Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/07/19

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC slid by 6.74% on Wednesday. Reversing a 0.44% fall from Tuesday with interest, Bitcoin Cash ABC ended the day at $390.

A bullish start to the day saw Bitcoin Cash ABC strike a morning intraday high $423.11 before hitting reverse.

Falling short of the first major resistance level at $426.86, Bitcoin Cash ABC slid to an intraday low $378.5.

The early afternoon sell-off saw Bitcoin Cash ABC slide through the 23.6% FIB of $418, first major support level at $407 and second major support level at $397.64.

Holding above the third major support level at $377.78, Bitcoin Cash ABC found support in the 2^nd half of the day to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.89% to $386.51. Tracking the broader market, Bitcoin Cash ABC fell from a morning high $390 to a low $386.51.

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

For the day ahead, a move through to $397 levels would support a move back through to $400 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $415.90.

In the event of a broad-based crypto rally, Bitcoin Cash ABC could touch $420 levels before any pullback. Wednesday’s high $432.1 would likely limit any upside.

Failure to move through to $397 levels could see Bitcoin Cash ABC test the first major support level at $371.3 before any recovery…

Litecoin Sinks

Litecoin tumbled by 9.35% on Wednesday. Following on from a 3.17% fall on Tuesday, Litecoin ended the day at $108.28.

Bearish through the day, Litecoin fell from an early intraday high $120.81 to  $117 levels before an early afternoon sell-off.

Falling well short of the first major resistance level at $123.18, Litecoin slid to an early afternoon intraday low $102.5.

The sell-off saw Litecoin slide through the 23.6% FIB of $117 and the major support levels before moving back to $108 levels.

For the bulls, the only consolation was a move back through the third major support level at $107.07.

At the time of writing, Litecoin was down by 1.25% to $106.93. A bearish start to the day saw Litecoin fall from a morning high $108.31 to a low $106.61.

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

For the day ahead, a move back through to $110 levels would signal a bullish day ahead. Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $118.35.

Barring a broad-based crypto rebound, Litecoin would likely struggle to break through the 23.6% FIB of $117 on the day.

Failure to move through to $110 levels could see Litecoin fall deeper into the red. A fall through to Wednesday’s low $102.5 would bring the first major support level at $102.35 into play.

Barring another crypto meltdown, Litecoin should steer clear of sub-$100 levels on the day.

Ripple’s XRP Makes a Splash

Ripple’s XRP slumped by 8.46% on Wednesday. Following on from a 2.01% fall on Tuesday, Ripple’s XRP ended the day at $0.36104.

Range-bound through the morning, Ripple’s XRP fell from a morning high $0.39872 to a low $0.39537 before steadying.

An early afternoon broad-based crypto sell-off ultimately weighed, however. Ripple’s XRP tumbled to a mid-afternoon intraday low $0.34421.

Steering clear of the major resistance levels, Ripple’s XRP slid through the major support levels before recovering to $0.36 levels.

For the bulls, the only plus was a move back through the 3^rd major support level at $0.36 on the day.

At the time of writing, Ripple’s XRP was down by 1.17% to $0.35680. Tracking the broader market, Ripple’s XRP fell from a morning high $0.36103 to a low $0.35651.

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

For the day ahead, a move back through to $0.3680 levels would give Ripple’s XRP a run at $0.38 levels.

Ripple’s XRP would need the support of the broader market, however, to take a run at the first major resistance level at $0.3918.

In the event of a broad-based crypto rebound, Wednesday’s high $0.39872 would likely limit any upside on the day.

Failure to move through to $0.3680 levels could see Ripple’s XRP struggle through the day. A fall through to $0.34 levels would bring the first major support level at $0.3373 into play.

Barring another crypto meltdown, Ripple’s XRP should steer clear of sub-$0.33 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob