Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/01/19
Bitcoin Cash – ABC – in the Red Again
Bitcoin Cash ABC fell by 3.61% on Friday, following on from Thursday’s 16.69% slide, to end the day at $127.00.
A relatively choppy morning saw Bitcoin Cash ABC strike an early morning intraday high $133.04 before sliding to sub-$130 levels. A bounce back to $132 levels mid-morning was short lived, with Bitcoin Cash ABC falling to a late morning intraday low and new swing lo $126.8, before recovering through the afternoon to limit the losses for the day.
Your capital is at risk
The moves through the day saw Bitcoin Cash ABC steer clear of the major support and resistance levels
At the time of writing, Bitcoin Cash ABC was up 6.25% to $134.93, with moves through the early morning seeing Bitcoin Cash ABC rise from a start of a day morning low $129.48 to a morning high $136.33, breaking through the first major resistance level at $131.09 and second major resistance level at $135.19 before easing back.
For the day ahead, a move back through the second major resistance level at $135.19 would support a run at $140 levels to bring the third major support level at $141.43 into play, though support from the broader market would be needed for Bitcoin Cash ABC to break out from current levels and avoid a pullback.
Failure to move back through the second major resistance level could see Bitcoin Cash ABC hit reverse later in the day, a fall back through the first major resistance level at $131.09 bringing sub-$130 levels into play before any recovery, the first major support level at $124.85 unlikely to be in play on the day.
Litecoin Sees More Red
Litecoin fell by 4.45 on Friday, following on from Thursday’s 13.76% tumble, to end the day at $31.79.
Relatively range bound through most of the day by recent standards, Litecoin moved to an early morning intraday high $33.71 coming up well short of the first major resistance level at $37.71.
An early morning low $32.00 saw Litecoin hold well above the first major support level at $30.37, with Litecoin managing to move back through to $33 levels through the afternoon before hitting reverse late in the day, Litecoin hitting an intraday low $30.43 to call on support at the first major support level at $30.37.
At the time of writing, Litecoin was up 0.53% to $31.96, with rising to a start of a day morning high $32.61 before pulling back to a morning low $31.65, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through to $32 levels would support another run at the first major resistance level at $33.52, while we would expect Friday’s high $33.71 to pin Litecoin back from any break out to bring the second major resistance level at $35.26 into play.
Failure to move back though to $32 levels could see Litecoin come under selling pressure to bring the day’s first major support level at $30.24 into play before any recovery, sub-$30 support levels unlikely to be tested barring another crypto meltdown later in the day.
Ripple Steadies
Ripple’s XRP fell by just 0.1% on Friday, following Thursday’s 10.63% slide, to end the day at $0.33597.
Tracking the broader market through the day, a relatively range bound day saw Ripple’s XRP rise from a morning low $0.33143 to strike a mid-morning intraday high $0.34495 before easing back, the day’s first major support and resistance levels left untested.
Unable to hold onto $0.34 levels through the rest of the day, a late broad based crypto sell-off kicked in to pull Ripple’s XRP to an intraday low $0.33018 and into the red for the day.
At the time of writing, Ripple’s XRP was up 0.22% to $0.3367, Ripple’s XRP falling from an early morning high $0.3410 to a morning low $0.33351 before recovering, the major support and resistance levels left untested early on.
For the day ahead, a hold onto $0.336 levels through the morning would support a move back through the morning high $0.3410 to bring the first major resistance level at $0.3439 into play before any pullback. Support from the broader market would be needed to bring $0.35 levels and the second major resistance level at $0.3518 into play later in the day.
Failure to hold onto $0.336 levels could see Ripple’s XRP pullback through to sub-$0.33 levels to call on support at the first major support level at $0.3291, with any broad based crypto sell-off likely to bring the second major support level at $0.3223 into play before any recovery.