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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/12/18

By:
Bob Mason
Published: Dec 12, 2018, 04:14 UTC

It's a positive start to the day, but with the bears still in control, things could well swing into the red by late morning...

Crypto00 567

Bitcoin Cash – ABC Deep in the Red

Bitcoin Cash ABC slid by 4.99% on Tuesday, following on from a 4.28% fall on Monday, to end the day at $96.44.

Bearish through most of the day, Bitcoin Cash ABC slid from a start of a day intraday high $101.51 through to an early afternoon intraday low and new swing lo $92.42. The reversal saw Bitcoin Cash ABC slide through the first major support level at $97.93 and second major support level at $94.08 before steadying and break back through the second major support level.

At the time of writing, Bitcoin Cash ABC was down 1.04% to $95.43, with Bitcoin Cash ABC recovering from an early morning low $94.23 to a morning high $95.81 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $95.81 to $96 levels would be needed to signal an afternoon rally, with Bitcoin Cash ABC needing to move through $96.80 to bring $101 levels and the day’s first major resistance level at $101.16 into play before any pullback.

Failure to move through to $96 levels could see Bitcoin Cash ABC fall back deeper into the red, with a pullback through the morning low $94.23 to $93 levels bringing the day’s first major support level at $92.07 and sub-$92 levels into play before any recovery, while we would expect Bitcoin Cash ABC to steer clear of sub-$90 levels on the day.

BCHABC/USD 12/12/18 4-Hourly Chart

Litecoin Touches Falls Again

Litecoin fell by 3.13% on Tuesday, following on from a 5.22% slide on Monday, to end the day at $23.22.

A relatively range bound early part of the day saw Litecoin move from an opening $23.97 to an intraday high $24.38, coming up well short of the first major resistance level at $25.23, before being hit by a broad based crypto sell-off in the late morning.

The reversal saw Litecoin fall through the first major support level at $23.13 to an early afternoon intraday low $22.72 before recovering to $23 levels.

At the time of writing, Litecoin was up 0.82% to $23.41, with moves through the early morning seeing Litecoin rise from an early morning low $23.01 to a morning high $23.53 before easing back, a relatively range bound start to the day leaving the major support and resistance levels untested.

For the day ahead, a hold onto $23.4 levels through the morning would support a move through the morning high to bring the first major resistance level at $24.16 into play, with any broad based cryptomarket rally supporting a run at $25 levels and the second major resistance level at $25.10 before any pullback.

Failure to hold onto $23.4 levels through the morning could see Litecoin hit reverse and resume the week’s slide. A pullback through the morning low $23.01 to $22 levels would bring the day’s first major support level at $22.5 into play, with the second major support level at $21.78 in play should sentiment fail to shift through the middle of the afternoon.

LTC/USD 12/12/18 Daily Chart

Ripple Touches sub-$0.30s

Ripple’s XRP fell by 1.14% on Tuesday, following on from a 3.07% slide on Monday, to end the day at $0.3040.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.31901, coming up against the first major resistance level at $0.3193 to hit reverse through the rest of the morning and early afternoon.

The pullback saw Ripple’s XRP slide to a late afternoon intraday low $0.299, calling on support at the first major support level at $0.2979 to recover back through to $0.30 levels.

At the time of writing, Ripple’s XRP was up 0.41% to $0.30516, with Ripple’s XRP recovering from a start of a day morning low $0.30195 to strike a morning high $0.30749 before easing back, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high would bring $0.31 levels and the day’s first major resistance level at $0.3156 into play, while we would expect Ripple’s XRP to fall short of $0.32 levels, with Tuesday’s high $0.31901 likely to limit the upside on the day.

Failure to move back through the morning high $0.30749 by the early afternoon could see Ripple’s XRP hit reverse later in the day, a fall through the morning low $0.30195 bringing sub-$0.30 levels and the day’s first major support level at $0.2956 into play.

Sentiment across the broader market later in the day will dictate whether the day’s second major support level at $0.2873 will be in play, the negative bias needing investors to heavily guard the downside.

XRP/USD 12/12/18 Daily Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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