Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/10/19

It’s back into the red for the majors, with late support on Wednesday doing little to shift sentiment across the major cryptos.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Sinks

Bitcoin Cash ABC tumbled by 7.55% on Wednesday. Following on from a 2.36% fall on Tuesday, Bitcoin Cash ABC ended the day at $210.26.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $227.57 before hitting reverse.

Falling short of the first major resistance level at $231.88, Bitcoin Cash ABC tumbled to a late afternoon intraday low and new swing lo $198.03.

Bitcoin Cash ABC fell through the major support levels before finding support.

Through the latter part of the day, Bitcoin Cash ABC managed to recover to $210 levels to limit the downside.

At the time of writing, Bitcoin Cash ABC was down by 1.17% to $207.8. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $211.25 to a low $207.8.

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

For the day ahead, a move back through the morning high to $212 levels would support a run at $220 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $225.88.

Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $220 levels on the day.

Failure to move through to $212 levels could see Bitcoin Cash ABC spend another day in the red.

A fall back to sub-$200 levels would bring the first major support level at $196.34 into play before any recovery.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer clear of sub-$190 support levels.

Litecoin Slides to sub-$50 Levels

Litecoin slid by 7.23% on Wednesday. Following on from a 2.34% decline on Tuesday, Litecoin ended the day at $49.54.

Bearish through the morning, Litecoin slid from a morning intraday high $53.45 to a late afternoon intraday low and new swing lo $47.22.

Falling short of the first major resistance level at $54.71, Litecoin fell through the day’s major support levels.

While finding support late in the day, Litecoin failed to break back through the third major support level at $49.60.

At the time of writing, Litecoin was down by 1.39% to $48.85. Tracking the broader market, Litecoin fell from an early morning high $49.76 to a low $48.74.

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

For the day ahead, a move through the morning high to $50 levels would support a run at the first major resistance level at $52.92.

Litecoin would need support from the broader market, however, to break out from the morning high $49.76.

Barring a broad-based crypto rebound, Litecoin will likely come up short of Wednesday’s high $53.45.

Failure to move through to $50 levels could see Litecoin slide deeper into the red. A fall through to $47 levels would bring the first major support level at $46.69 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of the second major support level at $43.84.

Ripple’s XRP Back At $0.27 Levels

Ripple’s XRP tumbled by 6.10% on Wednesday. Following on from a 0.78% fall from Tuesday, Ripple’s XRP ended the day at $0.27402.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.29254 before hitting reverse.

Falling short of the first major resistance level at $0.3003, Ripple’s XRP tumbled to a late afternoon intraday low $0.25012.

Ripple’s XRP fell through the day’s major support levels before finding the support of the broader market.

Through the latter part of the day, Ripple’s XRP broke back through the third major support level at $0.2668 to cut the deficit on the day.

At the time of writing, Ripple’s XRP was down by 1.19% to $0.27076. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.2740 to a low $0.26677 before finding support.

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

For the day ahead a move back through to $0.2730 levels would support a run at the first major resistance level at $0.2943.

Ripple’s XRP would need the support of the broader market, however, to break through to $0.28 levels.

Barring a broad-based crypto rally, Ripple’s XRP would likely fall well short of $0.30 levels.

Failure to move through to $0.2730 levels could see Ripple’s XRP struggle throughout the day.

A fall back through to $0.26 levels would bring the first major support level at $0.2519 into play.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of the second major support level at $0.2298.

Please let us know what you think in the comments below

Thanks, Bob

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