Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/11/19

It’s back into the red for the majors. As momentum shifts in favor of the bears, failure to move through to key levels could deliver heavier losses.
Bob Mason
Depositphotos_193678068_s-2019

Bitcoin Cash – ABC – Slides under Pressure

Bitcoin Cash ABC slid by 2.40% on Thursday. Following on from a 1.58% decline on Wednesday, Bitcoin Cash ABC ended the day at $277.60.

It was a mixed start to the day, with Bitcoin Cash ABC rising to an early morning intraday high $284.91 before hitting reverse.

Falling short of the first major resistance level at $292.66, Bitcoin Cash ABC slid to a late morning intraday low $272.74.

Bitcoin Cash ABC fell through the first major support level at $280.77 and the 23.6% FIB of $273.

Steering clear of the second major support level at $272.12, Bitcoin Cash ABC broke back through the 23.6% FIB going into the afternoon.

Through the 2nd half of the day, Bitcoin Cash ABC managed to briefly visit $279 levels before falling back.

Support at the 23.6% FIB of $273 prevented a more material sell-off in the 2nd half of the day.

At the time of writing, Bitcoin Cash ABC was down by 0.99% to $274.85. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $275.07 to a low $273.73.

Bitcoin Cash ABC left the major support and resistance levels untested, whilst coming within range of the 23.6% FIB of $273.

For the day ahead, a move through to $278.50 levels would support a run at the first major resistance level at $284.09.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $280 levels.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $284.91 would likely limit any upside.

Failure to move through to $278.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall back through the 23.6% FIB of $273 would bring the first major support level at $271.92 into play.

Barring an extended sell-off, however, Bitcoin Cash ABC should steer clear of the second major support level at $266.25.

Litecoin on the Back Foot

Litecoin slid by 3.17% on Thursday. Following on from a 0.93% fall on Wednesday, Litecoin ended the day at $58.91.

It was a particularly bearish start to the day. Litecoin tumbled from an early morning intraday high $60.98 to a late morning intraday low $58.26.

Steering clear of the major resistance levels, Litecoin fell through the first major resistance level at $60.00 and second major support level at $59.15.

Finding support going into the afternoon, Litecoin broke back through the second major resistance level at $59.15 before sliding back to sub-$59 levels.

At the time of writing, Litecoin was down by 0.19% to $58.80. Another bearish start to the day saw Litecoin fall from an early morning high $58.93 to a low $58.52 before finding support.

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

For the day ahead, Litecoin would need to move through to $59.40 levels to support a run at the first major resistance level at $60.51.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $60.98 would likely cap any upside.

Failure to move through to $59.40 levels could see Litecoin spend a 5th consecutive day in the red.

A fall back through to $58.50 levels would bring the first major support level at $57.79 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$57 support levels.

Ripple’s XRP Gives up on $0.27

Ripple’s XRP fell by 1.53% on Thursday. Following a 0.08% gain from Wednesday, Ripple’s XRP ended the day at $0.26869.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.27466 before succumbing to market forces.

Falling short of the first major resistance level at $0.2756, Ripple’s XRP slid to a late morning intraday low $0.26387.

Ripple’s XRP fell through the first major support level at $0.2706 and the second major support level at $0.2682.

Going into the 2nd half of the day, Ripple’s XRP broke back through the second major support level to $0.2690 levels.

Relatively range-bound through the latter part of the day, the second major support level limited the losses on the day.

At the time of writing, Ripple’s XRP was down by 1.48% to $0.26472. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.26963 to a low $0.26404.

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

For the day ahead, a move back through to $0.2690 levels would support a run at the first major resistance level at $0.2743.

Ripple’s XRP would need support from the broader market, however, to break back through to $0.27 levels.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall short of $0.28 levels for a 4th consecutive day.

Failure to move through to $0.2690 levels could see Ripple’s XRP take a bigger hit on the day.

A fall back through the morning low $0.26387 would bring the first major support level at $0.2635 into play.

In the event of an extended sell-off, the second major support level at $0.2583 would likely be tested.

Please let us know what you think in the comments below

Thanks, Bob

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