Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/09/19

The bears take control through the morning. Failure to move back through the morning highs could pressure the majors further through the afternoon.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Gives up $300

Bitcoin Cash ABC slid by 2.1% on Wednesday. Following on from a 1.48% from Tuesday, Bitcoin Cash ABC ended the day at $297.61.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $306.45 before hitting reverse.

Falling well short of the first major resistance level at $308.53, Bitcoin Cash ABC slid to a late afternoon intraday low $290.24.

The sell-off saw Bitcoin Cash ABC slide through the first major support level at $297.02 and second major support level at $291.78.

Finding support late in the day, Bitcoin Cash ABC broke back through the support levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.05% to $294.49. Another bullish start to the day saw Bitcoin Cash ABC rise to an early morning high $299.86 before falling to a low $294.49.

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

For the day ahead, A move back through to $299 levels would support another run at the first major resistance level at $305.96.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from this morning’s high $299.86.

Barring a broad-based crypto rebound, resistance at $300 would likely pin Bitcoin Cash ABC back in the day.

Failure to move back through to $299 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to Wednesday’s low $290.24 would bring the first major support level at $289.75 into play.

Barring an extended sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $281.89.

Litecoin Holds onto $70

Litecoin fell by 1.29% on Wednesday. Reversing a 1.19% gain from Tuesday, Litecoin ended the at $69.81.

A bullish start to the day saw Litecoin rise to an early morning intraday high $71.7.  Falling short of the first major resistance level at $72.79, Litecoin fell back to a late morning low $69.94.

Steering clear of the major support level at $69.17, Litecoin recovered to an afternoon high $71.33 before hitting reverse.

The second reversal saw Litecoin slide through the first major support level at $69.17 to a late afternoon intraday low $68.21.

Finding support late on, Litecoin recovered to $69 levels to cut the deficit on the day.

At the time of writing, Litecoin was down by 1.56% to $68.72. Through the early hours, Litecoin rose to a morning high $70.0 before sliding to a mid-morning low $68.44.

In spite of the choppy start, Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high would be needed to bring the first major resistance level at $71.6 into play.

Sentiment across the broader market would need to materially improve, however, for Litecoin to move back through to $69 levels.

In the event of a rebound, Wednesday’s high $71.7 and first major resistance level at $71.6 would likely limit any upside.

Failure to move back through to $70 levels will leave Litecoin in the red on the day. A fall back through the morning low $68.44 would bring the first major support level at $68.11 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$67 support levels on the day.

Ripple’s XRP Sees Distance Widen from $0.26

Ripple’s XRP fell by 1.21% on Wednesday. Following on from a 0.21% decline on Tuesday, Ripple’s XRP ended the day at $0.25568.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.26144 before hitting reverse.

Falling short of the first major resistance level at $0.2639, Ripple’s XRP slid to a late afternoon intraday low $0.25108.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2537.

Steering clear of sub-$0.25 support levels, Ripple’s XRP found support from the broader market to limit the day loss.

At the time of writing, Ripple’s XRP was down 1.29% to $0.25239. A bullish start to the day saw Ripple’s XRP rise to an early morning high $0.25660 before falling to a low $0.25162.

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

For the day ahead, a move back through to $0.2560 levels would support a run at the first major resistance level at $0.2611.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.2566.

In the event of an afternoon rebound, Wednesday’s high $0.26144 and first major resistance level would likely limit any upside.

Failure to move back through to $0.2560 levels would see Ripple’s XRP struggle through the day.

A fall through the morning low $0.25162 would bring the first major support level at $0.2511 into play.

In the event of an extended sell-off through the day Ripple’s XRP could test the second major support level at $0.2457 before any recovery.

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

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US