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Bitcoin Cash – ABC / SV, Litecoin and Ripple Daily Analysis – 22/11/18

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Bitcoin Cash – The ABC – SV Find Support

The Bitcoin Cash slide paused on Wednesday, with BCH ABC gaining 7.17% to end the day at $230.41 and BCH SV rallying by 11.24% to end the day at $45.71, the pair’s gains not enough to pull BCH back through to $300 levels.

For BCH ABC, the day’s first major resistance level at $240.7 held BCH ABC to a day high $238, with BCH SV’s intraday high $50 falling short of the first major resistance level at $53.92, the pair also leaving the major support levels untested on the day.

BCH SV’s outperformance came off the back of higher hash rates than for BCH ABC through the day. While BCH SV has garnered the higher hash rates, BCH ABC leads on proof of work, according to Coin Dance numbers.

In spite of plenty of criticism over early issues faced by BCH SV, both look like they are here to stay.

At the time of writing, BCH ABC was down 0.85% to $228.45, with BCH SV down 0.28% to $45.58, BCH ABC seeing more volatility in the early hours, with the pair likely to be driven by sentiment across the broader market through the day, the day’s major support and resistance levels unlikely to be in play through the day.

Litecoin Rallies

Litecoin gained 6.26% on Wednesday, partially reversing Tuesday’s 9.73% fall, to end the day at $34.29.

A bullish first half of the day saw Litecoin recover from an early morning intraday low $31.06 to a late morning high $34.14, before easing back to $32% levels. Tracking the broader market, the lack of an afternoon sell-off supported a move back through to $34 levels and an intraday high $34.44.

The moves through the day left the major support and resistance levels untested, with Litecoin still deep in the red for the current week.

At the time of writing, Litecoin was up just 0.03% to $34.3, with Litecoin moving from a morning low $33.05 to an early morning high $34.7 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high $34.7 would bring $35 levels and the first major resistance level at $35.47 into play before any pullback, $36 levels and the second major resistance level at $36.64 unlikely to be in play through the day.

Failure to move back through the morning high could see Litecoin hit red, with a pullback through the morning low $33.05 bringing the day’s first major support level at $32.09 into play before any recovery, sub-$32 support levels unlikely to be tested barring materially negative news hitting the wires.

Ripple Finds Relief

Ripple’s XRP rose by 2.13% on Wednesday, partially reversing Tuesday’s 8.23% slide, to end the day at $0.45341.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.41803 before finding support from the broader market, the day’s low holding well above the first major support level at $0.4005.

The morning recovery saw Ripple’s XRP move through to a late morning intraday high $0.4690, before easing back to a range bound 2nd half of the day, the day’s high falling short of the first major resistance level at $0.49750.

At the time of writing, Ripple’s XRP was down 1.53% to $0.44649, with moves through the early morning seeing Ripple’s XRP move through to a morning high $0.4571 before hitting reverse to fall to a morning low $0.4446, the major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.45 levels would support another run at $0.46 levels to bring the day’s first major resistance level at $0.4756 into play, though sentiment across the broader market will need to materially improve through the morning to support a break out later in the day.

Failure to move back through to $0.45 levels could see Ripple’s XRP fall deeper into the red, following Wednesday’s gain, with a fall through the morning low $0.4446 bringing $0.43 levels and the day’s first major support level at $0.4246 into play before any recovery.

A partial recovery on Wednesday will have eased jitters across the broader market, though we will expect the bears to continue to rule and, with Ripple’s XRP having managed to hold above the 23.6% FIB Retracement Level of $0.4164 throughout the latest cryptomarket meltdown, this will be the next bear target in the day’s ahead.

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