Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/12/18

Fibo Quantum

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC fell by 5.99% on Tuesday, following on from an 8.14% slide on Monday, to end the day at $170.08.

A bearish start to the day saw Bitcoin Cash ABC slide through first major support level at $166.17, second major support level at $152.45 and of greater significance, the 38.2% FIB of $163 to an intraday low $150.89 before bouncing back.

Recovering through the afternoon, Bitcoin Cash ABC move back through the 38.2% FIB of $163 and the day’s major support levels by the day’s end, while sitting short of the 23.6% FIB of $184.

At the time of writing, Bitcoin Cash ABC was up 6.4% to $180.96, with a bullish start to the day seeing Bitcoin Cash ABC rally to a morning high $183.31, coming within reach of the first major resistance level at $183.82 and 23.6% FIB of $184 before easing back.

For the day ahead, a hold onto $180 levels through the morning would support another run at the first major support level at $183.82 and 23.6% FIB, with a broad based cryptomarket rally needed to support a breakout to $185 levels later in the day.

Failure to hold onto $180 levels through the morning could see Bitcoin Cash ABC hit reverse later in the day, a pullback through a morning low $167.87 bringing the day’s first major support level at $166.17 into play before any recovery, heavier losses not expected on the day in the event of a reversal.

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Litecoin in Recovery

Litecoin fell by fell by 6.7% on Tuesday, following a 0.09% decline on Monday, to end the day at $30.77.

Tracking the broader market, Litecoin fell to an early afternoon intraday low $29.66, the reversal seeing Litecoin fall through the first major support level at $31.51 to call on support at the second major support level at $29.96 before finding support.

An afternoon recovery saw Litecoin move back through to $30 levels, most of the damage in the day coming at the start of the day.

At the time of writing, Litecoin was up 2.99% to $31.69, with upward momentum from late Tuesday continuing into the morning, Litecoin rising to a morning high $31.89 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $31 levels through the morning would support another run at $32 levels to bring the day’s first major resistance level at $32.66 into play before any pullback, Tuesday’s high $33.05 likely to pin Litecoin back from a breakout from the first major resistance level.

Failure to hold onto $31 levels through the morning would bring sub-$30 levels and the day’s first major support level at $29.27 into play before any recovery, sub-$29 levels unlikely to be in play on the day.

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Ripple Eyeing $0.40 Levels

Ripple’s XRP fell by 5.32% on Tuesday, partially reversing Monday’s 10.99% gain, to end the day at $0.39234.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.37347, coming within range of the first major support level at $0.3734, before finding support.

Relatively range bound through the rest of the day, Ripple’s XRP managed a move back through to an afternoon high $0.40301 before falling back to sub-$0.40 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 1.44% to $0.398, with Ripple’s XRP recovering from a start of a day morning low $0.38341 to strike a morning high $0.40503 before easing back, 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 another run at the first major resistance level at $0.4151 and the 23.6% FIB of $0.4164 before any pullback, the 23.6% FIB likely to pin Ripple’s XRP back from a breakout to $0.43 levels later in the day, leaving the second major resistance level at $0.4379 out of play.

Failure to move back through to $0.40 levels could see Ripple’s XRP ease back through to $0.38 levels and the morning low $0.38341, bringing $0.37 levels into play before any recovery, the first major support level at $0.3715 likely to prevent a fall to sub-$0.36 levels on the day.

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