Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/11/19
Bitcoin Cash – ABC – Finds Support
Bitcoin Cash ABC fell by 2.35% on Tuesday. Following on from a 7.27% tumble on Monday, Bitcoin Cash ABC ended the day at $241.38.
A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $247.52 before hitting reverse.
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Falling short of the first major resistance level at $261.42, Bitcoin Cash ABC slid to an early afternoon intraday low $233.21.
Bitcoin Cash ABC fell through the first major support level at $235.32 before finding support.
A move back through to $240 levels limited the downside on the day.
At the time of writing, Bitcoin Cash ABC was up by 0.10% to $241.61. Through the early morning, Bitcoin Cash ABC rose from an end of Tuesday $241.38 to an early high $241.61.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, Bitcoin Cash ABC would need to hold onto $241 levels to support a run on Tuesday’s high $247.52.
Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $248.20.
Barring a broad-based crypto rally, resistance at $247 levels would likely pin Bitcoin Cash ABC back on the day.
Failure to hold onto $241 levels could see Bitcoin Cash ABC slide back into the red.
A fall through to $240.70 levels would bring the first major support level at $233.89 into play before any recovery.
Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of Tuesday’s low $233.21.
Litecoin Holds onto $55 Levels
Litecoin fell by 1.18% on Tuesday. Following on from a 5.88% slide on Monday, Litecoin ended the day at $55.06.
A bearish start to the day saw Litecoin fall from an early morning intraday high $56.16 to a late morning intraday low $54.10.
In spite of the early moves, Litecoin left the major support and resistance levels untested.
In the 2nd half of the day, Litecoin struck a high $55.54 before sliding back to sub-$55 levels.
Support from the broader market in the final hour led to a move back to $55 levels to limit the downside.
At the time of writing, Litecoin was up by 0.78% to $55.49. A bullish start to the day saw Litecoin rise from an early morning low $54.84 to a high $56.12 before easing back.
Steering clear of the major support levels, Litecoin came up against the first major resistance level at $56.11 early on.
For the day ahead, Litecoin would need to steer clear of sub-$55.20 levels to support another run at the first major resistance level at $56.11.
Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.
Barring a broad-based crypto rally, however, the first major resistance level and Tuesday’s high $56.16 would likely limit any upside.
Failure to steer clear of sub-$55.20 levels could see Litecoin spend a 3rd consecutive day in the red.
A fall through to $55.10 levels would bring the first major support level at $54.05 into play before any recovery.
Barring a crypto meltdown, however, Litecoin should steer clear of sub-$54 levels for a 2nd consecutive day.
Ripple’s XRP Eyes $0.26
Ripple’s XRP rose by 0.95% on Tuesday. Partially reversing a 4.41% slide from Monday, Ripple’s XRP ended the day at $0.25486.
A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.254 to a late morning intraday low $0.24402.
In spite of the morning sell-off, Ripple’s XRP steered clear of the first major support level at $0.2416.
Finding support in the 2nd half of the day, Ripple’s XRP rallied to a late intraday high $0.25756.
Whilst falling short of the major resistance levels, the bounce back delivered a trend-bucking gain on the day.
At the time of writing, Ripple’s XRP was up by 0.26% to $0.25553. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25389 to a high $0.25933.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead, a move back through to $0.2590 levels would support a run at the first major resistance level at $0.2603.
Support from the broader market would be needed, however, for a breakthrough to $0.26 levels.
Barring a broad-based crypto rally, the first major resistance level at $0.2603 would likely limit any upside.
Failure to move back through to $0.2590 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.25389 to $0.2520 levels would bring sub-$0.25 levels into play.
Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the first major support level at $0.2467.
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Thanks, Bob