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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/11/19

Bob Mason

Bitcoin Cash – ABC – Sinks Again

Bitcoin Cash ABC tumbled by 7.72% on Friday. Following on from a 7.59% slide on Thursday, Bitcoin Cash ABC ended the day at $208.68.

A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $229.14 before hitting reverse.

Falling short of the first major resistance level at $240.42, Bitcoin Cash ABC tumbled to an early afternoon intraday low $194.53.

Amidst a crypto meltdown, Bitcoin Cash ABC fell through the major support levels of the day.

The broader market did provide support through the 2nd half of the day, however. Bitcoin Cash ABC broke back through the third major support level at $178.88 and second major support level at $204.43 to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.15% to $206.27. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $206.59 to a low $204.33 before finding support.

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

For the day ahead, a move through to $211 levels would support a run at the first major resistance level at $227.04.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $210 levels.

Barring a broad-based crypto rebound, resistance at $210 levels would likely pin Bitcoin Cash ABC back on the day.

Failure to move through to $211 levels could see Bitcoin Cash ABC spend a 6th consecutive day in the red.

A fall back through to sub-$200 levels would bring the first major support level at $192.43 into play.

Barring yet another crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$180 support levels.

Litecoin Tanks

Litecoin slid by 6.31% on Friday. Following on from a 7.78% tumble on Thursday, Litecoin ended the day at $47.4.

Another relatively range-bound start to the day saw Litecoin rise from a mid-morning low $48.77 to a late morning intraday high $51.67.

Falling short of the first major resistance level at $54.46, Litecoin tumbled to a mid-afternoon intraday low $43.55.

Litecoin fell through the first major support level at $47.45 and the second major support level at $44.31 before finding support.

If the bulls thought that Thursday was a tough day, Friday’s sell-off saw Litecoin at levels not seen since February…

Through the 2nd half of the day, Litecoin broke back through the third and second major support levels to hit $48 levels.

A late pullback left Litecoin at $47 levels, however.

At the time of writing, Litecoin was down by 1.22% to $46.82. A bearish start to the day saw Litecoin fall from an early morning high $47.52 to a low $46.54.

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

For the day ahead, a move back through the morning high would support a run at the first major resistance level at $51.53.

Litecoin would need the support of the broader market to break through to $50 levels.

Barring a broad-based crypto rebound, however, the morning high $47.52 would likely cap any upside.

Failure to move through the morning high could see Litecoin fall deeper into the red.

A fall back through the morning low to sub-$45 would bring the first major support level at $43.41 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of sub-$43 levels.

Ripple’s XRP Visits sub-$0.22

Ripple’s XRP slid by 5.61% on Friday. Following on from a 2.31% decline on Thursday, Ripple’s XRP ended the day at $0.23126.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.24707 before succumbing to market forces.

Falling short of the first major resistance level at $0.2539, Ripple’s XRP slid to a mid-afternoon intraday low $0.22249.

Ripple’s XRP fell through the first major support level at $0.2364 and the second major support level at $0.2278.

It was a first visit to sub-$0.23 levels since September.

Through the latter part of the day, Ripple’s XRP broke back through the second major support level to end the day at $0.23 levels.

At the time of writing, Ripple’s XRP was down by 0.1% to $0.23124. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.22757 before striking a morning high $0.23202.

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

For the day ahead, a move through to $0.2340 levels would support a run at the first major resistance level at $0.2447.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.23202.

Barring a broad-based crypto rebound on the day, resistance at $0.24 would likely limit any upside.

Failure to move through to $0.2340 levels could see Ripple’s XRP spend a 4th consecutive day in the red.

A fall back through the morning low $0.22757 would bring the first major support level at $0.2201 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.22 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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