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

It’s back in the red for the majors. A hold above key levels through the morning would support an afternoon recovery.
Bob Mason
Altcoins
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC fell by 1.69% on Saturday. Partially reversing Friday’s 13.19% rally, Bitcoin Cash ABC ended the day at $126.09.

A bearish start to the day saw Bitcoin Cash ABC fall from an intraday high $128.26 to a morning low $125.86 before finding support.

Bitcoin Cash ABC recovered to $128 levels by late morning before sliding to a late afternoon intraday low $124.51.

The day’s major support and resistance levels were left untested through the day, with the day’s loss reducing the week’s gain to 7.27%.

At the time of writing, Bitcoin Cash ABC was down by 0.68% to $125.23. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $127.16 to a morning low $125.23. The early moves left the day’s major support and resistance levels untested.

For the day ahead, a move back through $126.3 would support a run at the morning high $127.16. A break through the morning high $127.16 would bring $128 levels and the first major resistance level at $128.06 into play. Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to be pinned back from more material gains.

Failure to move back through to $126.3 levels could see Bitcoin Cash ABC take a bigger hit through the day. A fall through to Saturday’s low $124.51 would bring the first major support level at $124.31 into play.

While we would expect the second major support level at $122.54 to be left untested, a visit to $123 levels could be on the cards in the event of a sell-off.

Litecoin Leads the Way Again

Litecoin rose by 3.88% on Saturday. Following on from a 29.56% surge on Friday, Litecoin ended the day at $44.2.

A bullish morning saw Litecoin rise from an early morning intraday low $41.79 to a late morning intraday high $46.01 before easing back.

In the 2nd half of the day, a late afternoon intraday low $41.75 was as bearish as it got, with Litecoin falling into the red before bouncing back to $44 levels by the day’s end.

In spite of a relatively choppy day, the major support and resistance levels were left untested. The day’s gain took Litecoin to a 34.4% rise for the current week, Monday through Saturday.

At the time of writing, Litecoin was down by 2.04% at $43.3. Litecoin fell from the start of a day morning high $44.35 to a morning low $43.3. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $44 levels would signal the start of another Litecoin rally. Support from the broader market would be needed, however, for Litecoin to take a run at Saturday’s high $46.01 and the day’s first major resistance level at $46.22.

Failure to move back through to $44 levels could see Litecoin pullback to $42 levels before any recovery. Barring a crypto meltdown, we would expect the first major support level at $41.96 to prevent any heavier losses on the day.

Ripple Holds onto $0.31 Levels

Ripple’s XRP slipped by just 0.06% on Saturday, following a 7.61% gain on Friday. Ripple’s XRP ended the day at $0.31724.

Recovering from a late morning low $0.31285, Ripple’s XRP rose to an early afternoon intraday high $0.32144 before easing back.

Falling short of the first major resistance level at $0.3314, Ripple’s XRP fell to a late afternoon intraday low $0.31201 before rising back to $0.317 levels by the day’s end.

Ripple’s XRP managed to steer clear of sub-$0.30 levels and the first major support level at $0.2981 through the day.

At the time of writing, Ripple’s XRP was down 1.28% at $0.31319. Tracking the broader market, Ripple’s XRP fell from a morning high $0.31731 to a morning low $0.31274. Ripple’s XRP came within range of the first major support level at $0.3124 before moving back through to $0.313 levels.

For the day ahead, a move back through to $0.3170 levels would be needed to bring $0.32 levels back into play. We would expect the first major resistance level at $0.3218 to pin Ripple’s XRP back from more material gains on the day.

In the event of a broad-based crypto rally, Friday’s high $0.3259 and the second major resistance level at $0.3263 would likely keep $0.33 levels off the table.

Failure to move back through to $0.3170 levels could see Ripple’s XRP fall back deeper into the red. A fall through the first major support level at $0.3124 could bring $0.30 levels and the second major support level at $0.3075 into play before any recovery.

We would expect Ripple’s XRP to avoid sub-$0.30 support levels on the day.

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