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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/09/19

By:
Bob Mason
Published: Sep 22, 2019, 01:30 UTC

It's another bearish start to the day, with the majors continuing to slide back from current week highs. Bitcoin Cash ABC could face a weekly loss...

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Sees Red again…

Bitcoin Cash ABC fell by 1.24% on Saturday. Following on from a 2.56% slide on Friday, Bitcoin Cash ABC ended the day at $310.99.

A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $315.77.

Falling short of the first major resistance level at $323.63, Bitcoin Cash ABC slid to a mid-day intraday low $309.51.

Steering clear of the first major support level at $308.73, Bitcoin Cash ABC recovered to an afternoon high $314.09.

A late slide back to $310 levels left Bitcoin Cash ABC in the red on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.90% to $308.20. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $309.51 to a low $308.20.

Steering clear of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $308.41.

For the day ahead, Bitcoin Cash ABC would need to move through to $312 levels to support a reversal of Saturday’s losses.

Bitcoin Cash ABC would need support of the broader market, however, to take a run at the first major resistance level at $314.67.

Barring a broad-based crypto rally, the first major resistance level and Saturday high $315.77 would likely limit any upside.

Failure to move through to $312 levels could see Bitcoin Cash ABC spend a 3rd consecutive day in the red.

An extended sell-off through the day would bring the second major support level at $305.83 into play before any recovery.

BCHABC/USD 22/09/19 Daily Chart

Litecoin Takes Another Hit

Litecoin slid by 2.52% on Saturday. Following on from a 2.25% fall from Friday, Litecoin ended the day at $73.18.

A bullish start to the day saw Litecoin rise to an early morning intraday high $75.5 before hitting reverse.

Falling short of the first major resistance level at $77.23, Litecoin fell through the first major support level at $72.94 to a mid-day low $72.88.

Finding support in the early afternoon, Litecoin recovered to $74 levels before taking another hit. The 2nd reversal saw Litecoin fall back through the first major support level to an intraday low $72.04.

Litecoin found support from the broader market, however, to limit the downside late in the day.

At the time of writing, Litecoin was down by 1.15% to $72.34. Tracking the broader market, Litecoin fell from an early morning high $73.25 to a low $72.13.

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

For the day ahead, Litecoin would need to move through the morning high $73.25 to $73.60 levels to support a day in the green.

Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $75.11.

Barring a broad-based crypto rally, however, Litecoin would likely come up short of $74 levels on the day.

Failure to move through to $73.60 levels would see Litecoin spend a 4th consecutive day in the red.

A fall through to sub-$72 levels would bring the first major support level at $71.65 into play. Barring an extended sell-off through the day, however, we would expect Litcoin to steer clear of the second major support level at $70.11.

LTC/USD 22/09/19 Daily Chart

Ripple’s XRP back at $0.28 Levels

Ripple’s XRP fell by 1.36% on Saturday. Following on from a 2.66% slide on Friday, Ripple’s XRP ended the day at $0.29054.

A particularly bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.29843.

Falling short of the first major resistance level at $0.3038, Ripple’s XRP slid to an early afternoon intraday low $0.28701.

Steering clear of the first major support level at $0.2848, Ripple’s XRP recovered to an afternoon high $0.29432. The visit to $0.2940 levels was brief, however, with Ripple’s XRP sliding back to wrap up the day at $0.2900 levels.

At the time of writing, Ripple’s XRP was down by 2.52% to $0.28322. A particularly bearish start to the day saw Ripple’s XRP slide from an early morning high $0.2050 to a low $0.28263.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2856.

For the day ahead, Ripple’s XRP would need to break through the first major support level to $0.2920 levels to signal a rebound.

With heavy gains for the current week, however, Ripple’s XRP would need the support of the broader market to break out from $0.2920.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall short of the first major resistance level at $0.2970.

Failure to move through to $0.2920 levels could see Ripple’s XRP spend a 4th consecutive day in the red.

A fall back through the morning low $0.28263 would bring the second major support level at $0.2806 into play.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of sub-$0.27 levels on the day.

XRP/USD 22/09/19 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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