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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/01/19

Bob Mason
Updated

Bitcoin Cash – ABC – Looking for a Rally

Bitcoin Cash ABC gained 1.02% on Saturday, partially reversing a 2.83% fall on Friday, to end the day at $128.16.

A bullish morning saw Bitcoin Cash ABC rally from an early morning intraday low $126.84 to a late morning intraday high $130.77 before easing back.

Steering clear of the first major support level at $124.16, Bitcoin Cash ABC broke through the first major resistance level at $128.99 to hit $130 levels before easing back.

At the time of writing, Bitcoin Cash ABC was up 0.63% to $128.97, with Bitcoin Cash ABC rising from a start of a day morning low $128.84 to a morning high $128.97, the day’s major support and resistance levels left untested early on.

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For the day ahead, a hold above $128.6 would support a run at $130 levels to bring the day’s first major resistance level at $130.34 into play. While we can expect Saturday’s high $130.77 to limit gains on the day, a broad based market rally would bring $132 levels and the second major resistance level at $132.52 into play before any pullback.

Failure to hold above $128.6 could see Bitcoin Cash ABC fall through $127 to bring the day’s first major support level at $126.41 into play before any recovery. We would expect sub-$125 support levels to be avoided, barring materially negative news hitting the wires.

Litecoin Rallies

Litecoin rallied by 4.1% on Saturday, reversing Friday’s 2.09% loss with interest, to end the day at $32.22.

Off the back of a relatively range bound start to the day, Litecoin rallied to a late morning intraday high $33.15, breaking through the first major resistance level at $31.59 and second major resistance level at $32.22 to come within range of the third major resistance level at $33.37 before easing back.

An afternoon low $32.04 was as bearish as it got through the 2nd half of the day, with a start of a day intraday low $30.95 holding above the first major support level at $30.44.

At the time of writing, Litecoin was up 1.43% to $32.68, with moves through the early morning seeing Litecoin rise from a start of a day morning low $32.11 to a morning high $32.7 before steadying.

For the day ahead, a hold above $32.5 would support a move back through to $33 levels to bring the first major resistance level at $33.26 into play before any pullback. Saturday’s $33.15 high will likely pin Litecoin back from $34 levels in the absence of a crypto rally, Litecoin having last hit $34 levels back on 10th January.

Failure to hold above $32.5 could see Litecoin fall through to $31 levels to bring the day’s first major support level at $31.06 into play before any recovery, heavier losses not expected barring a broad based crypto sell-off.

Ripple Finds Support

Ripple’s XRP gained 2.36% on Saturday, reversing a 2% fall from Friday, to end the day at $0.33531.

Tracking the broader market, Ripple’s XRP rallied from a start of a day intraday low $0.32758 to a late morning intraday high $0.34994 before easing back through to $0.33 levels and a relatively range bound 2nd half of a day.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.3339 and second major resistance level at $0.3403, while managing to steer clear of the first major support level at $0.3224 at the start of the day.

At the time of writing, Ripple’s XRP was down 0.06% to $0.33510, with Ripple’s XRP falling from an early morning high $0.33797 to a morning low $0.33389 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.3380 levels would support a run at $0.34 levels to bring the first major resistance level at $0.3476 into play before any pullback. Barring a broad based crypto rally, Ripple’s XRP will likely continue to fall short of $0.35 levels, leaving the second major resistance level at $0.36 off the table for the day.

Failure to move back through to $0.3380 levels could see Ripple’s XRP fall deeper into the red, with a pullback through to $0.32 levels bringing the first major support level at $0.3253 into play before any recovery. We would expect Ripple’s XRP to steer clear of $0.31 levels and the second major support level at $0.3153 barring materially negative news hitting the crypto wires.

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This article was originally posted on FX Empire

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