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
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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

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