Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/10/19

After a strong Tuesday rally, it’s a bearish start to the day. Further upside could be on the cards as momentum drives the majors.
Bob Mason
Depositphotos_166797044_s-2019

Bitcoin Cash – ABC – Visits $290 Levels

Bitcoin Cash ABC rallied by 8.46% on Tuesday. Following on from a 0.62% gain on Monday, Bitcoin Cash ABC ended the day at $288.27.

A particularly bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $298.

Bitcoin Cash ABC broke through the first major resistance level at $274.75 and second major resistance level at $284.72.

Of greater significance, however, was a breakthrough the 23.6% FIB of $273.

A pullback through the late morning saw Bitcoin Cash ABC fall to sub-$280 levels before bouncing back to $290 levels.

While easing back to sub-$290 levels late in the day, Bitcoin Cash ABC managed to hold above the second major resistance level at $284.72 and the 38.2% FIB.

At the time of writing, Bitcoin Cash ABC was down by 1.15% to $284.96. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $288.34 to a low $284.96.

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

For the day ahead, a move back through to $290 levels would support a run at the first major resistance level at $302.70.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from Tuesday’s high $298.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of $290 levels on the day.

Failure to move back through to $290 levels could see Bitcoin Cash ABC fall deeper into the red.

A fall through to $283 levels would bring sub-$280 levels into play before any recovery.

Barring an extended sell-off through the day, however, Bitcoin Cash ABC should steer clear of the first major support level at $269.14.

Litecoin Revisits $60

Litecoin rallied by 3.46% on Tuesday. Reversing a 3.47% slide from Monday, Litecoin ended the day at $59.84.

Tracking the broader market, Litecoin rallied to an early morning intraday high $61.05 before easing back.

Litecoin came within range of the first major resistance level at $61.15 before falling to a late intraday low $57.79.

Steering clear of the first major support level at $56.08, Litecoin found late support from the broader market. Litecoin broke back through to $60 levels before wrapping up the day at $59 levels. The late recovery delivered the upside on the day.

At the time of writing, Litecoin was down by 0.55% to $59.51. A relatively bearish start to the day saw Litecoin fall from an early morning high $60.05 to a low $59.17.

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

For the day ahead, Litecoin would need to move back through to $59.60 levels to support recovery.

A move through the morning high $60.05 would bring the first major resistance level at $61.33 into play.

Litecoin would need the support of the broader market, however, to break back through to $61 levels.

Failure to move back through to $59.60 levels could see Litecoin fall deeper into the red.

A fall through the morning low to sub-$59 levels would bring the first major support level at $58.07 into play.

Barring an extended sell-off through the day, however, Litecoin should steer clear of sub-$58 levels.

Ripple’s XRP Holds onto $0.30

Ripple’s XRP rose by 2.57% on Tuesday. Reversing a 1.46% decline from Monday, Ripple’s XRP ended the day at $0.30276.

A bullish start to the day saw Ripple’s XRP rally from an early intraday low $0.29512 to a mid-day intraday high $0.31018.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.3030.

Coming up against the second major resistance level at $0.3107, Ripple’s XRP slid back to sub-$0.30 levels late on.

Finding support in the final hours, however, Ripple’s XRP recovered to $0.30 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.07% to $0.30254. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.3070 before falling to a low $0.30096.

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

For the day ahead, a move through to $0.3030 levels would support another run at the first major resistance level at $0.3103.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.3070.

Barring a broad-based crypto rally on the day, the first major resistance level would likely cap any upside.

Failure to move through to $0.3030 levels could see Ripple’s XRP take a bigger hit on the day.

A fall back through the morning low $0.30096 would bring the first major support level at $0.2952 into play.

Barring an extended sell-off through the day, Ripple’s XRP should steer well clear of sub-$0.29 support levels.

Please let us know what you think in the comments below

Thanks, Bob

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