Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/01/19

Bitcoin Cash – ABC – On the Up

Bitcoin Cash ABC gained 6.03% on Monday, reversing most of Sunday’s 6.54% slide, to end the day at $131.9.

A relatively range bound start to the day saw Bitcoin Cash ABC fall from a mid-morning high $126.32 to an intraday low $122.39, holding above the first major support level at $119.27, before a broad based crypto rally kicked in.

Bitcoin Cash ABC rallied through the afternoon to an intraday high $136, breaking through the first major resistance level at $131.79 before easing back to $131 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was up by just 0.03% to $131.94. A relatively range bound start to the day has seen Bitcoin Cash ABC rise from a morning low $131.9 to a morning high $132.08 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a hold onto $131 levels through the morning could see Bitcoin Cash ABC find buying interest later in the day, a move through Monday’s high $136 likely to bring the first major resistance level at $137.8 into play before any pullback.

Failure to hold onto $131 levels could see Bitcoin Cash ABC pull back through to sub-$130 levels, while Bitcoin Cash ABC will likely steer clear of the first major support level at $124.19, barring materially negative news hitting the wires.

Litecoin on the Rebound

Litecoin jumped by 7.22% on Monday, reversing a 6.62% slide on Sunday, to end the day at $32.07.

Tracking the broader market, Litecoin steered clear of the day’s first major support level at $28.66, with a start of a day intraday low $29.8, to break back through to $30 levels ahead of the broad based crypto rally.

Litecoin rallied to an intraday high $32.96, breaking through the first major resistance level at $32.03, before easing back, Litecoin managing to hold above the first major resistance level by the day’s end.

At the time of writing, Litecoin was up 0.94% to $32.37, with moves through the early part of the day seeing Litecoin rise from a morning low $32.07 to a morning high $32.43 before easing back. Moves through the first 90 minutes of the day left the major support and resistance levels untested.

For the day ahead, a hold onto $32 levels through the morning would support a move back through the morning high $32.43 to bring $33 levels and the day’s first major resistance level at $33.42 into play. A material improvement in sentiment across the broader market could give Litecoin a run at $34 levels, while we would expect the second major resistance level at $34.77 to be out of reach on the day.

Failure to hold onto $32 levels could see Litecoin slide back through to $30 levels to call on support at the first major support level at $30.26. We would expect Litecoin to steer clear of sub-$30 support levels, barring a broad based crypto meltdown.

Ripple Tracks the Pack

Ripple’s XRP gained 5.61% on Monday, reversing a 4.13% fall on Sunday, to end the day at $0.3397.

Rising from a start of a day intraday low $0.32121, Ripple’s XRP broke through to $0.33 levels in the early morning, tracking the broader market through to the mid-afternoon surge.

Ripple’s XRP rallied to a mid-afternoon intraday high $0.34788, breaking through the first major resistance level at $0.3358 to come within range of the second major resistance level at $0.3498 before easing back to $0.33 levels. For the bulls, Ripple’s XRP managed to hold above the first major resistance level by the day’s end.

At the time of writing, Ripple’s XRP was up 0.83% to $0.34252. Ripple’s XRP rose from a morning low $0.33958 to a morning high $0.34312 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.34 levels through the morning would support a move through the morning high $0.34312 to bring $0.35 levels and the first major resistance level at $0.3513 into play before any pullback. Barring a broad based crypto rally, Ripple’s XRP will likely come up short of the second major resistance level at $0.3629.

Failure to hold onto $0.34 levels through the morning could see Ripple’s XRP slide back through the morning low $0.33958 to bring $0.32 levels and the first major support level at $0.3246 into play, with heavier losses unlikely, barring materially negative news hitting the crypto wires.

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