Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 31/10/19

It’s a mixed start to the day for the majors. More losses could be on the way should the majors fail to move back through key levels by late morning.
Bob Mason
Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Bitcoin Cash – ABC – Holds On

Bitcoin Cash ABC rose by 0.47% on Wednesday. Following on from an 8.46% rally on Tuesday, Bitcoin Cash ABC ended the day at $288.7.

A particularly bullish start to the day saw Bitcoin Cash ABC rally to an early morning intraday high $307.0. It was Bitcoin Cash ABC’s first visit to $300 levels since 23rd September.

Bitcoin Cash ABC broke through the first major resistance level at $302.7 before hitting reverse.

The reversal saw Bitcoin Cash ABC fall to a late morning intraday low $282.14 before finding support.

Steering clear of the first major support level at $269.14, Bitcoin Cash ABC moved back through to $288 levels to end the day in the green.

At the time of writing, Bitcoin Cash ABC was down by 0.37% to $287.62. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $293.18 before falling to a low $285.40.

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

For the day ahead, a move back through to $292.6 levels would support a run at the first major resistance level at $303.09.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from this morning’s high $293.18.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $307.0 would cap any upside.

Failure to move through to $292.70 levels could see Bitcoin Cash ABC slide deeper into the red.

A fall through Wednesday’s low $282.14 would bring the first major support level at $278.23 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer well clear of sub-$270 support levels.

Litecoin Back at $58

Litecoin fell by 3.16% on Wednesday. Reversing a 3.46% gain from Tuesday, Litecoin ended the day at $57.96.

Tracking the broader market, Litecoin rallied to an early morning intraday high $61.19 before hitting reverse.

Falling short of the first major resistance level at $61.33, Litecoin slid to an early afternoon intraday low $56.82.

Litecoin fell through the first major support level at $58.07 before finding support to wrap up the day at $57 levels.

At the time of writing, Litecoin was up by 0.26% to $58.11. A bullish start to the day saw Litecoin rise to an early morning high $59.17 before falling to a low $57.4.

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

For the day ahead, a move back through to $58.7 levels would bring the first major resistance level at $60.49 into play.

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

Failure to move back through to $58.7 levels could see Litecoin hit reverse.

A fall back through the morning low $57.4 would bring $56 levels into play before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of the first major support level at $56.12.

Ripple’s XRP Gives up on $0.30

Ripple’s XRP fell by 2.36% on Wednesday. Reversing a 2.57% rise from Tuesday, Ripple’s XRP ended the day at $0.29563.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.3070 before hitting reverse.

Falling short of the first major resistance level at $0.3103, Ripple’s XRP fell to an early afternoon intraday low $0.29089.

Ripple’s XRP fell through the first major support level at $0.2952 before finding support.

A partial recovery through the afternoon saw Ripple’s XRP rise to $0.297 levels before easing back in the final hour.

At the time of writing, Ripple’s XRP was down by 0.19% to $0.29506. A bullish start to the day saw Ripple’s XRP rise to an early morning high $0.29931 before hitting reverse.

Falling short of the first major resistance level at $0.3048, Ripple’s XRP fell to a morning low $0.29349. Ripple’s XRP steered clear of the first major support level at $0.2887 early on.

For the day ahead, a move back through to $0.2980 levels would bring the first major resistance level at $0.3048 into play.

Ripple’s XRP would need the support of the broader market, however, to break through to $0.30 levels.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.31 levels for a 2nd consecutive day.

Failure to move back through to $0.2980 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.29249 would bring the first major support level at $0.2887 into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.2817.

Please let us know what you think in the comments below

Thanks, Bob

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