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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/11/19

By:
Bob Mason
Published: Nov 2, 2019, 03:10 UTC

While Litecoin sees early red, a recovery is likely as the broader market makes early gains. Steering clear of key levels would support a rebound.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – in Recovery

Bitcoin Cash ABC fell by 1.39% on Friday. Following on from a 3.18% slide on Thursday, Bitcoin Cash ABC ended the day at $277.61.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $283.08 before hitting reverse.

Falling well short of the first major resistance level at $293.97, Bitcoin Cash ABC slid to a late afternoon intraday low $271.13.

In spite of the pullback, Bitcoin Cash ABC steered clear of the first major support level at $270.79.

Finding support through the afternoon, Bitcoin Cash ABC struck a 2nd half of a day high $280.71 before sliding back.

At the time of writing, Bitcoin Cash ABC was up by 0.91% to $280.14. A bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $277.81 to a high $282.

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

For the day ahead, a move back through to $281 levels would support a run at the first major resistance level at $283.41.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $283 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Friday’s high $283.07 would likely limit any upside.

Failure to move through to $281 levels could see Bitcoin Cash ABC hit reverse.

A fall back through the morning low $277.81 would bring the first major support level at $271.47 into play.

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

BCHABC/USD 02/11/19 Daily Chart

Litecoin Struggles at $59

Litecoin slipped by 0.09% on Friday. Partially reversing a 0.57% gain from Thursday, Litecoin ended the day at $58.34.

A mixed start to the day saw Litecoin fall to an early morning low $57.52 before striking a late morning intraday high $59.0.

Falling short of the first major resistance level at $59.85, Litecoin slid to a late afternoon intraday low $56.66.

Litecoin fell through the first major support level at $56.97 before finding support from the broader market.

A recovery to $58.7 levels was short-lived, however, with a late pullback leaving Litecoin in the red for the day.

At the time of writing, Litecoin was down by 0.29% to $58.17. A mixed start to the day saw Litecoin rise to a morning high $58.54 before falling to a low $58.01.

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

For the day ahead, Litecoin would need to hold onto $58 levels to support a run at the first major resistance level at $59.34.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $59.00.

Barring a broad-based crypto rally, Litecoin would likely come up short of $60 levels for a 3rd consecutive day.

Failure to hold onto $58 levels could see Litecoin test the first major support level at $57.00 before finding support.

Barring a broad-based crypto sell-off, Litecoin should steer clear of Friday’s low $56.66.

LTC/USD 02/11/19 Daily Chart

Ripple’s XRP Eyes $0.30

Ripple’s XRP fell by 0.82% on Friday. Following on from a 0.11% decline on Thursday, Ripple’s XRP ended the day at $0.29312.

Bearish through much of the day, Ripple’s XRP fell from an early morning intraday high $0.29571 to a late afternoon intraday low $0.28600.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.28990.

Holding above the second major support level at $0.28420, Ripple’s XRP recovered to $0.29 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 0.83% to $0.29554. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.29329 to a high $0.29607.

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

For the day ahead, a move back through the morning high $0.29607 would bring the first major resistance level at $0.2972 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2970 levels.

Barring an extended rally, Ripple’s XRP would likely fall short of $0.30 levels for a 3rd consecutive day.

Failure to move back through the morning high could see Ripple’s XRP hit reverse.

A fall through to $0.2915 levels would bring the first major support level at $0.2875 into play before any recovery.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.29 levels on the day.

XRP/USD 02/11/19 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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