Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/11/19

It’s a bearish start to the day for the trio and the losses could get heavier should there not be a recovery through to key levels by late morning…
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – on the Back Foot

Bitcoin Cash ABC slid by 3.18% on Thursday. Reversing a 0.47% gain from Wednesday, Bitcoin Cash ABC ended the month of October up 25.1% to $282.78.

A bearish start to the day saw Bitcoin Cash ABC slide from an early morning intraday high $293.18 to a late morning intraday low $270.

Falling short of the major resistance levels, Bitcoin Cash ABC slid through the first major support level at $278.23.

Finding support in the late morning, Bitcoin Cash ABC bounced back to $290 levels before easing back to $282 levels.

At the time of writing, Bitcoin Cash ABC was down by 1.22% to $279.34. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $283.07 before falling to a low $278.97.

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

For the day ahead, a move back through to $282 levels would support a run at the first major resistance level at $293.97.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $290 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Thursday’s high $293.18 would likely cap any upside.

Failure to move back through to $282 levels could see Bitcoin Cash ABC slide deeper into the red.

A fall through to $275 levels would bring the first major support level at $270.79 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$270 levels on the day.

Litecoin Falls Short of $60

Litecoin rose by 0.57% on Thursday. Partially reversing a 3.16% slide from Wednesday, Litecoin ended the month up 4.06% at $58.37.

A choppy morning saw Litecoin slide from an early morning high $59.17 to a late morning intraday low $57.06.

Steering clear of the first major support level at $56.12, Litecoin struck a mid-day intraday high $59.94 before easing back.

Falling short of the first major resistance level at $60.49, Litecoin fell back to $57 levels before late support kicked in.

The recovery to $58 levels delivered the upside on the day.

At the time of writing, Litecoin was down by 1.13% to $57.71. A bearish start to the day saw Litecoin fall from an early morning high $58.39 to a low $57.57.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move through to $58.5 levels would support a run at the first major resistance level at $59.85.

Litecoin would need the support of the broader market, however, to break out from this morning’s high $58.39.

Barring a broad-based crypto rebound, Litecoin would likely come up short of $60 levels for a 2nd consecutive day.

Failure to move through to $58.5 levels could see Litecoin struggle throughout the day.

A fall back through the morning low $57.57 would bring the first major support level at $56.97 into play.

Barring an extended sell-off through the day, however, Litecoin should steer clear of sub-$56 support levels.

Ripple’s XRP Fails to revisit $0.30

Ripple’s XRP slipped by 0.11% on Thursday. Following on from a 2.36% decline on Wednesday, Ripple’s XRP ended the day at $0.29570.

A bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.29931 before hitting reverse. Falling short of the first major resistance level at $0.3048, Ripple’s XRP slid to a late morning intraday low $0.28886.

Finding support at the first major support level at $0.28870, Ripple’s XRP bounced back to $0.2970 levels before easing back through the 2nd half of the day.

At the time of writing, Ripple’s XRP was down by 0.88% to $0.29311. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.29571 to a low $0.29270.

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

For the day ahead, a move back through to $0.2950 levels would support a run at the first major resistance level at $0.3004.

Ripple’s XRP would need the support of the broader market, however, to break out from Thursday’s high $0.29931.

Barring a broad-based crypto rebound later in the day, Ripple’s XRP would likely come up short of $0.30 levels for a 2nd consecutive day.

Failure to move through to $0.2950 levels could see Ripple’s XRP slide deeper into the red. A fall through to $0.2910 levels would bring the first major support level at $0.2899 into play.

Barring an extended sell-off through the day, however, Ripple’s XRP should steer clear of the second major support level at $0.2842.

Please let us know what you think in the comments below

Thanks, Bob

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