Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/12/18

Bob Mason
Updated

Bitcoin Cash – ABC Hits New Lows Again…

Bitcoin Cash ABC tumbled by 8.02% on Friday, following on from a 9.91% slide on Thursday, to end the day at $79.09. A 4th day in the red for the current week left Bitcoin Cash ABC down 25.62% Monday through Friday.

An early morning move to an intraday high $88 was the only bullish move of the day, Bitcoin Cash ABC coming up short of the first major resistance level at $93.43 before hitting reverse.

A day long slide saw Bitcoin Cash ABC fall through the first major support level at $82.69 and second major support level at $78.84 to an intraday low and new swing low $75.89 before moving back through the second major support level by the day’s end.

At the time of writing, Bitcoin Cash ABC was up 0.75% to $79.69, a relatively range bound start to the day seeing Bitcoin Cash ABC rise from a morning low $78.11 to a morning high $80.44 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 to $81 levels would signal an afternoon rally, bringing the first major resistance level at $86.10 into play before any pullback, $90 levels and the second major resistance level at $93.10 likely to be step too far on the day.

Failure to move through to $81 levels by the early afternoon could see Bitcoin Cash ABC hit reverse later in the day, with a pullback through the morning low $78.11 bringing Friday’s low $75.89 and the first major support level at $73.99 into play before any recovery.

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Litecoin Bucks the Trend

Litecoin gained 1.44% on Friday, partially reversing Thursday’s 4.91% slide, to end the day at $23.17. Bucking the trend, a 2nd day in the green for the week left Litecoin down 8.38% Monday through Friday.

A bearish start to the day saw Litecoin slide to an intraday low and new swing lo $22.17, Litecoin falling through the first major support level at $22.29 before moving through to a late morning intraday high $23.46.

Falling short of the day’s major resistance levels, Litecoin slid back to a 2nd half of a day low $22.30, calling on support at the first major support level at $22.29 to bounce back to $23 levels.

At the time of writing, Litecoin was up 2.16% to $23.67, with Litecoin recovering from a start of a day dip to a morning low $22.92 to strike a morning high $23.83 before easing back, Litecoin coming up against the first major resistance level at $23.7 early in the day.

For the day ahead, a move back through the first major resistance level would support a run at $24 levels and the second major resistance level at $24.22 before any pullback, with Litecoin likely to face plenty of resistance at $24 levels.

Failure to break back through the first major resistance level could see Litecoin cough up the morning gains later in the day, a pullback through to $22 levels bringing the first major support level at $22.41 into play, with a reversal likely to lead to heavier losses and a test of the second major support level at $21.64 before any recovery.

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Ripple Unable to Avoid sub-$0.30 Levels

Ripple’s XRP fell by 3.37% on Friday, following a 2.77% decline on Thursday, to end the day at $0.29382, a 4th day in the red leaving Ripple’s XRP down 7.39% for the current week.

Range bound through the morning, a late afternoon sell-off led Ripple’s XRP to an intraday low $0.28804, Ripple’s XRP sliding through the first major support level at $0.2983 and second major support level at $0.2926 before recovering to $0.29 levels

At the time of writing, Ripple’s XRP was up 0.46% to $0.29516, with Ripple’s XRP recovering from a start of a day morning low $0.29417 to a morning high $0.29549 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 to $0.296 levels would support a run at $0.30 levels to bring the first major resistance level at $0.3032 into play before any pullback, a major cryptomarket rebound needed to give Ripple’s XRP a run at $0.31 levels and the second major resistance level at $0.3132.

Failure to move through to $0.296 levels could see Ripple’s XRP come under pressure later in the day, with a pullback through the morning low $0.29417 likely to see Ripple’s XRP call on support at the first major support level at $0.2861 before any recovery, $0.27 support levels unlikely to be tested barring materially negative news hitting the wires.

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This article was originally posted on FX Empire

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