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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/09/19

By:
Bob Mason
Published: Sep 23, 2019, 04:25 UTC

It's another bearish start to the day for the majors. Support levels will be in play should sentiment not shift by late morning...

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Bitcoin Cash – ABC – Sees Red again…

Bitcoin Cash ABC fell by 1.21% on Sunday. Following on from a 1.24% decline on Saturday Bitcoin Cash ABC ended the day at $310.99.

A third consecutive day in the red left Bitcoin Cash ABC up by just 0.8% for the week.

Bearish from the start of the day, Bitcoin Cash ABC slid from an early morning intraday high $309.51 to an early morning low $303.77.

The sell-off saw Bitcoin Cash ABC fall through the first major support level at $308.41 and second major support level at $305.83.

Finding support through the late morning, Bitcoin Cash ABC recovered to $308 levels before sliding back through the second major support level.

The second sell-off saw Bitcoin Cash ABC slide to a late afternoon intraday low $303 before finding support.

In spite of the late support, the second major support level at $305.76 pinned Bitcoin Cash ABC back at the day end.

At the time of writing, Bitcoin Cash ABC was down by 0.67% to $303.72. Another bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $305.29 to a low $303.27.

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

For the day ahead, a move through the morning high to $306 levels would support a run at the first major resistance level at $309.18.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from this morning’s high $305.29.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $309.51 would likely limit any upside.

Failure to move through to $306 levels could see Bitcoin Cash ABC spend a 4th consecutive day in the red.

A fall through the first major support level at $302.67 would bring sub-$300 and the second major support level at $299.58 into play.

BCHABC/USD 23/09/19 Daily Chart

Litecoin Sees More Red

Litecoin fell by 1.27% on Sunday. Following on from a 2.52% slide on Saturday, Litecoin ended the day at $72.26.

In spite of 4 consecutive days in the red, Litecoin gained 3.02% for the week.

A particularly bearish start to the day saw Litecoin slide from an early morning intraday high $73.25 to an intraday low $71.02.

The reversal saw Litecoin fall through the first major support level at $71.65.

Finding support from the broader market, Litecoin recovered to $72.8 levels before sliding back to an afternoon low $71.37.

Litecoin fell back through the first major support level before a late recovery. The late recovery to $72 levels limited the downside on the day.

At the time of writing, Litecoin was down by 0.61% to $71.82. Another bearish start to the day saw Litecoin slide from a morning high $72.51 to a low $71.57.

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

For the day ahead, Litecoin would need to move back through to $72.10 levels to support a run at the first major resistance level at $73.09.

Litecoin would need the support of the broader market, however, to break out from Sunday’s high $72.89.

Barring a broad-based crypto rebound, resistance at S73  would likely pin Litecoin back on the day.

Failure to break through to $72.10 levels could see Litecoin slide for a 5th consecutive day. A fall back through the morning low would bring the first major support level at $71.22 into play.

Barring an extended sell-off, however, we would expect the second major support level at $70.19 to limit any downside on the day.

LTC/USD 23/09/19 Daily Chart

Ripple’s XRP Gives up on $0.28 Levels

Ripple’s XRP slid by 4.54% on Sunday. Following on from a 1.36% fall on Saturday, Ripple’s XRP ended the day at $0.2772.

Ripple’s XRP rose by 6.21% in the week, the upside coming in spite of 4 consecutive days in the red.

It was bearish through most of the day on Sunday. Ripple’s XRP slid from an early morning intraday high $0.29050 to a late afternoon intraday low $0.26853.

Ripple’s XRP slid through the first major support level at $0.2856 and second major support level at $0.2806.

Finding support in the late afternoon, Ripple’s XRP recovered to $0.2790 levels. Ripple’s XRP was unable to break back through to $0.28 levels, however.

At the time of writing, Ripple’s XRP was down by 0.79% to $0.2750. Bearish through the early hours, Ripple’s XRP fell from a morning high $0.27795 to a low $0.27338.

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

For the day ahead, a move through to $0.28 levels would be needed to bring the first major resistance level at $0.2871 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.27795.

Barring a broad-based crypto rally, the first major resistance level would likely pin Ripple’s XRP back in the day.

Failure to move through to $0.28 levels could see Ripple’s XRP spend a 5th consecutive day in the red.

A fall through the morning low $0.27338 would bring the first major support level at $0.2705 into play.

Barring a crypto meltdown, we would expect Ripple’s XRP to steer clear of the second major support level at $0.2638.

XRP/USD 23/09/19 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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