Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/08/19

It’s a bullish start to the day for the majors but it’s not going to be enough to reverse the current week losses. There could be a sell-off later in the day…
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Holds onto $320

Bitcoin Cash ABC rose by 0.83% on Saturday. Partially reversing a 5.94% slide from Friday, Bitcoin Cash ABC ended the day at $317.63.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $322 before hitting reverse.

Falling short of the first major resistance level at $328.48, Bitcoin Cash ABC slid to a late morning intraday low $302.87.

Bitcoin Cash ABC fell through the first major support level at $303.06 before finding support. Bitcoin Cash ABC reversed the early losses with a move back through to $316 levels in the 2nd half of the day.

At the time of writing, Bitcoin Cash ABC was up by 1.29% to $321.74. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $317.63 to a high $321.74.

Bitcoin Cash ABC left the major support and resistance levels untested early on. For the day ahead, a hold onto $320 levels would support a run at the first major resistance level at $325.46.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Saturday’s high $322.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $330 levels for a 2nd consecutive day.

Failure to hold onto $320 levels could see Bitcoin Cash ABC fall through the morning low $317.63 to $315 levels.

Bitcoin Cash ABC would need to steer clear of sub-$314 levels, however, to avoid the first major support level at $306.33.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$300 levels on the day.

Litecoin Finds Early Support

Litecoin gained 1.06% on Saturday. Partially reversing a 6.31% tumble from Friday, Litecoin ended the day at $85.17.

Tracking the broader market, Litecoin rose to an early morning high $87.17 before sliding into the red.

Falling short of the first major resistance level at $88.93, Litecoin slid to a late morning intraday low $81.84.

Litecoin steered clear of the first major support level at $81.11 before finding support from the broader market. A late afternoon rally saw Litecoin bounce back to an intraday high $87.33 before easing back.

At the time of writing, Litecoin was up by 1.27% to $86.25. Finding support from the broader market, Litecoin rose from a morning low $85.15 to a high $87.4 before easing back.

While steering clear of the major support levels, Litecoin came within range of the first major resistance level at $87.72.

For the day ahead, a hold onto $86 levels would support another run at the first major resistance level at $87.72.

Litecoin would need the support of the broader market, however, to break out from the morning high $87.40.

Barring a broad-based crypto rally, Saturday’s high $87.33 and the first major resistance level at $87.72 would likely cap any upside.

Failure to hold onto $86 levels could see Litecoin hit reverse. A fall through to $84.70 levels would bring the first major support level at $82.23 into play.

Barring a crypto meltdown, however, Litecoin should continue to steer clear of sub-$80 levels.

Ripple’s Clings to $0.30 Levels

Ripple’s XRP gained 0.73% on Saturday. Following a 3.9% fall on Friday, Ripple’s XRP ended the day at $0.29939.

A bullish start to the day saw Ripple’s XRP rally to a mid-morning intraday high $0.30632 before sliding back.

Ripple’s XRP came up short of the first major resistance level at $0.3079 before falling to a late morning intraday low $0.29114.

In spite of the reversal, Ripple’s XRP steered clear of the first major support level at $0.2887. A late afternoon bounce back to $0.3020 levels was short-lived, however. Ripple’s XRP eased back to sub-$0.30 levels late in the day.

At the time of writing, Ripple’s XRP was up by 0.43% to $0.30068. A particularly bullish start to the day saw Ripple’s XRP rise from a morning low $0.29879 to a high $0.30291.

In spite of the early breakout, Ripple’s XRP came up short of the first major resistance level at $0.3068.

For the day ahead, a hold onto $0.30 levels would support another run at the first major resistance level at $0.3068.

Ripple’s XRP would need the support of the broader market, however, to steer clear of sub-$0.30 levels.

Barring a broad-based crypto rally, the first major resistance level at $0.3068 and Saturday’s high $0.30632 should limit any upside.

In the event of an extended crypto rally, Ripple’s XRP could visit $0.31 levels before any pullback.

Failure to hold onto $0.30 levels could see Ripple’s XRP test the first major support level at $0.2916 before any recovery.

Barring a crypto meltdown, Ripple’s XRP should continue to steer clear of sub-$0.29 levels.

Please let us know what you think in the comments below

Thanks, Bob

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