Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 19/10/19

It’s a bearish start to the day for the majors. Failure to move through to key levels by late morning could lead to another sell-off.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC slid by 3.92% on Friday. Reversing a 2.19% gain from Thursday, Bitcoin Cash ABC ended the day at $211.33.

A bearish start to the day saw Bitcoin Cash ABC slide from an early morning intraday high $219.95 to a late morning intraday low $209.13.

Steering clear of the major resistance levels, Bitcoin Cash ABC slid through the first major support level at $215.29 and second major support level at $211.34.

Finding support through the afternoon, Bitcoin Cash ABC recovered to $214 levels before easing back. A partial recovery saw Bitcoin Cash ABC break back through the second major support level. Bitcoin Cash ABC, however, was unable to break back through the first major support level at $215.29.

At the time of writing, Bitcoin Cash ABC was up by 0.1% to $211.55. A mixed start to the day saw Bitcoin Cash ABC fall from an early morning high $211.69 to a low $210.81.

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

For the day ahead, a move through to $213.5 levels would support a run at the first major resistance level at $217.81.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $215 levels.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of $220 levels on the day.

Failure to move through to $213.5 levels could see Bitcoin Cash ABC spend another day in the red. A fall through to sub-$210 levels would bring the first major support level at $206.99 into play.

Barring another crypto sell-off, however, Bitcoin Cash ABC should steer clear of the second major support level at $202.65.

Litecoin Back at $53 Levels

Litecoin fell by 3.02% on Friday. Partially reversing a 4.65% slide on Thursday, Litecoin ended the day at $53.31.

Another bearish start to the day saw Litecoin fall from an early morning intraday high $55.0 to a late morning intraday low $52.12

Falling well short of the major resistance levels, Litecoin fell through the first major support level at $52.59.

Steering clear of sub-$52 levels, Litecoin found support to move back through the first major support level to limit the downside on the day.

At the time of writing, Litecoin was down by 0.45% to $53.07. A bearish start to the day saw Litecoin fall from an early morning high $53.45 to a low $52.97.

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

For the day ahead, a move back through the morning high to $53.50 levels would support a run at $54 levels.

Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $54.83.

Barring a broad-based crypto rebound, the first major resistance level and Friday’s high $55 would likely limit any upside.

Failure to move through to $53.50 levels could see Litecoin fall deeper into the red. A pullback to sub-$53 levels would bring the first major support level at $51.95 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of sub-$51 levels, however.

Ripple’s XRP Gives up $0.30

Ripple’s XRP declined by 2.41% on Friday. Partially reversing a 6.33% rally from Thursday, Ripple’s XRP ended the day at $0.29519.

Tracking the broader market, Ripple’s XRP fell from an early intraday high $0.30276 to a late morning intraday low $0.28552.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2870.

Finding support through the afternoon, Ripple’s XRP recovered to $0.29 levels. The partial recovery saw Ripple’s XRP break back through the first major support level to limit the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.78% to $0.29289. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.296 to a low $0.29188.

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

For the day ahead, a move back through to $0.2945 levels would support a run at $0.30 levels later in the day.

Ripple’s XRP would need the support of the broader market, however, to break through the first major resistance level at $0.3035.

Barring a broad-based crypto rally, Friday’s high $0.30276 and first major resistance level would likely limit any upside.

Failure to move through to $0.2945 levels could see Ripple’s XRP take another hit on the day.

A fall through the morning low $0.29188 to sub-$0.29 levels would bring the first major support level at $0.2862 into play.

Barring an extended sell-off through the day, however, Ripple’s XRP should steer clear of sub-$0.28 support levels.

Please let us know what you think in the comments below

Thanks, Bob

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