Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/10/19

The bulls came out of hiding on Friday, with moves through the early hours of this morning suggesting that there’s more to come…
Bob Mason
Depositphotos_193678068_s-2019

Bitcoin Cash – ABC – Eyes $280

Bitcoin Cash ABC rallied by 21.96% on Friday. Following on from a 1.44% gain from Thursday, Bitcoin Cash ABC ended the day at $259.23.

A mixed start to the day saw Bitcoin Cash ABC fall to a mid-morning intraday low $211.82 before making a move.

Steering clear of the first major support level at $207.14, Bitcoin Cash ABC rallied to a late afternoon intraday high $271.12.

Bitcoin Cash ABC broke through the major resistance levels to come within range of the 23.6% FIB of $273.

In spite of a late pullback to sub-$260 levels, Bitcoin Cash ABC held above the third major resistance level at $235.3.

At the time of writing, Bitcoin Cash ABC was up by 3.15% to $267.40. A bullish start to the day saw Bitcoin Cash ABC rally from an early morning low $258.53 to a high $275.24.

While Bitcoin Cash ABC left the major support and resistance levels untested, Bitcoin Cash ABC broke through the 23.6% FIB of $273.

For the day ahead, Bitcoin Cash ABC would need to move back through the 23.6% FIB to support a run at $280 levels.

Bitcoin Cash ABC would need the continued support of the broader market, however, to break through the first major resistance level at $282.96.

Barring another extended rally through the day, the 23.6% FIB of $273 would likely limit any upside.

Failure to move back through the 23.6% FIB could see Bitcoin Cash ABC give up some of the early gains.

A slide back to sub-$250 levels would bring the first major support level at $223.66 into play before any recovery.

Barring a mass sell-off, however, we would expect Bitcoin Cash ABC to steer clear of sub-$260 levels on the day.

Litecoin Visits $60 Levels

Litecoin rallied by 14.6% on Friday. Following on from a 0.3% gain on Thursday, Litecoin ended the day at $56.95.

Tracking the broader market, Litecoin slipped to a mid-morning intraday low $49.05 before finding support.

Holding above the first major support level at $48.59, Litecoin rallied to a late afternoon intraday high $58.89.

Litecoin broke through the day’s major resistance levels to hit a 2-week high before easing back to sub-$57 levels.

In spite of the late pullback, Litecoin held above the third major resistance level at $53.39 through to the day end.

At the time of writing, Litecoin was up by 1.71% to $58.66. A bullish start to the day saw Litecoin rise from an early morning low $56.97 to a high $60.79 before easing back.

Steering clear of the major support levels, Litecoin came within range of the first major resistance level at $60.88.

For the day ahead, Litecoin would need to move back through to $60 levels to support a run at the first major resistance level at $60.88.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $60.79.

In the event of an extended rally through the day, the second major resistance level at $64.80 would likely come into play.

Failure to move back through to $60 levels could see Litecoin hit reverse. A fall through the morning low $56.97 to sub-$55 levels would bring the first major support level at $51.04 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$55 levels on the day.

Ripple’s XRP Back at $0.30

Ripple’s XRP rallied by 8.07% on Friday. Following on from a 1.3% gain on Thursday, Ripple’s XRP ended the day at $0.29941.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.27514 before making a move.

Steering clear of the first major support level at $0.2689, Ripple’s XRP rallied to a late afternoon intraday high $0.3100.

Ripple’s XRP broke through the major resistance levels before a late pullback to sub-$0.30 levels.

The late pullback saw Ripple’s XRP fall back through the third major resistance level at $0.3034.

At the time of writing, Ripple’s XRP was up by 1.01% to $0.30243. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.29696 to a high $0.30521.

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

For the day ahead, Ripple’s XRP would need to hold onto $0.30 levels to support another run at $0.31 levels.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level at $0.3146.

Barring an extended rally through the day, Friday’s high $0.31 would likely cap any upside.

Failure to hold onto $0.30 levels could see Ripple’s XRP hit reverse. A fall back through the morning low $0.29696 to sub-$0.2950 levels would bring the first major support level at $0.2797 into play.

Barring a broad-based sell-off, however, Ripple’s XRP should steer clear of sub-$0.2950 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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