Australia Markets closed

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/10/19

Bob Mason

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC gained 1.90% on Monday. Following on from last week’s 2.51% rise, Bitcoin Cash ABC ended the day at $227.52.

A bullish start to the day saw Bitcoin Cash ABC rise from an early intraday low $223.27 to an early morning high $226.64 before hitting reverse.

Falling short of the first major resistance level at $227.85, Bitcoin Cash ABC fell back to $225 levels.

Finding support through the afternoon, Bitcoin Cash ABC rallied to a late afternoon intraday high $230.06.

Having steered clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $227.85.

Coming up short of the second major resistance level at $231.32, Bitcoin Cash ABC fell back to $225 levels before finding late support.

At the time of writing, Bitcoin Cash ABC was up by 0.24% to $228.06. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $288.93 before easing back to a low $228.06.

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

For the day ahead, Bitcoin Cash ABC would need to move back through the morning high to support a return to $230 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to break through the first major resistance level at $230.63.

Barring a broad-based crypto rally, Monday’s high $230.06 would likely limit any upside on the day.

Failure to move back through the morning high $228.93 could see Bitcoin Cash ABC hit reverse. A fall through to sub-$227 levels would bring the first major support level at $223.84 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $220.16.

Litecoin Holds onto Modest Gains

Litecoin rose by 0.71% on Monday. Following on from a 3.65% gain from last week, Litecoin ended the day at $56.87.

Bullish through the morning, Litecoin rose from an early morning low $56.23 to a late morning intraday high $57.34.

In spite of the early moves, Litecoin came up short of the first major resistance level at $57.68 before hitting reverse.

The reversal saw Litecoin slide to a late afternoon intraday low $56.04. Holding above the first major support level at $55.41, Litecoin recovered to $56 levels, to end the day in the green.

At the time of writing, Litecoin was up by 0.21% to $56.99. A bullish start to the day saw Litecoin rise from an early morning low $56.87 to a high $57.42 before easing back.

Steering clear of the major support levels, Litecoin came up against the first major resistance level at $57.46.

For the day ahead, a move back through to $57 levels would support another run at the first major resistance level.

Litecoin would need the support of the broader market, however, to break out from the morning high $57.42.

Barring a broad-based crypto rally, the first major resistance level, and this morning’s high will likely cap any upside.

Failure to move back through to $57 levels could see Litecoin fall back into the red. A fall through to $56.6 levels would bring the first major support level at $56.16 into play.

Barring an extended crypto sell-off, Litecoin should steer clear of the second major support level at $55.45.

Ripple’s XRP Holds onto $0.29 Levels

Ripple’s XRP rallied by 7.3% on Monday. Following on from last week’s 8.45% gain, Ripple’s XRP ended the day at $0.29811.

A bullish start to the day saw Ripple’s XRP rally from an early morning intraday low $0.27701 to a morning high $0.29394.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2819 and second major resistance level at $0.2859.

Coming within range of the third major resistance level at $0.2949, Ripple’s XRP slid back to $0.286 levels.

Finding late support from the broader market, Ripple’s XRP struck a late intraday high $0.29584.

Having held above the second major resistance level, Ripple’s XRP broke through the third major resistance level at $0.2949.

At the time of writing, Ripple’s XRP was down by 0.54% to $0.29651. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.3000 before falling to a low $0.29542.

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

For the day ahead, Ripple’s XRP would need to move back through the morning high to bring the first major resistance level at $0.3058 into play.

Ripple’s XRP would need the support of the broader market, however, to move back through to $0.3000 levels.

Barring a broad-based crypto rebound, Monday’s high $0.29915 and resistance at $0.3000 would likely limit any upside.

Failure to move back through to $0.3000 levels could see Ripple’s XRP fall deeper into the red.

A fall through to sub-$0.2910 levels would bring the first major support level at $0.2837 into play.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of sub-$0.28 levels.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: