Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/07/19

Ripple’s XRP trails the pack early on as the majors try to recover from Tuesday’s losses. It could be a choppy day ahead as Bitcoin draws interest.
Bob Mason
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Bitcoin Cash – ABC – on the Move

Bitcoin Cash ABC fell by 0.44% on Tuesday. Partially reversing a 0.99% gain from Monday, Bitcoin Cash ABC ended the day at $416.36.

A bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high $428 before hitting reverse.

Bitcoin Cash ABC broke through the first major resistance level at $421.7 and second major resistance level at $426.22.

A late morning pullback saw Bitcoin Cash ABC fall to an intraday low $408.14 before finding support. The reversal saw Bitcoin Cash ABC fall through the 23.6% FIB of $418 and first major support level at $409.83.

At the time of writing, Bitcoin Cash ABC was up by 1.14% to $421.12. A mixed start to the day saw Bitcoin Cash ABC recover from a morning low $417.90 to strike a morning high $421.12.

While Bitcoin Cash ABC left the major support and resistance levels untested early on, Bitcoin Cash ABC broke through the 23.6% FIB of $418.

For the day ahead, a hold above the 23.6% FIB of $418 would support a run at the first major resistance level at $426.86.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from current levels.

In the event of a broad-based crypto rally, a move through Tuesday’s high $428 to $430 levels would be on the cards. We would expect Bitcoin Cash ABC to come up short of the second major resistance level at $437.36, however.

Failure to hold above the 23.6% FIB of $418 could see Bitcoin Cash ABC hit reverse on the day. A fall through to sub-$410 levels would bring the first major support level at $407 into play.

Litecoin Steadies

Litecoin slid by 3.17% on Tuesday. Reversing a 2.69% gain from Monday, Litecoin ended the day at $119.51.

A bullish start to the day saw Litecoin rise to an early morning intraday high $124.2 before hitting reverse.

Falling short of the first major resistance level at $126.78, Litecoin slid to a late intraday low $117.88.

While Litecoin fell through the first major support level at $119.12, Litecoin held above the 23.6% FIB of $117 on the day.

At the time of writing, Litecoin was up by 0.79% to $120.46. A relatively bullish start to the day saw Litecoin rise from a morning low $119.2 to a high $120.5.

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

For the day ahead, a move through to $121 levels would bring the first major resistance level at $123.18 into play.

Litecoin would need the support of the broader market, however, to break out from $120 levels.

In the event of a broad-based crypto rally, Litecoin could move through to $125 levels before any pullback.

Failure to move through to $121 levels could see Litecoin hit reverse. A fall through the morning low $119.2 would bring the 23.6% FIB of $117 and the first major support level at $116.86 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$116 levels on the day.

Ripple’s XRP Back at sub-$0.40

Ripple’s XRP fell by 2.01% on Tuesday. Reversing a 1.05% rise from Monday, Ripple’s XRP ended the day at $0.39437.

A bullish start to the day saw Ripple’s XRP hit an early intraday high $0.40827 before sliding back.

Ripple’s XRP broke through the first major resistance level at $0.4076 before falling to a late intraday low $0.38958.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.3959. Support at the second major support level at $0.3887 limited the downside on the day.

At the time of writing, Ripple’s XRP was flat at $0.39436. A mixed start to the day saw Ripple’s XRP rise from a morning low $0.39345 to a high $0.39872.

Falling short of the major resistance levels, Ripple’s XRP gave up the gains from the early morning.

For the day ahead, a move back through to $0.3980 levels would support a run at $0.40 levels later in the day.

Ripple’s XRP would need the support of the broader market, however, to take a run at the first major resistance level at $0.4052.

Barring a crypto rally, the first major resistance level and Tuesday’s high $0.40827 should pin Ripple’s XRP back from $0.41 levels.

Failure to move back through to $0.3980 levels could see Ripple’s XRP hit reverse. A fall through to $0.3930 levels would bring the first major support level at $0.3865 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of the second major support level at $0.3787.

Please let us know what you think in the comments below

Thanks, Bob

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