Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/11/19

It’s a mixed start to the day for the majors. Support may well kick in later in the day, however, as the market looks to recover from a string of losses.
Bob Mason
Depositphotos_166797044_s-2019

Bitcoin Cash – ABC – Tanks Again

Bitcoin Cash ABC slid by 4.89% on Friday. Following on from a 2.40% decline on Thursday, Bitcoin Cash ABC ended the day at $261.62.

It was a mixed start to the day saw Bitcoin Cash ABC rising from an early morning low $270.00 to a late morning intraday high $278.00.

While falling short of the first major resistance level at $284.09, Bitcoin Cash ABC broke through the 23.6% FIB of $273.

Hitting reverse in the early afternoon, however, Bitcoin Cash ABC slid to an early afternoon intraday low $259.82.

Bitcoin Cash ABC fell through the first major support level at $271.92 and second major support level at $266.25. Of greater significance, however was a slide back through the 23.6% FIB of $273.

Steering clear of the third major support level at $254.08, Bitcoin Cash ABC moved back through to $260 levels to limit the loss on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.33% to $262.48. Through the first hour, Bitcoin Cash ABC rose from an early morning low $261 62 to a high $262.48.

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

For the day ahead, a move through to $266.50 levels would support a return to $270 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the 23.6% FIB of $273.

Barring a broad-based crypto rebound, the 23.6% FIB and first major resistance level at $273.14 would likely cap any upside.

Failure to move through to $266.50 levels could see Bitcoin Cash ABC slide deeper into the red.

A fall through Friday’s low $259.82 would bring the first major support level at $254.96 into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$250 support levels.

Litecoin on the Back Foot

Litecoin fell by 2.36% on Friday. Following on from a 3.17% slide on Thursday, Litecoin ended the day at $57.53.

A mixed start to the day saw Litecoin recover from a mid-morning low $58.33 to strike a late morning intraday high $60.68.

Litecoin broke through the first major resistance level at $60.51 before sliding to an early afternoon intraday low $56.09.

Litecoin fell through the first major support level at $57.79 and second major support level at $56.66.

Finding support through the 2nd half of the day, Litecoin recovered to $57 levels to limit the downside.

At the time of writing, Litecoin was down by 0.21% to $57.41. A bearish start to the day saw Litecoin fall from an early morning high $57.54 to a low $57.06.

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

For the day ahead, a move through to $58 levels would support a run at the first major resistance level at $60.11.

Litecoin would need the support of the broader market, however, to break out from $59 levels.

Barring an extended crypto rally on the day, the first major resistance level would likely limit any upside.

Failure to move through to $58 levels would leave Litecoin on the back foot. A fall through Friday’s low $56.09 would bring the first major support level at $55.52 into play before any recovery.

Barring an extended sell-off through the day, however, Litecoin should steer clear of sub-$55 levels.

Ripple’s XRP Visits sub-$0.26

Ripple’s XRP slid by 2.65% on Friday. Following on from a 1.53% fall on Thursday, Ripple’s XRP ended the day at $0.26112.

Another mixed start to the day saw Ripple’s XRP recover from an early morning low $0.26240 to strike a late morning intraday high $0.27000.

Falling short of the first major resistance level at $0.2743, Ripple’s XRP tumbled to an early afternoon intraday low $0.25301.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2635 and the second major support level at $0.2583.

The visit to sub-$0.26 levels was short-lived, however, with Ripple’s XRP moving back through to 0.26% levels to limit the loss on the day.

In a relatively range-bound 2nd half of the day, the second major support level at $0.2583 limited the losses on the day.

At the time of writing, Ripple’s XRP was up by 0.08% to $0.26132. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.25918 before striking a high $0.26192.

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

For the day ahead, Ripple’s XRP would need to move through to $0.2615 levels to support a run at the first major resistance level at $0.2697.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2650 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $0.2700 would limit any upside.

Failure to move through to $0.2615 levels could see Ripple’s XRP slide back into the red.

A fall back through the morning low would bring the first major support level at $0.2528 into play.

Barring another crypto meltdown, however, Ripple’s XRP would likely steer clear of sub-$0.25 levels.

Please let us know what you think in the comments below

Thanks, Bob

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