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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/09/19

Bob Mason

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 2.56% on Friday. Reversing a 0.45% gain from Thursday, Bitcoin Cash ABC ended the day at $315.79.

Bearish through the day, Bitcoin Cash ABC fell from an early morning intraday high $324.41 to a late intraday low $309.51.

Coming up short of the first major resistance level at $329.65, Bitcoin Cash ABC fell through the first major support level at $311.20.

Finding support from the broader market late in the day, Bitcoin Cash ABC managed to break back through the first major support level.

At the time of writing, Bitcoin Cash ABC was down by 0.28% from an end of Friday $315.79 to $314.89.

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 $316.60 levels to take a run at the first major resistance level at $323.63.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break back through to $320 levels.

Barring a broad-based crypto rally, Friday’s high $324.41 and first major resistance level would likely cap any upside.

Failure to move through to $316.60 levels could see Bitcoin Cash ABC take another hit on the day. A fall through Friday’s low $309.51 would bring the first major support level at $308.73 into play.

Barring a crypto meltdown, we would expect Bitcoin Cash ABC to continue to steer clear of sub-$300. In the event of an extended sell-off, the second major support level at $301.67 would likely limit any downside.

Litecoin sees more Red

Litecoin slid by 2.25% on Friday. Following on from a 1.23% fall on Thursday, Litecoin ended the day at $75.10.

A bullish start to the day saw Litecoin rise to an early morning intraday high $77.2 before hitting reverse.

Falling short of the first major resistance level at $78.87, Litecoin slid to a late afternoon intraday low $72.91.

The reversal saw Litecoin fall through the first major support level at $73.67. Finding late support from the broader market, Litecoin broke back through the first major support level.

At the time of writing, Litecoin was down by 0.24% to $74.92. A mixed start to the day saw Litecoin fall from an early morning high $75.20 to a low $74.60 before finding support.

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

For the day ahead, Litecoin would need to move back through to $75 levels to support a bullish day ahead.

A move through to $76 levels would bring the first major resistance level at $77.23 into play.

Litecoin would need the support of the broader market, however, to break through to $77 levels.

Barring a broad-based crypto rally, Friday’s high $77.20 and first major resistance level would likely pin Litecoin back.

Failure to move back through to $75 levels could see Litecoin lose more ground. A fall through to $73 levels would bring the first major support level at $72.94 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of the second major support level at $70.78.

Ripple’s XRP Joins the Majors Deep in the Red

Ripple’s XRP slid by 2.66% on Friday. Following on from a 3.84% tumble on Thursday, Ripple’s XRP ended the day at $0.29455.

A particularly bearish start to the day saw Ripple’s XRP slide from an intraday high $0.30334 to an early morning low $0.2890.

Steering clear of the major support and resistance levels, Ripple’s XRP recovered to $0.2990 levels by mid-morning before succumbing to market forces.

Tracking the broader market, Ripple’s XRP slid to a late afternoon intraday low $0.28432. The reversal saw Ripple’s XRP test the first major support level at $0.2849 before recovering to $0.29 levels.

At the time of writing, Ripple’s XRP was up by 0.83% to $0.2970. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.29301 to a high $0.29721.

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

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.2940 levels to support a return to $0.30 levels.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level at $0.3038.

Barring an extended rally through the day, Friday’s high $0.30334 and first major resistance level would likely limit any upside.

Failure to steer clear of sub-$0.2940 levels could see Ripple’s XRP spend another day in the red.

A fall through to $0.2920 levels would bring the first major support level at $0.2848 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer well clear of sub-$0.28 support 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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