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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/09/19

Bob Mason

Bitcoin Cash – ABC – Avoids sub-$300

Bitcoin Cash ABC gained 0.45% on Thursday. Following on from a 2.35% gain from Wednesday, Bitcoin Cash ABC ended the day at $323.52.

A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $323.45 before succumbing to market forces.

Falling short of the first major resistance level at $331.51, Bitcoin Cash ABC slid to an early morning intraday low $305.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $317.14 and second major support level at $310.20.

Finding support through the late morning, Bitcoin Cash ABC moved back through the second major support level.

Through the 2nd half of the day, Bitcoin Cash ABC found support from the broader market. Bitcoin Cash ABC broke back through the support levels and into the green in the final hour.

At the time of writing, Bitcoin Cash ABC was up by 0.28% to $324.41. Bitcoin Cash ABC rose from an early morning low $324.08 to a high $324.41.

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

For the day ahead, a hold onto $320 levels through the morning would support a run at the first major resistance level at $329.65.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to move back through to $330 levels.

Barring a broad-based crypto rally, the first major resistance level at $329.65 would likely cap any upside.

Failure to hold onto $320 levels could see Bitcoin Cash ABC take another slide. A fall through to $317 levels would bring the first major support level at $311.2 into play.

We would expect Bitcoin Cash ABC to steer well clear of the second major support level at $298.87 on the day.

Litecoin back at $76

Litecoin fell by 1.23% on Thursday. Partially reversing a 4.84% rally from Wednesday, Litecoin ended the day at $76.82.

Tracking the broader market, Litecoin tumbled from an early morning intraday high $77.78 to an early morning intraday low $72.58.

Litecoin fell through the first major support level at $74.47 before finding support from the broader market.

In the late morning, Litecoin recovered back through the first major support level, ahead of a late afternoon rally that cut the deficit on the day.

At the time of writing, Litecoin was down by 0.74% to $76.25. A bearish start to the day saw Litecoin fall from an early morning high $77.2 to a low $75.77 before finding support.

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

For the day ahead, Litecoin would need to steer clear of sub-$75.70 levels to support a run at the first major resistance level at $78.87.

Litecoin would need sentiment across the broader market to improve, however, to break out from Thursday’s high $77.78.

Barring a broad-based crypto rebound, Litecoin would likely come up short of $80 levels on the day.

Failure to steer clear of sub-$75.70 could see Litecoin test the first major support level at $73.67 before any recovery.

Barring an extended sell-off through the day, Litecoin should steer well clear of the second major support level at $70.53.

Ripple’s XRP Gives up $0.30

Ripple’s XRP tumbled by 3.84% on Thursday. Partially reversing a 9.85% rally on Wednesday, Ripple’s XRP ended the day at $0.30209.

Bearish through the morning, Ripple’s XRP fell from an early morning intraday high $0.31414 to a late morning intraday low $0.28238.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2911.

Finding support from the broader market, Ripple’s XRP broke back through the first major support level going into the afternoon.

Through the 2nd half of the day, Ripple’s XRP found further support from the broader market to move back through to $0.30 levels

At the time of writing, Ripple’s XRP was down by 1.38% to $0.29791. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.30334 to a low $0.29585.

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

For the day ahead, a move back through to $0.30 levels would support a run at the first major resistance level at $0.3167.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.31 levels.

Barring a broad-based crypto rally, the first major resistance level, and Thursday’s high would likely limit any upside.

Failure to move back through to $0.30 levels could see Ripple’s XRP slide deeper into the red.

A fall through to $0.2920 levels would bring the first major support level at $0.2849 into play.

Barring another crypto meltdown, Ripple’s XRP should steer clear of sub-$0.28 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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