Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 11/02/19

Bitcoin Cash – ABC – Eyes a 3rd Day in the Red

Bitcoin Cash ABC fell by 1.01% on Sunday. Following on from a 1.69% decline on Saturday, Bitcoin Cash ABC ended the day at $125.87.

Another bearish start to the day saw Bitcoin Cash ABC slide from an intraday high $127.16 to a mid-afternoon intraday low $120.35.

Falling short of the first major resistance level at $128.06, Bitcoin Cash ABC slid through the first major support level at $124.31 and the second major support level at $122.54.

A late recovery saw Bitcoin Cash ABC break back through the support levels to wrap up the week with a 2.39% gain.

At the time of writing, Bitcoin Cash ABC was down 2.39% at $122.86. A particularly bearish start to the day saw Bitcoin Cash ABC slide from a morning high $125.2 to a morning low $122.47 before steadying.

The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $124.5 levels would signal a possible afternoon recovery and a move back to $125 levels. We would expect Bitcoin Cash ABC to come up short of the first major resistance level at $128.57, however, with Sunday’s high $127.16 and bearish sentiment across the market likely to limit any upside.

Failure to move back through to $124.5 levels could see Bitcoin Cash ABC pull back deeper into the red. A fall back through the morning low $122.47 would bring the first major support level at $121.76 into play before any recovery. Sub-$120 support levels would likely be left untested, barring broad-based crypto sell in the day.

Litecoin Hits Reverse after a Solid Week

Litecoin rallied by 5.2% on Sunday. Following on from a 3.88% rise on Saturday, Litecoin ended the week up 41.5% to $46.51.

Tracking the broader market, Litecoin fell back to a mid-morning intraday low $41.72. Finding support at the first major support level at $41.96, Litecoin rallied to a late afternoon intraday high $47.0 before easing back to $46 levels.

The afternoon rally saw Litecoin break through the first major resistance level at $46.22 and avoid a pullback before the day’s end.

At the time of writing, Litecoin was down by 5.59% to $43.91. Tracking the broader market, Litecoin slid from a start of a day high $46.55 to an early morning low $43.09 before steadying. The reversal saw Litecoin call on support at the first major support level at $43.15 early in the day.

For the day ahead, a move back through to $45 levels would be needed to support an afternoon rebound to $46 levels. A material shift in sentiment across the broader market would be needed, however, for Litecoin to resume its February rally and bring the first major resistance level at $48.43 into play.

Failure to move back through to $45 levels would likely see Litecoin ease back through the first major support level at $43.15 to $42 levels before any recovery. Barring a material deterioration in sentiment across the broader market, we would expect Litecoin to steer well clear of sub-$40 support levels.

Ripple Sees More Red

Ripple’s XRP fell by 0.45% to $0.31558 on Sunday, following on from a 0.06% drop on Saturday. A second day in the red left Ripple’s XRP with a 3.23% gain for the week.

A bearish morning saw Ripple’s XRP slide through the first major support level at $0.3124 to an intraday low $0.30366. Calling on support at the second major support level at $0.3075, Ripple’s XRP managed to rally back through to $0.31 levels late in the day to limit the losses for the day.

At the time of writing, Ripple’s XRP was down by 1.99% to $0.30931. A broad-based crypto sell-off weighed at the start of the day. Ripple’s XRP slid from a morning high $0.31559 to an early morning low $0.30780 before steadying.

The reversal saw Ripple’s XRP come within range of the first major support level at $0.3071 before attempting a move back through to $0.31 levels.

For the day ahead, a move back through to $0.3120 levels would support a run through the morning high $0.31559 to bring the first major resistance level at $0.3207 into play. We will expect Ripple’s XRP to face plenty of resistance, however, with Sunday’s high $0.31731 likely to pin Ripple’s XRP back from a material break out.

Failure to move through to $0.3120 levels could see Ripple’s XRP languish in the red through the day. A fall through the first major support level at $0.3071 could see Ripple’s XRP call on support at the second major support level at $0.2985 before any recovery.

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This article was originally posted on FX Empire

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