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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/09/19

By:
Bob Mason
Updated: Sep 11, 2019, 02:56 GMT+00:00

It's a mixed start to the day for the majors, with more losses on the way should support not kick in by late morning...

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Finds Early Support

Bitcoin Cash ABC fell by 1.48% on Tuesday. Following on from a 0.08% decline on Monday, Bitcoin Cash ABC ended the day at $302.27.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $309.55. Falling short of the first major resistance level at $311.49, Bitcoin Cash ABC slid to an early evening intraday low $298.04.

The sell-off saw Bitcoin Cash ABC fall through the first major support level at $298.53. Finding late support from the broader market, Bitcoin Cash ABC moved back through to $300 levels, limiting the loss on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.38% to $303.41. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $306.45 before easing back.

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

For the day ahead, a move back through to $306 levels would support another run at the first major resistance level at $308.53.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to hold onto $303 levels through the morning.

Barring a broad-based crypto rally, Tuesday’s high $309.55 and first major resistance level would likely cap any upside.

Failure to hold onto $303 levels through the morning would see Bitcoin Cash ABC slide into the red. A fall through to sub-$300 levels would bring the first major support level at $297.02 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $291.78.

BCHABC/USD 11/09/19 Daily Chart

Litecoin Holds onto $70

Litecoin rose by 1.19% on Tuesday. Reversing a 0.74% fall from Monday, Litecoin ended the at $70.75.

A particularly bullish start to the day saw Litecoin rally to an early morning intraday high $73.24 before sliding back.

Breaking through the first major resistance level at $71.67, Litecoin came up against the second major resistance level at $73.4.

The reversal saw Litecoin slide to an early evening intraday low $69.62. Steering clear of the first major support level at $68.0, Litecoin moved back through to $70 levels to close out the day in the green.

At the time of writing, Litecoin was down by 0.51% to $70.39. A relatively range-bound start to the day saw Litecoin rise to an early morning high $71.7 before falling to a low $70.36.

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

For the day ahead, a move back through to $71.2 levels would bring the first major resistance level at $72.79 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $71.7.

Barring a broad-based crypto rally through the day, the first major resistance level at $72.79 would likely limit any upside on the day.

Failure to move back through to $71.2 levels could see Litecoin slide deeper into the red. A fall through the morning low $70.37 would bring the first major support level at $69.17 into play.

Barring an extended sell-off through the day, however, we would expect Litecoin to steer clear of sub-$68 support levels.

LTC/USD 11/09/19 Daily Chart

Ripple’s XRP Continues its Struggles at $0.26

Ripple’s XRP slipped by 0.21% on Tuesday. Following on from a 1.43% fall from Monday, Ripple’s XRP ended the day at $0.25871.

A choppy morning saw Ripple’s XRP rise to an early morning high $0.26341. Ripple’s XRP came within range of the first major resistance level at $0.2640 before sliding to a late morning intraday low $0.254.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2559.

A second rally to a mid-day intraday high $0.26419 saw Ripple’s XRP come up against the first major resistance level at $0.2640 before hitting reverse.

Ripple’s XRP slid to an early evening intraday low $0.254. Ripple’s XRP fell through the first major support level at $0.2559 for a 2nd time before finding late support.

At the time of writing, Ripple’s XRP was down by 0.43% to $0.2576. A choppy start to the day saw Ripple’s XRP rise to an early morning high $0.26144 before falling to a low $0.25701.

In spite of the early moves, Ripple’s XRP left the major support and resistance levels untested.

For the day ahead, a move back through to $0.2590 levels would bring the first major resistance level at $0.2639 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.26144.

Barring a broad-based crypto rally, Ripple’s XRP will likely continue to come up short of $0.27 levels.

Failure to move back through to $0.2590 levels would see Ripple’s XRP fall deeper into the red.

A pullback through the morning low $0.25701 to $0.2550 levels would bring the first major support level at $0.2537 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.25 support levels on the day.

XRP/USD 11/09/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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