Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/10/19

It’s a bullish start to the day. Following Monday’s late sell-off, a move through key levels would be needed to support a hold onto early gains.
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Gives Up $270

Bitcoin Cash ABC rose by 0.62% on Monday. Following on from a 2.45% gain from Sunday, Bitcoin Cash ABC ended the day at $264.78.

A mixed morning saw Bitcoin Cash ABC strike an early morning high $275.25 before hitting reverse.

Bitcoin Cash ABC broke through the first major resistance level at $271.62 and the 38.2% FIB of $273 before sliding to a late morning intraday low $258.43.

Steering clear of the first major support level at $248.77, Bitcoin Cash ABC struck a late morning intraday high $276.58.

Bitcoin Cash ABC broke back through the first major resistance level at $271.62 and the 38.2% FIB of $273. A 2nd pullback saw Bitcoin Cash ABC fall back to $263 levels.

Finding support through the 2nd half of the day, however, Bitcoin Cash ABC moved back through to $270 levels before a final hour sell-off.

The sell-off left Bitcoin Cash ABC at sub-$265 levels to limit the upside on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.14% to $265.16. A range-bound start to the day saw Bitcoin Cash ABC rise to an early morning high $267.35 before falling to a low $264.44.

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

For the day ahead, Bitcoin Cash ABC would need to move through to $267 levels to support a 3rd consecutive day in the green.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through the 23.6% FIB of $273 and the first major resistance level at $274.75.

Barring an extended rally through the day, Bitcoin Cash ABC would likely come up short of Monday’s high $276.56.

The first major resistance level and 23.6% FIB would likely limit any upside on the day.

Failure to move through to $267 levels could see Bitcoin Cash ABC struggle through the day.

A fall back through the morning low $264.44 would bring the first major support level at $256.62 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$250 levels.

Litecoin Finds Support

Litecoin slid by 3.47% on Monday. Partially reversing a 5.31% rally from Sunday, Litecoin ended the day at $57.83.

A bullish start to the day saw Litecoin rally to an early morning intraday high $62.71 before hitting reverse.

Falling short of the first major resistance level at $63.32, Litecoin slid to a late afternoon intraday low $57.64.

In spite of the reversal, Litecoin steered well clear of the first major support level at $56.13.

Finding support from the broader market, Litecoin moved back through to $58 levels before sliding back to $57 levels in the final hour.

At the time of writing, Litecoin was up by 1.66% to $58.79. A bullish start to the day saw Litecoin rise from an early morning low $57.82 to a high $58.92.

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

For the day ahead, a move through to $59.40 levels would support a run at the first major resistance level at $61.15.

Litecoin would need the support of the broader market, however, to break through to $60 levels.

In the event of a broad-based crypto rally, Litecoin could revisit $62 levels before any pullback.

Failure to move through to $59.40 levels could see Litecoin hit reverse.

A fall back through to $57 levels would bring the first major support level at $56.08 into play

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$55 support levels.

Ripple’s XRP Struggles at $0.30

Ripple’s XRP fell by 1.46% on Monday. Partially reversing a 1.59% gain from Sunday, Ripple’s XRP ended the day at $0.29531.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.30648 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.3051 before sliding to a late morning intraday low $0.29451.

Steering clear of the first major support level at $0.2927, Ripple’s XRP recovered through the afternoon before succumbing to market forces.

The final hour sell-off saw fall back to $0.2950 levels to reverse Sunday’s gains.

At the time of writing, Ripple’s XRP was up by 0.65% to $0.29723. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.29512 to a high $0.29770.

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

For the day ahead, a move through to $0.2990 levels would support a run at the first major resistance level at $0.3030.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.29770.

Barring an extended crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.3107.

Failure to move through to $0.2990 levels could see Ripple’s XRP hit reverse later in the day.

A fall back through the morning low $0.29512 would bring the first major support level at $0.2911 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.29 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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