Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/10/19

It’s a bearish start to the day as Tuesday’s sell-off continued into the early hours. A reversal by late morning would be needed to avoid heavier losses.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Back At sub-$220

Bitcoin Cash ABC fell by 2.36% on Tuesday. Partially reversing a 3.94% gain from Monday, Bitcoin Cash ABC ended the day at $226.95.

A relatively range-bound start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $234 before hitting reverse.

Falling short of the first major resistance level at $237.73, Bitcoin Cash ABC fell to a late intraday low $226.26.

In spite of the reversal, Bitcoin Cash ABC steered clear of the first major support level at $225.48 on the day.

At the time of writing, Bitcoin Cash ABC was down by 3.44% to $219.14. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $227.57 to a low $215.54.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $224.14 and second major support level at $221.33.

For the day ahead, Bitcoin Cash ABC would need to break back through the major support levels to $229 levels to support a run at $230 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $231.88.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of Tuesday’s high $234.0.

Failure to break back through the major resistance levels could see Bitcoin Cash ABC test the third major support level at $213.59.

Barring an extended sell-off through the day, however, Bitcoin Cash ABC should steer clear of sub-$210 levels.

Litecoin Slides to sub-$53 Levels

Litecoin fell by 2.34% on Tuesday. Following on from a 0.44% loss on Monday, Litecoin ended the day at $53.42.

Tracking the broader market, Litecoin rose to an early morning intraday high $55.15 before hitting reverse.

Falling short of the first major resistance level at $55.75, Litecoin slid to a late intraday low $53.02.

The reversal saw Litecoin fall through the first major support level at $53.72. Finding support at the end of the day, Litecoin steered clear of sub-$53 levels.

At the time of writing, Litecoin was down by 1.72% to $52.50. Tracking the broader market, Litecoin slid from an early morning high $53.45 to a low $51.95 before finding support.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $52.58.

For the day ahead, Litecoin would need to move back through the first major support level to support an afternoon recovery.

Support from the broader market would be needed, however, for Litecoin to take a run at $54 levels.

Barring a broad-based crypto rebound, Litecoin would likely come up short of the first major resistance level at $54.71.

Failure to move back through the first major support level could see Litecoin fall deeper into the red.

A fall back through to $51 levels would bring the second major support level at $51.72 into play before any recovery.

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

Ripple’s XRP Back At $0.28 Levels

Ripple’s XRP fell by 0.78% on Tuesday. Following on from a 0.58% decline on Monday, Ripple’s XRP ended the day at $0.2915.

A particularly bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.30377.

Ripple’s XRP broke through the first major resistance level at $0.2963 and the second major resistance level at $0.2987.

Coming within range of the third major resistance level at $0.3043, Ripple’s XRP tumbled to a late intraday low $0.28966.

Ripple’s XRP fell through the first major support level at $0.2907 before finding support late in the day.

The late support 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 1.06% to $0.28842. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.29254 to a low $0.28654.

Falling short of the major resistance levels, Ripple’s XRP found support at the first major support level at $0.2862.

For the day ahead, Ripple’s XRP would need to move through to $0.2950 levels to bring the first major resistance level at $0.3003 into play.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.29 levels.

Barring a broad-based crypto rebound, the morning high $0.29254 would likely cap the upside on the day.

Failure to move through to $0.2950 levels would likely see Ripple’s XRP spend the day in the red.

A fall through the first major support level at $0.2862 would bring the second major support level at $0.2809 into play.

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

Please let us know what you think in the comments below

Thanks, Bob

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