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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 19/01/19

Bob Mason
Updated

Bitcoin Cash – ABC – Looking for a Rally

Bitcoin Cash ABC fell by 2.83% on Friday, reversing a 2.17% gain from Thursday, to end the day at $126.16 and reduce the weekly gain to 1.78%.

Bearish through the day, Bitcoin Cash ABC slid from a start of a day intraday high $129.83 to an early evening intraday low $125 before finding support.

The moves through the day left the major support and resistance levels, with Bitcoin Cash ABC continuing to fall well short of the 23.6% FIB Retracement Level of $144.

At the time of writing, Bitcoin Cash ABC was up 1.32% to $127.82, with a bullish start to the day seeing Bitcoin Cash ABC rise from a morning low $126.87 to a morning high $128.00 before easing back. The day’s major support and resistance levels were left untested early on.

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For the day ahead, a hold onto $127 levels through the morning would support another break through to $128 levels to bring the first major resistance level at $128.99 into play. A weekend rally could see Bitcoin Cash ABC break back through to $130 levels later in the day, while we would expect Bitcoin Cash ABC to fall short of the second major resistance level at $131.83.

Failure to hold onto $127 levels could see Bitcoin Cash ABC hit reverse, with a pullback through to $125 levels likely to bring the first major support level at $124.16 into play before any recovery.

While heavier losses are not expected on the day, holding onto $127 levels will be key for Bitcoin Cash ABC to hold onto the current week’s gains.

Litecoin Holds onto the $30s

Litecoin fell by 2.09% on Friday, reversing two consecutive days in the green, to end the day at $30.96.

Tracking the broader market, Litecoin fell from a start of a day intraday high $31.7 to an early evening intraday low $30.55, coming within range of the first major support level at $30.49 before steadying.

The bearish day saw Litecoin fall short of the first major resistance level at $32.24, while managing to avoid sub-$30 levels on the day, to hold onto a 3.51% gain for the current week.

At the time of writing, Litecoin was up 0.97% to $31.26, with Litecoin rising from a start of a day morning low $30.95 to a morning high $31.39 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $31 levels through the morning would support a break through the first major resistance level at $31.59 to bring $32 levels and the day’s second major resistance level at $32.22 into play before any pullback. Friday’s high $31.7 will likely pin Litecoin back from more material gains on the day.

Failure to hold onto $31 levels through the morning could see Litecoin slide through Friday’s low $30.55 to bring the day’s first major support level at $30.44 into play. Any deterioration in sentiment across the broader market and we would expect Litecoin to test the second major support level at $29.92 before recovering.

Ripple Back in the Red

Ripple’s XRP fell by 2% on Friday, reversing a 0.27% fall on Thursday, to end the day at $0.32757.

A start of a day intraday high $0.33513 came up short of the first major resistance level at $0.3395, with sentiment across the broader market weighing to pull Ripple’s XRP into the red early on.

Sliding through the day, Ripple’s XRP fell through the first major support level at $0.3281 to an intraday low $0.32366 before steadying.

The day’s losses cut gains for the week to just 1.84%, Monday’s 5.61% rally providing the buffer through the week.

At the time of writing, Ripple’s XRP was up 1.03% to $0.33096, a rise from a start of a day morning low $0.32758 to a morning high $0.33394 seeing Ripple’s XRP test the day’s first major resistance level at $0.3339 before easing back.

For the day ahead, a hold onto $0.33 levels through the morning would support another break through the first major resistance level, while we would expect Ripple’s XRP to fall short of the second major resistance level at $0.3403 on the day.

Failure to hold onto $0.33 levels could see Ripple’s XRP resume Friday’s sell-off, with a fall through $0.328 levels likely to bring the first major support level at $0.3224 into play before any recovery.

We would expect Ripple’s XRP to steer clear of the second major support level at $0.3216 and sub-$0.32 levels, barring materially negative news hitting the crypto wires.

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This article was originally posted on FX Empire

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