Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/09/19

It’s a bearish start to the day for the majors. Failure to move back through to key levels could see the trio take a heavy loss on the day…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Holds onto $300

Bitcoin Cash ABC gained 1.06% on Sunday. Following on from a 4.57% rally on Saturday, Bitcoin Cash ABC ended the week up 9.15% to $306.62.

A bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high $310.83. Bitcoin Cash ABC broke through the first major resistance level at $308.96 before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to a late morning intraday low $296.52. In spite of the sell-off, Bitcoin Cash ABC steered clear of the first major support level at $290.18.

A return to $308 levels in the late afternoon was short-lived, with the first major resistance level pinning Bitcoin Cash ABC late in the day.

At the time of writing, Bitcoin Cash ABC was down by just 0.01% to $306.57. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $304.30 before recovering to $306 levels.

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

For the day ahead, a move through to $310 levels would support a run at the first major resistance level at $312.79.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through Sunday’s high $310.83.

Barring a broad-based crypto rebound, Sunday’s high would likely limit any upside on the day.

Failure to move through to $310 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $304 levels would bring the first major support level at $298.48 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $290.35.

Litecoin Gives up $70

Litecoin rose by 2.41% on Sunday. Following on from a 6.1% rally from Saturday, Litecoin ended the week up 6.73% to $70.56.

A choppy morning saw Litecoin rally to an early morning intraday high $72.25. Litecoin broke through the first major resistance level at $71.42 before hitting reverse.

The reversal saw Litecoin slide to a late morning intraday low $68.01. Steering clear of the first major support level at $65.48, Litecoin recovered to $71 levels before a 2nd sell-off.

Sub-$70 support kicked in late in the day, however, giving Litecoin the first closeout at $70 since Tuesday.

At the time of writing, Litecoin was down by 1.09% to $69.79. A bearish start to the day saw Litecoin fall from an early morning high $70.64 to a low $69.73.

Litecoin left the major support and resistance levels untested in the early hours.

For the day ahead, a move back through to $70.30 levels would support a run at the first major resistance level at $72.54.

Litecoin would need the support of the broader market, however, to break out from the morning high $70.64.

In the event of a crypto rebound, Litecoin could visit $73 levels before any pullback.

Failure to move back through to $70.30 levels could see Litecoin struggle through the day. A fall through to $69.50 levels would bring the first major support level at $68.30 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$67 support levels.

Ripple’s XRP Fails to Break Free of $0.26

Ripple’s XRP gained 0.9% on Sunday. Following on from a 3.76% rise from Saturday, Ripple’s XRP ended the week up 2.28% to $0.26296.

Tracking the broader market, Ripple’s XRP struck an early morning intraday high $0.26698. Ripple’s XRP came up against the first major resistance level at $0.2664 before hitting reverse.

The pullback saw Ripple’s XRP slide to a late morning intraday low $0.25659. Ripple’s XRP steered clear of the first major support level at $0.2529 before recovering to an afternoon high $0.26589.

A 2nd visit to sub-$0.26 levels was short-lived, with Ripple’s XRP finding support to close out the week at $0.26 levels.

At the time of writing, Ripple’s XRP was down by 0.97% to $0.26042. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.26370 to a low $0.26016.

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

For the day ahead, a move back through to $0.26250 levels would bring the first major resistance level at $0.2678 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.2637.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.26698 would likely limit any upside.

Failure to move back through to $0.26250 levels could see Ripple’s XRP take a bigger hit on the day. A fall back through the morning low could see Ripple’s XRP test the first major support level at $0.2574 before any recovery.

Barring an extended sell-off through the day, however, Ripple’s XRP should steer clear of the second major support level at $0.2518.

Please let us know what you think in the comments below

Thanks, Bob

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