Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/02/19
Bitcoin Cash – ABC – Back in the Red
Bitcoin Cash ABC slid by 4.08% on Thursday, partially reversing Wednesday’s 8.25% rally, to end January down 24% at $112.43.
A start of a day rally to an intraday high $119.19 was the only bullish move of the day. Falling short of the first major resistance level at $121.59, Bitcoin Cash ABC slid to a late morning intraday low $112.14 before finding support.
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Steering clear of the first major support level at $109.62, Bitcoin Cash ABC struck an afternoon high $114.16 before easing back to $112 levels by the day’s end.
At the time of writing, Bitcoin Cash ABC was down 1.66% at $110.57, with a bearish start to the day seeing Bitcoin Cash ABC slide from a morning high $113.51 to a morning low $110.41.The day’s major support and resistance levels were left untested early on.
For the day ahead, a move back through the morning high $113.51 to $114.6 levels would support a run at $116 levels to bring the first major resistance level at $117.03 into play. Sentiment across the broader market would need to materially improve, however, for Bitcoin Cash ABC to breakout from any recovery to $113 levels later in the day.
Failure to move back through the morning high could see Bitcoin Cash ABC pullback deeper into the red. A fall through the morning low $110.41 would likely see Bitcoin Cash ABC fall through the first major support level at $109.98 to strike $108 levels before any recovery.
Litecoin Back on the Slide
Litecoin slipped by 0.92% on Thursday, partially reversing a 2.74% gain from Wednesday, to end the month up 4.9% to $31.24.
Tracking the broader market, an early morning intraday high $32.22 saw Litecoin break through the first major resistance level at $32.05 before hitting reverse.
Sliding through the morning, Litecoin fell to a late morning intraday low $30.82 before steadying. Litecoin managed to hold above the day’s first major support level at $30.72 before moving back through to $31 levels and a relatively range-bound afternoon.
At the time of writing, Litecoin was down by 0.96% to $30.94. Tracking the broader market, Litecoin slid from a morning high $31.37 to a low $30.57 before finding support. Falling well short of the first major resistance level at $32.03, Litecoin fell through the first major support level at $30.63 before taking a run at $31 levels.
For the day ahead, a move back through the morning high to $31.40 levels would support a run at the first major resistance level at $32.03 before any pullback. Support from the broader market would be needed for Litecoin to hold onto $32 levels. The second major resistance level at $32.56 will unlikely to be tested on the day.
Failure to move back through the morning high could see Litecoin pullback later in the day, with a fall through the first major support level at $30.63 and morning low $30.57 likely to bring the second major support level at $30.03 into play. We would expect Litecoin to steer clear of sub-$30 support levels on the day.
Ripple Fails to Make it 2 in a Row
Ripple’s XRP slid by 3.66% on Thursday, partially reversing an 11.99% bounce from Wednesday, to end January down 12.7% at $0.31544.
An early morning intraday high $0.3428 saw Ripple’s XRP come within range of the first major resistance level at $0.3438 before hitting reverse.
Sliding through the morning, Ripple’s XRP fell to a morning low $0.31072 before steadying to a relatively range-bound afternoon. A late afternoon intraday low $0.30809 saw Ripple’s XRP hold above the first major support level at $0.3003 before recovering to $0.31 levels through the late evening.
At the time of writing, Ripple’s XRP was down by 2.77% to $0.3067. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.31735 to a morning low $0.30080 before finding support.
The pullback saw Ripple’s XRP call on support at the first major support level at $0.3014, whilst leaving the major resistance levels untested.
For the day ahead, a move back through to $0.31 levels would be needed to bring the morning high $0.31735 into play. A broad-based cryptomarket rebound would support a move through to $0.32 levels, whilst we would expect Ripple’s XRP to come up short of $0.33 levels and the first major resistance level at $0.3361.
Failure to move back through to $0.31 levels could see Ripple’s XRP struggle through the day, with a pullback through the morning low $0.30080 likely to bring $0.29 levels into play before any recovery. We would expect Ripple’s XRP to steer clear of the second major support level at $0.2874 through the day.