels through the morning would signal more to come later in the day, with a broad based crypto rally supporting a run at $0.40 levels to bring the third major resistance level at $0.4124 into play before any pullback.

Failure to hold onto $0.38 levels through the morning could see Ripple’s XRP cough up some of the morning gains, while we would expect Ripple’s XRP to avoid a pullback to sub-$36 levels, barring a broad based sell-off, Ripple’s XRP tracking the broader market through the first half of the week, with the bears very much in the driving seat.

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This article was originally posted on FX Empire

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