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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/12/18

Bob Mason
Updated

Bitcoin Cash – ABC Up, But Gives up $80

Bitcoin Cash ABC gained 3.58% on Sunday, reversing a 2.89% fall on Saturday, to end the week down 25.7% to $79.00.

A bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high $81.31, breaking through the first major resistance level at $80.03 before easing back to sub-$80 levels, with resistance at $80 proving to be too great late in the day, a break back through to $80 short lived.

A start of a day intraday low $76.27 saw Bitcoin Cash ABC steer clear of the day’s major support levels on the day.

At the time of writing, Bitcoin Cash ABC was up 0.47% to $79.37, with moves through the early morning seeing Bitcoin Cash ABC fall from a morning high $80.07 to a morning low $77.88, the day’s major support and resistance levels left untested early on.

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For the day ahead, a move back through to $80 levels would support a run at Sunday’s $81.31 high to bring the day’s first major resistance level at $81.45 into play, though Bitcoin Cash ABC will need to hold onto $79 levels through the morning to support a move later in the day.

Failure to move back through to $80 levels could see Bitcoin Cash ABC hit reverse later in the day, a fall through the morning low $77.88 bringing $76 levels and the first major support level at $76.41 into play before any recovery.

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Litecoin Takes the Sunday Rally

Litecoin rallied by 7.91% on Sunday, following on from a 0.95% rise on Saturday, to end the week down just 0.2% at $25.24, a 3rd day in the green easing the pain from the bearish start to the week.

A particularly bullish start to the day saw Litecoin rally to an early morning high $26.25, Litecoin breaking through the day’s major resistance levels before striking a mid-day intraday high $26.67.

Easing back through the afternoon, Litecoin fell back to $25 levels late in the day, unable to hold above the day’s third major resistance level at $25.25 by the day’s end.

At the time of writing, Litecoin was up 1.66% to $25.66, with Litecoin rising from a start of a day morning low $25.15 to a morning high $25.79 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through to $26 levels would bring Sunday’s high $26.67 and the day’s first major resistance level at $26.83 into play before any pullback, resistance on the way through to $27 levels likely to pin Litecoin back from a breakout to $28 levels and the day’s second major resistance level at $28.43.

Failure to move through to $26 levels could see Litecoin struggle later in the day, with a fall through $25.10 likely to signal the start of a partial reversal of late last week’s gains, a fall through to $24 levels bringing the first major support level at $23.48 into play before any recovery, heavier losses not expected on the day.

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Ripple Down Again

Ripple’s XRP gained just 0.95% on Sunday, partially reversing Saturday’s 1.15% loss, to end the week down 7.62% to $0.29307.

Tracking Litecoin at the start of the day, Ripple’s XRP struck an early morning intraday high $0.30484, breaking through the first major resistance level at $0.2966 and second major resistance level at $0.3028 before easing back.

By the day’s end, Ripple’s XRP was unable to hold onto $0.30 levels, with Ripple’s XRP falling back through the resistance levels by the day’s end.

At the time of writing, Ripple’s XRP was down 0.11% to $0.29274, with Ripple’s XRP recovering from an early morning low $0.29073 to strike a morning high $0.29451 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 $0.2960 would support a move through to $0.30 levels to test the day’s first major resistance level at $0.3018, with Ripple’s XRP likely to struggle to breakout from there to take a run at $0.31 levels and the second major resistance level at $0.3106.

Failure to move through to $0.2960 could see Ripple’s XRP take a bigger hit later in the day, with a fall through the morning low $0.29073 bringing $0.28 levels and the first major support level at $0.2873 into play. Heavier losses could be on the cards should sentiment across the broader market deteriorate, with the second major support level at $0.2815 in play in the event of a broad based crypto sell-off.

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This article was originally posted on FX Empire

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