Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/05/19

Bitcoin Cash – ABC – Back on the Slide

Bitcoin Cash ABC fell by 0.75% on Thursday. Reversing a 0.64% gain from Wednesday, Bitcoin Cash ABC ended the day at $283.05.

A bullish start to the day saw Bitcoin Cash ABC rally to an intraday high $290.5 before hitting reverse.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $288.56 to come up against the 23.6% FIB of $291.

In reverse, Bitcoin Cash ABC slid to a late afternoon intraday low $275.15 before finding support.

Steering clear of the first major support level at $272.32, Bitcoin Cash ABC recovered to $285 levels before a late pullback.

At the time of writing, Bitcoin Cash ABC was down 1.23% to $279.58. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $283.29 to a low $276.76.

In spite of the early sell-off, Bitcoin Cash ABC steered clear of the first major support level at $275.30.

For the day ahead, a move back through to $283 levels would support a run at $290 levels later in the day.

Bitcoin Cash ABC would need support from the broader market, however, to break out from a $280 levels.

Barring a broad-based crypto rebound, the first major resistance level at $290.65 and 23.6% FIB of $291 would likely limit any upside on the day.

Failure to move through to $283 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through the morning low $276.76 would bring the first major support level at $275.30 into play.

Barring a crypto meltdown, Bitcoin Cash ABC would likely hold well above sub-$270 levels on the day.

Litecoin Loses Ground

Litecoin slipped by 0.12% on Thursday. Partially reversing a 0.64% gain from Wednesday, Litecoin ended the day at $73.76.

A choppy morning saw Litecoin rally to an early intraday high $75.59 before taking a hit. The early moves saw Litecoin break through the first major resistance level at $74.78 to come within range of the second major resistance level at $75.74.

The sell-off saw Litecoin slide to a late afternoon intraday low $72.2 before finding support. Litecoin fell through the first major support level at $73.09 and second major support level at $72.36.

Litecoin managed to recover to $74 levels before easing back into the red by the day’s end.

At the time of writing, Litecoin was down by 1.11% to $72.94. A bearish start to the day saw Litecoin fall from a morning high $73.99 to a low $72.38. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $73.85 would be needed to support a bullish second half of the day. Support from the broader market would be needed, however, for Litecoin to break through to $75 levels.

Barring a broad-based crypto rally, Litecoin will likely come up short of the first major resistance level at $75.5.

Failure to move through to $73.85 could see Litecoin slide deeper into the red. A fall through the morning low $72.38 would bring the first major support level at $72.11 into play.

Barring a crypto meltdown, however, Litecoin would likely avoid a fall through to $71 levels.

Ripple Takes a Hit

Ripple’s XRP slid by 3.68% on Thursday. Following on from a 0.49% fall from Wednesday, Ripple’s XRP ended the day at $0.2991.

A move through to an early morning intraday high $0.31239 was the only bullish move of the day. Falling short of the first major resistance level at $0.3139, Ripple’s XRP tumbled to a late intraday low $0.29697.

The reversal saw Ripple’s XRP fall through the major support levels before moving back through the third major support level at $0.2972 by the day’s end.

At the time of writing, Ripple’s XRP was down by 0.77% to $0.29679. Another bearish start to the day saw Ripple’s XRP fall from a morning high $0.29909 to a low $0.29607.

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

For the day ahead, a move through to $0.3030 levels would be needed to bring the first major resistance level at $0.3087 into play.

Following Thursday’s sell-off, support from the broader market would be needed, however, for a breakout from $0.3000.

Barring a crypto rally, Ripple’s XRP would likely fall short of $0.31 levels on the day.

Failure to move through to $0.3030 levels could see Ripple’s XRP take another hit on the day. A fall through the first major support level at $0.2933 could bring sub-$0.29 levels into play.

The second major support level at $0.2874 will likely limit any downside, however.

Please let us know what you think in the comments below

Thanks, Bob