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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/10/19

Bob Mason

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 3.21% on Tuesday. Reversing a 1.90% rise from Monday, Bitcoin Cash ABC ended the day at $220.88.

A relatively bullish start to the day saw Bitcoin Cash ABC strike an early morning intraday high $228.93.

Falling short of the first major resistance level at $230.63, Bitcoin Cash ABC slid to a late morning low $222.68.

Bitcoin Cash ABC fell through the first major support level at $223.84 before recovering to $226 levels.

A late afternoon sell-off did the damage, however, with Bitcoin Cash ABC sliding to an intraday low $217.71.

Bitcoin Cash ABC fell back through the first major support level and through the second major support level at $220.16.

Finding support from the broader market late on, Bitcoin Cash ABC recovered to $220 levels to limit the day’s losses.

At the time of writing, Bitcoin Cash ABC was up by 1.41% to $224.00. A bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $222.13 to a high $225.33.

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

For the day ahead, Bitcoin Cash ABC would need to steer clear of sub-$223 levels to support a move back through to $225 levels.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $227.3.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to steer clear of sub-$223 levels could see Bitcoin Cash ABC test the first major support level at $216.08.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of sub-$216 levels.

Litecoin Back at $54 Levels

Litecoin slid by 4.08% on Tuesday. Reversing a 0.71% gain from Monday with interest, Litecoin ended the day at $54.56.

Tracking the broader market, Litecoin struck an early morning intraday high $57.42 before hitting reverse.

Coming up against the first major resistance level at $57.46, Litecoin slid to a late morning intraday low $53.45.

Litecoin fell through the major support levels before recovering to $55 levels. Litecoin broke back through the third major support level at $54.15 and second major support level at $55.45.

A broad-based crypto sell-off in the late afternoon, however, saw Litecoin slide back to $53 levels before finding support.

Litecoin fell back through the second and third major support levels before recovery to $54 levels late in the day.

At the time of writing, Litecoin was up by 0.71% to $54.95. A relatively bullish start to the day saw Litecoin rise from an early morning low $54.55 to a high $55.13.

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

For the day ahead, a move through to $55.20 levels would support a run at the first major resistance level at $56.84.

Litecoin would need the support of the broader market, however, to break through to $57 levels.

Barring a broad-based crypto rebound, Litecoin would likely come up short of Tuesday’s high $57.42.

Failure to move through to $55.20 levels could see Litecoin spend another day in the red.

A fall through to Tuesday’s low $53.45 would bring the first major support level at $52.87 into play before any recovery.

Ripple’s XRP Recovers to $0.29 Levels

Ripple’s XRP fell by 3.14% on Tuesday. Partially reversing a 7.3% rally from Monday, Ripple’s XRP ended the day at $0.28882.

A relatively bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.30 before hitting reverse.

Falling short of the first major resistance level at $0.3058, Ripple’s XRP slid to a late afternoon intraday low $0.28316.

Ripple’s XRP fell through the first major support level at $0.2837 before finding support from the broader market.

Off the back of the late support, Ripple’s XRP broke back through the first major support level limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 1.1% to $0.2920. Tracking the broader market, Ripple’s XRP rose from an early morning low $0.28872 to a high $0.29261.

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

For the day ahead, Ripple’s XRP would need to hold onto $0.29 levels to support a day in the green.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level at $0.2982.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.30 would likely limit any upside.

Failure to hold onto $0.29 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.28872 would bring the first major support level at $0.2813 into play.

Barring a crypto meltdown, however, 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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