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

By:
Bob Mason
Published: Nov 16, 2019, 01:37 UTC

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.

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.

BCHABC/USD 16/11/19 Daily Chart

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.

LTC/USD 16/11/19 Daily Chart

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.

XRP/USD 16/11/19 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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