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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/11/19

By:
Bob Mason
Published: Nov 20, 2019, 04:51 UTC

It's a positive start to the day for the trio. We've been here before, however. Failure to make a move by late morning could lead to another dive...

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 2.35% on Tuesday. Following on from a 7.27% tumble on Monday, Bitcoin Cash ABC ended the day at $241.38.

A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $247.52 before hitting reverse.

Falling short of the first major resistance level at $261.42, Bitcoin Cash ABC slid to an early afternoon intraday low $233.21.

Bitcoin Cash ABC fell through the first major support level at $235.32 before finding support.

A move back through to $240 levels limited the downside on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.10% to $241.61. Through the early morning, Bitcoin Cash ABC rose from an end of Tuesday $241.38 to an early high $241.61.

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

For the day ahead, Bitcoin Cash ABC would need to hold onto $241 levels to support a run on Tuesday’s high $247.52.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $248.20.

Barring a broad-based crypto rally, resistance at $247 levels would likely pin Bitcoin Cash ABC back on the day.

Failure to hold onto $241 levels could see Bitcoin Cash ABC slide back into the red.

A fall through to $240.70 levels would bring the first major support level at $233.89 into play before any recovery.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of Tuesday’s low $233.21.

BCHABC/USD 20/11/19 Daily Chart

Litecoin Holds onto $55 Levels

Litecoin fell by 1.18% on Tuesday. Following on from a 5.88% slide on Monday, Litecoin ended the day at $55.06.

A bearish start to the day saw Litecoin fall from an early morning intraday high $56.16 to a late morning intraday low $54.10.

In spite of the early moves, Litecoin left the major support and resistance levels untested.

In the 2nd half of the day, Litecoin struck a high $55.54 before sliding back to sub-$55 levels.

Support from the broader market in the final hour led to a move back to $55 levels to limit the downside.

At the time of writing, Litecoin was up by 0.78% to $55.49. A bullish start to the day saw Litecoin rise from an early morning low $54.84 to a high $56.12 before easing back.

Steering clear of the major support levels, Litecoin came up against the first major resistance level at $56.11 early on.

For the day ahead, Litecoin would need to steer clear of sub-$55.20 levels to support another run at the first major resistance level at $56.11.

Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.

Barring a broad-based crypto rally, however, the first major resistance level and Tuesday’s high $56.16 would likely limit any upside.

Failure to steer clear of sub-$55.20 levels could see Litecoin spend a 3rd consecutive day in the red.

A fall through to $55.10 levels would bring the first major support level at $54.05 into play before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$54 levels for a 2nd consecutive day.

LTC/USD 20/11/19 Daily Chart

Ripple’s XRP Eyes $0.26

Ripple’s XRP rose by 0.95% on Tuesday. Partially reversing a 4.41% slide from Monday, Ripple’s XRP ended the day at $0.25486.

A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.254 to a late morning intraday low $0.24402.

In spite of the morning sell-off, Ripple’s XRP steered clear of the first major support level at $0.2416.

Finding support in the 2nd half of the day, Ripple’s XRP rallied to a late intraday high $0.25756.

Whilst falling short of the major resistance levels, the bounce back delivered a trend-bucking gain on the day.

At the time of writing, Ripple’s XRP was up by 0.26% to $0.25553. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25389 to a high $0.25933.

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

For the day ahead, a move back through to $0.2590 levels would support a run at the first major resistance level at $0.2603.

Support from the broader market would be needed, however, for a breakthrough to $0.26 levels.

Barring a broad-based crypto rally, the first major resistance level at $0.2603 would likely limit any upside.

Failure to move back through to $0.2590 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.25389 to $0.2520 levels would bring sub-$0.25 levels into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the first major support level at $0.2467.

XRP/USD 20/11/19 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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