Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/12/18

Bob Mason

Updated Mon, Dec 24, 2018, 7:25 PM

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 8.14% on Monday, following a 0.02% gain on Sunday, to end the day at $179.89, the loss for the day bucking the trend from the broader market.

A bullish start to the day saw Bitcoin Cash ABC rally to a late morning intraday high $212.23, breaking through the first major resistance level at $207.67, before hitting reverse.

Reversing through the afternoon, Bitcoin Cash ABC tumbled through the first major support level at $185.36 and 23.6% FIB of $184 to an intraday low $175.48 before finding support, Bitcoin Cash ABC coming within range of the second major support level at $174.73 late in the day.

The trend bucking move will likely have been as a result of some profit taking off the back of last week’s 148% gain.

At the time of writing, Bitcoin Cash ABC was down 9.69% to 162.46, with Monday’s afternoon sell-off continuing into the early hours. Bitcoin Cash ABC slid from a start of a day high $181.1 to a morning low $156, falling through the first major support level at $166.17 on the way.

For the day ahead, a move back through the 38.2% FIB of $164 and the first major support level at $166.17 would support a run at $190 levels to bring the first major support level at $202.92 into play, though sentiment across the broader market would need to materially shift to support an afternoon rebound.

Failure to move back through the 38.2% FIB could see Bitcoin Cash ABC struggle through the day, with a pullback through the morning low $156 bringing the second major support level at $152.45 and $140 levels into play before any recovery.

Litecoin on the Slide

Litecoin fell by 0.09% on Monday, following on from a 4.65% rally on Sunday, to end the day at $33.05.

Tracking the broader market, a bullish start to the day saw Litecoin rally to an early afternoon intraday high $36.78 before hitting reverse, Litecoin breaking through the first major resistance level at $34.13 and second major resistance level at $35.19 on the way.

A late afternoon reversal saw Litecoin fall to an intraday low $32.6 before steadying, Litecoin managing to steer clear of the first major support level at $31.72 on the day.

At the time of writing, Litecoin was down 6.32% to $30.96, with a start of a day sell-off seeing Litecoin fall from $33 levels to a morning low $30.4, Litecoin falling through the first major support level at $31.51 to come within range of the second major support level at $29.96.

For the day ahead, a move back through to $31 levels and the first major support level at $31.51 would support a run at the morning high $33.05 to bring $34 levels into play in the event of a rebound, the day’s first major resistance level at $35.69 unlikely to be tested on the day.

Failure to move back through to $31.5 levels by the early afternoon could see Litecoin take a bigger hit later in the day, with a pullback through the morning low $30.4 bringing sub-$30 levels and the second major support level at $29.96 into play before any recovery.

Ripple Takes a Hit

Ripple’s XRP rallied by 10.99% on Monday, following on from a 1.94% gain on Sunday, to end the day at $0.4137.

A particularly bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.46669, breaking through the major resistance levels and 23.6% FIB of $0.4164, before easing to $0.40 levels late in the day.

Ripple’s XRP managed to move back through the 23.6% FIB late in the day and hold above the second major resistance level at $0.4083.

At the time of writing, Ripple’s XRP was down 5.8% to $0.38970, with Ripple’s XRP falling through the 23.6% FIB of $0.4164 to a morning low $0.38090 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.40 levels would support a run at the 23.6% FIB of $0.4164 to bring $0.42 levels into play before any pullback, sentiment across the broader market needing to materially improve to support a break out from the 23.6% FIB, the day’s first major resistance level at $0.4600 unlikely to be in play on the day.

Failure to move back through to $0.40 levels could see Ripple’s XRP take a bigger hit later in the day, a fall through the morning low $0.38090 bringing the first major support level at $0.3734 into play before any recovery, $0.36 levels likely to be as bad as it will get in the event of a continued slide.