Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/01/19

Bitcoin Cash – ABC – Looking to Avoid a 4th Day in the Red

Bitcoin Cash ABC fell by 0.45% on Saturday, following on from a 0.74% fall on Friday, to end the day at $175.14.

A bullish start to the day saw Bitcoin Cash ABC rally to a late morning intraday high $128.37, coming within range of the first major resistance level at $128.60 before hitting reverse.

Sliding through the late morning and afternoon, Bitcoin Cash ABC fell to an intraday low $125.00 to call on support at the day’s first major support level at $125.25 before steadying.

At the time of writing, Bitcoin Cash ABC was up 0.57% to $125.85. Bitcoin Cash ABC fell through the first major support level at $123.97 to a morning low $123.21 before recovering to $125 levels and a morning high $125.85.

For the day ahead, a move through to $126 levels would be needed to bring $127 levels and the day’s first major resistance level at $127.34 into play. We would expect Bitcoin Cash ABC to come up short of $129 levels and the second major resistance level at $129.54, with Saturday’s high $128.37 likely to pin Bitcoin Cash ABC back on the day.

Failure to move through to $126 levels could see Bitcoin Cash ABC return to the red later in the day. A pullback to $124 levels would likely to bring the first major support level at $123.97 back into play before any recovery. Sub-$123 support levels are unlikely to be in play on the day, barring a broad based crypto sell-off that could bring the second major support level at $122.80 into play.

Litecoin Finds Support

Litecoin fell by 0.27% on Saturday, partially reversing a 0.8% rise from Friday, to end the day at $32.64.

Tracking the broader market through the morning, Litecoin rallied to a late morning intraday high $34.00, breaking through the first major resistance level at $33.17 and second major resistance level at $33.62 to hit $34 levels for the first time since 10th January before easing back.

An early morning intraday low $32.51 saw Litecoin steer well clear of the first major support level at $32.06, while the late pullback brought to an end 5 consecutive days in the green.

At the time of writing, Litecoin was up 0.67% to $32.86, with a fall to a morning low $32.15 seeing Litecoin test the day’s first major support level at $32.10 before rebounding to a morning high $32.9.

For the day ahead, a move through to $33 levels would be needed to bring the first major resistance level at $33.59 into play before any pullback. We would expect Saturday’s high $34 to pin Litecoin back from a breakout to test the day’s second major resistance level at $34.54 on the day.

Failure to move through to $33 levels could see Litecoin hit reverse later in the day, with a pullback through $32.50 levels likely to bring the first major support level at $32.10 into play. A broad based crypto sell-off could bring $31 levels and the second major support level at $31.56 into play before a move back through to $32 levels.

Ripple Sees More Red

Ripple’s XRP slipped by 0.31% on Saturday, following on from a 1.13% fall on Friday, to end the day at $0.3185.

Rallying through the early part of the day, Ripple’s XRP struck a late morning intraday high $0.32529, breaking through the first major resistance level at $0.3246 before hitting reverse.

Sliding through the late morning and afternoon, Ripple’s XRP fell to an intraday low $0.31850, holding above the first major support level at $0.3144 before steadying to a relatively range bound final part of the day.

At the time of writing, Ripple’s XRP was down 0.09% to $0.31820, with moves through the morning seeing Ripple’s XRP recover from a start of a day morning low $0.31502 to strike a morning high $0.31919 before easing back. The early dip saw Ripple’s XRP fall through the first major support level at $0.3162 before finding support.

For the day ahead, a move back through the morning high $0.31919 to $0.32 levels would be needed to bring the first major resistance level at $0.323 into play before any pullback. Barring a broad based rally, we would expect the second major resistance level at $0.3276 to pin Ripple’s XRP back from break through to $0.33 levels on the day.

Failure to move through to $0.32 levels could see Ripple’s XRP hit reverse later in the day, with a pullback through the first major support level at $0.3162 likely to see a return to the morning low $0.31502 before any recovery. We would expect Ripple’s XRP to steer clear of the second major support level at $0.3140.

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