Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/06/19

It’s a mixed start to the day, with the majors sitting in the red through the morning. Support levels will be in play if there’s no late morning recovery.
Bob Mason
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC gained 3.01% on Monday. Reversing most of a 3.64% slide from Sunday, Bitcoin Cash ABC ended the day at $389.88.

A bullish start to the day saw Bitcoin Cash ABC rally from a start of a day intraday low $373.4 to a mid-day intraday high $401.18.

Bitcoin Cash ABC broke through the 23.6% FIB of $393 and the first major resistance level at $392.92 before easing back.

In spite of the gains, Bitcoin Cash ABC was unable to hold above the 23.6% FIB and first major resistance level.

At the time of writing, Bitcoin Cash ABC was down by 0.13% to $389.35. A relatively range-bound start to the day saw Bitcoin Cash ABC rise to a morning high $392 before easing back to a low $388.09.

The early moves saw Bitcoin Cash ABC leave the major support and resistance levels untested, while also coming up short of the 23.6% FIB.

For the day ahead, a hold above $388 levels through the morning would support a run at $400 levels later in the day.

Bitcoin Cash ABC would need sentiment from across the broader market to improve, however, for a break out from the first major resistance level at $402.91.

Barring a crypto rally, Bitcoin Cash ABC would likely come up short of $400 levels on the day.

Failure to hold above $388 levels could see Bitcoin Cash ABC slide back through the morning low $388.09.

Barring an extended sell-off, however, Bitcoin Cash ABC would likely steer clear of the first major support level at $375.13.

Litecoin Leads the Way

Litecoin surged by 13.01% on Monday. Reversing a 3.1% fall from Sunday, Litecoin ended the day at $129.76.

A particularly bullish day saw Litecoin rally from a start of a day intraday low $112.66 to a late intraday high $130.78.

Litecoin broke through the first major resistance level at $119.06 and second major resistance level at $123.28. Of greater significance was a break out from the 62% FIB of $121 to form a near-term bullish trend from mid-December’s swing lo $22.17.

At the time of writing, Litecoin was down by 0.66% to $128.91. A bullish start to the day saw Litecoin strike a morning high and new swing hi $130.94. Falling short of the major resistance levels, Litecoin fell back to a low $126.84.

For the day ahead, a move back through the morning high to $131 levels would be needed to support a run at the first major resistance level at $136.14.

Following recent gains, Litecoin would need support from the broader market to break out from $131 levels, however.

Failure to move back through the morning high could see Litecoin give up some of Monday’s gains before any recovery.

A fall through $124.5 levels would bring sub-$120 levels into play before any recovery. In a reversal, the first major support level at $118.02 would likely limit the downside on the day.

Ripple holds Struggles $0.40

Ripple’s XRP rose by 4.26% on Monday. Partially reversing a 5.64% slide from Sunday, Ripple’s XRP ended the day at $0.40165.

A choppy morning saw Ripple’s XRP rise from an early intraday low $0.38014 to a morning high $0.39295.

Ripple’s XRP fell back to $0.38 levels before finding support from the broader market. The major support and resistance levels were left untested.

Tracking the broader market, Ripple’s XRP rallied to an early afternoon intraday high $0.40469. In spite of the rally, Ripple’s XRP left the first major resistance level at $0.4081.

Ripple’s XRP eased back to sub-$0.40 levels before late support kicked in.

At the time of writing, Ripple’s XRP was down by 1.78% to $0.39449. Ripple’s XRP rose to a morning high $0.40369 before falling to a low $0.39247.

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

For the day ahead, a move back through to $0.3960 levels would support a break back through to $0.40 levels.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4108.

Barring a broad-based crypto rebound, Ripple’s XRP would likely continue to struggle at $0.40 levels.

Failure to move through to $0.3960 levels could see Ripple’s XRP fall further into the red. A fall through the morning low $0.39247 would bring $0.38 levels into play.

Barring an extended sell-off through the day, the first major support level at $0.3863 would likely leave $0.37 levels out of play on the day.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers