Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/11/18
Bitcoin Cash – ABC Finds Relief
Bitcoin Cash ABC gained 4.07% on Sunday, partially reversing Saturday’s 14.26% slide, to end the day at $180.95, the partial recovery leaving BCH ABC down 36.77% for the week.
A particularly choppy day saw BCH ABC fall to a late morning intraday low and new swing lo $146.87 before a broad based cryptomarket recovery kicked in, with BCH ABC rising to an intraday high $186.2.
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The moves through the late afternoon saw BCH ABC fall short of the day’s major resistance levels, while the morning sell-off saw BCH ABC slide through the first major support level at $153.84.
At the time of writing, BCH ABC was down 1.89% to $177.53, with BCH ABC falling from a start of a day morning high $186.10 to a morning low $170, before finding support, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high would bring $190 levels and the day’s first major resistance level at $195.81 into play, with gains across the broader market needing to be retained through the morning to support a recovery.
Failure to move back through the morning high could see BCH ABC pullback through the morning low $170, with a fall through $171 supporting a slide through to the low $160s before any recovery, the day’s first major support level at $156.48 in play should sentiment across the broader market deteriorate through the day.
Litecoin Back in the $30s
Litecoin gained 6.36% on Sunday, reversing most of Saturday’s 9.86% slide, to end the day at $30.43, the bounce back reducing the week’s loss to 27.32%.
Tracking the broader market, Litecoin slid to a late morning intraday low and new swing lo $26.37, the reversal seeing Litecoin call on support at the day’s first major support level at $26.52 ahead of the afternoon rebound.
Rallying through the afternoon, Litecoin moved through to an intraday high $31.92 to come up against the first major resistance level at $31.83 before easing back to $30 levels by the day’s end.
At the time of writing, Litecoin was up 1.71% to $30.95, a bullish start to the day seeing Litecoin rise from a morning low $30.37 to a morning high $31.33 before easing back, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through to $31 levels and the morning high $31.33 would bring $32 levels into play later in the day, though Litecoin would need support from the broader market to take a run at the first major resistance level at $32.78.
Failure to move back through the $31 levels could see Litecoin hit reverse later in the day, with a pullback through the morning low $30.37 bringing sub-$30 levels into play, while we would expect Litecoin to steer clear of the first major support level at $27.23 barring materially negative news hitting the wires.
Ripple Holds On
Ripple’s XRP rose by just 0.72% on Sunday, following an 8.3% slide on Saturday, to end the day at $0.38272, the day’s minor gain leaving Ripple’s XRP down 25.82% for the week.
A continuation of Saturday’s sell-off saw Ripple’s XRP fall through the day’s first major support level at $0.3564 and second major support level at $0.3325 to an intraday low $0.329 before finding support from the broader market.
The afternoon recovery saw Ripple’s XRP bounce back to an intraday high $0.39629 before easing back, the day’s major resistance levels left untested, with Ripple’s XRP also falling short of the 23.6% FIB Retracement Level of $0.4164.
At the time of writing, Ripple’s XRP was down 1.7% to $0.37623, with a choppy start to the day seeing Ripple’s XRP move through to a morning high $0.39890 before hitting reverse to fall to a morning low $0.37309, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the to $0.38 levels would signal a run at the morning high $0.39890 to bring $0.40 levels and the day’s first major resistance level at $0.4097 into play before any pullback, the direction of the broader market expected to have an influence through the day.
Failure to move back through to $0.38 levels could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.37309 likely to bring $0.35 levels into play before any recovery, the day’s first major support level at $0.3424 unlikely to be tested barring particularly negative news hitting the wires.