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

It’s another bearish start to the day. Another rebound could be on the cards should the majors recover to key levels by late morning.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Hits $240

Bitcoin Cash ABC rose by 2.98% on Wednesday. Reversing a 1.33% fall from Tuesday, Bitcoin Cash ABC ended the day at $238.12.

A bearish start to the days saw Bitcoin Cash ABC fall to an early morning low $228.49 before making a move.

Holding above the first major support level at $225.85, Bitcoin Cash ABC rallied to an early afternoon intraday high $241.79.

Bitcoin Cash ABC broke through the first major resistance level at $237.07 to hit $240 levels for the 1st time since late September.

At the time of writing, Bitcoin Cash ABC was down by 0.99% to $235.77. A bearish start to the day saw Bitcoin Cash ABC slide from an early morning high $240 to a low $234.98.

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

For the day ahead, a move back through to $240 levels would support a run at the first major resistance level at $243.78.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $240.

In the event of another crypto rally, the second major resistance level at $249.43 would likely come into play.

Failure to move back through to $240 levels could see Bitcoin Cash ABC slide deeper into the red.

A pullback through to $233 levels would bring the first major support level at $230.48 into play.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer well clear of the second major support level at $222.83.

Litecoin Visits $60

Litecoin rallied by 3.98% on Wednesday. Reversing a 0.97% decline from Tuesday, Litecoin ended the day at $59.26.

A mixed start to the day saw Litecoin fall to an early morning intraday low $56.6 before finding support.

Holding above the first major support level at $56.2, Litecoin rallied to a late afternoon intraday high $60.13.

Litecoin broke through the first major resistance level at $58.15 and the second major resistance level at $59.30.

Easing back late in the day, Litecoin fell back through the second major resistance level to $58 levels before wrapping up the day at $59.26.

At the time of writing, Litecoin was down by 0.49% to $58.97. A bearish start to the day saw Litecoin fall from an early morning high $59.49 to a low $58.90.

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

For the day ahead, Litecoin would need to move back through to $59.5 levels to support a run at the first major resistance level at $60.73.

Support from the broader market would be needed, however, to break out from Wednesday’s high $60.13.

Barring a broad-based crypto rally, resistance at $60 and Wednesday’s high would likely pin Litecoin back on the day.

Failure to $59.5 levels could see Litecoin struggle on the day. A fall through to sub-$58.7 levels would bring the first major support level at $57.20 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of sub-$56 support levels.

Ripple’s XRP Trails the Pack

Ripple’s XRP rose by 1.23% on Wednesday. Following on from a 0.54% gain on Tuesday, Ripple’s XRP ended the day at $0.28202.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.27475 before finding support.

Steering clear of the first major support level at $0.2717, Ripple’s XRP rallied to an early afternoon intraday high $0.28898.

Ripple’s XRP broke through the first major resistance level at $0.2862 before falling back to $0.27 levels.

Finding support late in the day, Ripple’s XRP wrapped up the day at $0.28 levels.

At the time of writing, Ripple’s XRP was down by 1.37% to $0.27815. A bearish start to the day saw Ripple’s XRP slide from an early morning high to $0.2831 to a low $0.2770.

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

For the day ahead, a move back through to $0.2820 levels would support a run at the first major resistance level at $0.2891.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.28 levels.

Barring a broad-based crypto rally, Wednesday’s high $0.28898 and first major resistance level would likely cap any upside.

Failure to move back through to $0.2820 levels could see Ripple’s XRP take a bigger hit on the day.

A fall back through the morning low $0.2770 would bring the first major support level at $0.2717 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.27 support levels on the day.

In the event of a sell-off, the second major support level at $0.2677 should limit the downside.

Please let us know what you think in the comments below

Thanks, Bob

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