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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/10/19

By:
Bob Mason
Published: Oct 2, 2019, 03:02 UTC

It's a mixed start to the day, with Litecoin looking to break out. The broader market may have an influence, however...

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Struggles at $230

Bitcoin Cash ABC fell by 1.2% on Tuesday. Partially reversing a 3.6% rally from Monday, Bitcoin Cash ABC ended the day at $223.31.

A bullish start to the day saw Bitcoin Cash ABC strike an early morning intraday high $235. Bitcoin Cash ABC broke through the first major resistance level at $233.25 before sliding to an early evening intraday low $219.91.

In spite of the reversal, Bitcoin Cash ABC steered clear of the first major support level at $215.19.

Finding support late in the day, Bitcoin Cash ABC recovered to $223 levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.3% to $223.98. A range-bound start to the day saw Bitcoin Cash ABC rise from a morning low $223.29 to a high $223.98.

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

For the day ahead, a move through to $226 levels would support a run at the first major resistance level at $232.24.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $230 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC will continue to come up short of $240 levels.

Failure to move through to $226 levels could see Bitcoin Cash ABC hit reverse.

A fall back through to sub-$220 levels would bring the first major support level at $217.15 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $210.98.

BCHABC/USD 02/10/19 Daily Chart

Litecoin Back in the Red

Litecoin fell by 0.52% on Tuesday. Partially reversing a 4.06% rally from Monday, Litecoin ended the day at $55.8.

Tracking the broader market, Litecoin rallied to an early morning intraday high $57.75 before hitting reverse.

Coming up against the first major resistance level at $57.52, Litecoin slid to an early evening intraday low $54.87.

Steering clear of the first major support level at $53.58, Litecoin bounced back to $55 levels to cut the deficit on the day.

At the time of writing, Litecoin was up by 1.13% to $56.43. A bullish start to the day saw Litecoin rise from an early morning low $55.8 to a high $56.6 before easing back.

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

For the day ahead, holding onto $56 levels through the morning would support a run at the first major resistance level at $57.41.

Litecoin would need sentiment across the broader market to improve, however, to support a move through to $57 levels.

Barring a broad-based crypto rally on the day, we would expect the first major resistance level and Tuesday’s high $57.75 to cap any upside.

Failure to hold onto $56 levels could see Litecoin hit reverse. A fall through the morning low $55.8 would bring the first major support level at $54.53 into play before any recovery.

Barring a crypto meltdown, Litecoin should steer clear of sub-$54 support levels on the day.

LTC/USD 02/10/19 Daily Chart

Ripple’s XRP Hits Reverse

Ripple’s XRP slid by 3.53% on Tuesday. Partially reversing a 7.08% rally from Monday, Ripple’s XRP ended the day at $0.24888.

A bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.26186 before hitting reverse.

Falling short of the first major resistance level at $0.2688, Ripple’s XRP slid to an early evening intraday low $0.24594.

Steering clear of the first major support level at $0.2420, Ripple’s XRP recovered to $0.25 levels before sliding back in the final hour.

At the time of writing, Ripple’s XRP was down by 0.47% to $0.24771. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.25002 before falling to a low $0.24711.

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

For the day ahead, a move through to $0.2520 levels would bring the first major resistance level at $0.2585 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.25002.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of Tuesday’s high $0.26186.

Failure to move through to $0.2520 levels could see Ripple’s XRP take a bigger hit on the day. A pullback through to $0.2450 levels would bring the first major support level at $0.2426 into play.

Barring an extended sell-off through the day, however, Ripple’s XRP should steer clear of sub-$0.23 support levels.

XRP/USD 02/10/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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