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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/11/19

By:
Bob Mason
Published: Nov 9, 2019, 01:25 UTC

The crypto bears took a bite out of the majors on Friday. There could be more losses to come should Bitcoin fail to move back to $9,000 levels...

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – Takes a Hit

Bitcoin Cash ABC tumbled by 4.67% on Friday. Following on from a 3.79% slide on Thursday, Bitcoin Cash ABC ended the day at $277.11.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $294 before hitting reverse.

Falling well short of the first major resistance level at $304.32, Bitcoin Cash ABC slid to an early afternoon intraday low $270.

Bitcoin Cash ABC fell through the first major support level at $284.61 and the second major support level at $275.62. Of greater significance was a fall through the 23.6% FIB of $273.

Finding support late on, Bitcoin Cash ABC recovered to $281 levels before ending the day at sub-$280.

At the time of writing, Bitcoin Cash ABC was up by 0.8% to $279.34. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $275.86 before striking a high $279.34.

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

For the day ahead, a move through to $280.50 levels would support a run at the first major resistance level at $290.74.

Support from the broader market would be needed, however for Bitcoin Cash ABC to break back through to $290 levels.

Barring a broad-based crypto rally on the day, Bitcoin Cash ABC would likely fall short of Friday’s high $294.

Failure to move through to $290 levels could see Bitcoin Cash ABC hit reverse.

A fall through the 23.6% FIB of $273 would bring sub-$270 levels into play before any recovery.

Barring another crypto sell-off, Bitcoin Cash ABC should steer clear of the first major support level at $266.74.

BCHABC/USD 09/11/19 Daily Chart

Litecoin recovers to $60 Levels

Litecoin fell by 1.58% on Friday. Following on from a 4.33% slide on Thursday, Litecoin ended the day at $60.4.

A bullish start to the day saw Litecoin rise to an early morning intraday high $62.43 before hitting reverse.

Falling short of the first major resistance level at $63.74, Litecoin slid to an early afternoon intraday low $58.68.

Litecoin fell through the first major support level at $59.58 before finding support from the broader market.

Through the latter part of the day, Litecoin managed to move back through to $60 levels to limit the loss on the day.

At the time of writing, Litecoin was up by 1.09% to $61.06. A bullish start to the day saw Litecoin rally from an early morning low $60.10 to a high $61.42.

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

For the day ahead, a move back through the morning high would bring the first major resistance level at $62.33 into play.

Support from the broader market would be needed, however, for Litecoin to break through to $62 levels.

Barring an extended rally, the first major resistance level and Friday’s high $62.43 would likely cap any upside.

Failure to move back through the morning high could see Litecoin hit reverse.

A fall back through to $60.50 levels would bring sub-$60 levels back into play before any recovery.

Barring another crypto meltdown, however, Litecoin should steer clear of the first major support level at $58.58.

LTC/USD 09/11/19 Daily Chart

Ripple’s XRP Back at sub-$0.28

Ripple’s XRP slid by 5.02% on Friday. Following on from a 6.47% tumble on Thursday, Ripple’s XRP ended the day at $0.27613.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.29154 before taking a hit.

The sell-off saw Ripple’s XRP slide to an early afternoon intraday low $0.27100 before finding support.

Ripple’s XRP fell through the first major support level at $0.2715 before moving back through to $0.2720 levels.

Through the latter part of the day, Ripple’s XRP briefly returned to $0.2790 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.6% to $0.27779. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.27501 before striking a high $0.27846.

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

For the day ahead, Ripple’s XRP would need to move through to $0.2790 levels to support a run at the first major resistance level at $0.2881.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.28 levels.

In the event of an extended rally, Ripple’s XRP could visit $0.29 levels before any pullback.

Failure to move through to $0.2790 levels could see Ripple’s XRP slide back into the red.

A fall through the early morning low $0.27501 would bring Friday’s low $0.2710 into play before any recovery.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the first major support level at $0.2676.

XRP/USD 09/11/19 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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