FXEMPIRE
All

Bitcoin Cash – ABC, Chainlink and Ripple Daily Analysis – 11/12/19

It’s a bearish start to the day for the trio, with Chainlink joining the pack in the red early on. Heavier losses could be on the cards.
Bob Mason
crypto currency mining concept

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 0.63% on Tuesday. Following on from a 2.81% slide on Monday, Bitcoin Cash ABC ended the day at $206.68.

Recovering from a morning low $207.12, Bitcoin Cash ABC struck a late morning intraday high $208.81 before hitting reverse.

Falling short of the first major resistance level at $213.27, Bitcoin Cash ABC slid to a late afternoon intraday low $203.73.

Bitcoin Cash ABC fell through the first major support level at $204.31 before recovering to $206 levels late on.

At the time of writing, Bitcoin Cash ABC was down by 0.55% to $205.54. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $207.56 before falling to a low $205.00.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move back through to $206.40 levels would bring the first major resistance level at $209.08 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the morning high $207.56.

Barring a broad-based crypto rebound, resistance at $208 would likely cap any upside.

Failure to move back through to $206.40 levels could see Bitcoin Cash ABC fall deeper into the red.

A fall back to the morning low $205.00 would bring the first major support level at $204.00 into play.

Barring an extended sell-off, however, Bitcoin Cash ABC should continue to steer clear of sub-$200 levels.

The second major support level at $201.33 should limit any downside on the day.

Chainlink

Chainlink rallied by 7.87% on Tuesday. Following on from a 1.81% gain on Monday, Chainlink ended the day at $2.2622.

A bullish start to the day saw Chainlink rally to a mid-morning intraday high $2.3000 before easing back.

Chainlink broke through the major resistance levels and the 23.6% FIB of $2.24 before sliding back to $2.14 levels.

Falling back through the 23.6% FIB, Chainlink also fell back through the third major resistance level at $2.2323 and second major resistance level at $2.1507.

Finding support through the late morning, however, Chainlink bounced back to $2.27 levels before easing back.

Once more, Chainlink broke through the major resistance levels and the 23.6% FIB, before closing out at $2.26 levels.

At the time of writing, Chainlink was down by 1.29% to $2.2330. A mixed start to the day saw Chainlink rise to an early morning high $2.3000 before falling to a low $2.2178.

While leaving the major support and resistance levels untested, Chainlink broke through the 23.6% FIB of $2.2400

For the day ahead, a move back through the morning high $2.3000 would bring the first major resistance level at $2.3541 into play.

Support from the broader market would be needed, however, for Chainlink to break out from the 23.6% FIB.

Barring a late morning break back through the morning high, resistance at $2.3000 levels would likely limit any upside.

Failure to break out from the 23.6% FIB could see Chainlink slide deeper into the red.

A fall through the early low $2.2178 would bring sub-$2.2000 levels into play before any recovery.

Barring an extended sell-off, however, Chainlink should steer clear of the first major support level at $2.1160.

Ripple’s XRP

Ripple’s XRP fell by 0.67% on Tuesday. Following on from a 2.38% slide on Monday, Ripple’s XRP ended the day at $0.22384.

It was bearish through most of the day. Ripple’s XRP fell from an early morning intraday high $0.22645 to a late afternoon intraday low $0.21977.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2203.

Finding support late on, Ripple’s XRP broke back through the first major support level to limit the loss.

At the time of writing, Ripple’s XRP was down by 1.05% to $0.22150. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22475 before falling to a low $0.22119.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move back through to $0.2235 levels would bring the first major resistance level at $0.2269 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22475.

Barring a broad-based crypto rebound, Tuesday’s high $0.22645 and first major resistance level would likely cap any upside.

Failure to move back through to $0.2235 levels could see Ripple’s XRP spend a 3rd consecutive day in the red.

A fall through the morning low $0.22119 would bring the first major support level at $0.2203 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.2167.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US