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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/10/19

Bob Mason

Bitcoin Cash – ABC – Back At $230

Bitcoin Cash ABC rose by 3.94% on Monday. Following on from a 5.72% rally on Sunday, Bitcoin Cash ABC ended the day at $323.53.

A relatively range-bound start to the day saw Bitcoin Cash ABC ease to a late morning intraday low $223.62 before making a move.

Steering well clear of the first major support level at $215.14, Bitcoin Cash ABC rallied to a late intraday high $235.87.

Bitcoin Cash ABC broke through the first major resistance level at $229.38 and second major resistance level at $234.57.

Easing back late in the day, Bitcoin Cash ABC fell back through the second major resistance level to wrap up the day at $232 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.56% to $231.22. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $233.53 before falling to a low $231.05.

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

For the day ahead, a move back through to $233 levels would bring the first major resistance level at $237.73 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Monday’s high $235.87.

In the event of another rally later in the day, Bitcoin Cash ABC could take a run at $240 levels before any pullback.

Failure to move back through to $233 levels could see Bitcoin Cash ABC come under pressure. A fall back through to $230.50 would bring the first major support level at $225.48 into play.

Barring an extended sell-off, however, we would expect Bitcoin Cash ABC to steer clear of sub-$220 support levels.

Litecoin Holds onto $54 Levels

Litecoin fell by 0.44% on Monday. Partially reversing a 2.06% gain from Sunday, Litecoin ended the day at $54.72.

A bearish start to the day saw Litecoin fall to a mid-morning intraday low $53.75 before finding support.

Steering clear of the first major support level at $53.20, Litecoin bounced back to a late morning intraday high $55.78.

Falling short of the first major resistance level at $56.15, Litecoin slid back to an afternoon low $53.96 before moving back through to $54 levels.

At the time of writing, Litecoin was down by 0.07% to $54.68. Tracking the broader market, Litecoin rose to an early morning high $54.89 before falling to a low $54.45.

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

For the day ahead, Litecoin would need to move back through to $54.80 levels to support a run at the first major resistance level at $55.75.

Litecoin would need the support of the broader market, however, to break out from the morning high $54.95.

Barring a broad-based crypto rally, the first major resistance level and Monday high $55.78 would likely cap any upside.

Failure to move through to $54.80 levels could see Litecoin fall deeper into the red. A fall through the morning low $54.45 would bring the first major support level at $53.72 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of the second major support level at $52.72.

Ripple’s XRP back at $0.30

Ripple’s XRP fell by 0.58% on Monday. Partially reversing a 0.84% gain from Sunday, Ripple’s XRP ended the day at $0.29380.

Tracking the broader market, Ripple’s XRP fell from an early intraday high $0.29559 to a mid-morning intraday low $0.29000.

Ripple’s XRP left the major support and resistance levels untested through in spite of the pullback.

Finding support from the broader market, Ripple’s XRP rose back to an afternoon high $0.29544 before a 2nd pullback.

Ripple’s XRP managed to avoid a fall through to sub-$0.29 levels, supporting a move back through to $0.2930 levels.

At the time of writing, Ripple’s XRP was up by 2.21% to $0.30029. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.29212 to a high $0.30195.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2963 and second major resistance level at $0.2987.

For the day ahead, holding onto $0.30 levels would support another run at the third major resistance level at $0.3043.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.30195.

In the event of an extended rally, $0.31 levels would likely come into play before any pullback.

Failure to hold onto $0.30 levels could see Ripple’s XRP hit reverse. A pullback through the major resistance levels would bring the first major support level at $0.2907 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.29 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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