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

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…
Bob Mason
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.

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.

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.

Please let us know what you think in the comments below

Thanks, Bob

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