Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/01/19

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC fell by 0.57% on Wednesday, following on from a 0.08% decline on Tuesday, to end the day at $157.99, the decline a 3^rd day in a row.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $160.0 before hitting reverse, the day’s high coming up short of the first major resistance level at $162.91.

Sliding through the morning and early afternoon, Bitcoin Cash ABC hit a late afternoon intraday low $156.04, calling on support at the first major support level at $155.98 before steadying.

It was relatively range bound day by Bitcoin Cash ABC standards, with a late in the day attempt at a break back through to $160 levels coming up short with an afternoon high $159.38.

At the time of writing, Bitcoin Cash ABC was up 1.66% to $160.60, with a bullish start to the day seeing Bitcoin Cash ABC strike an early morning high $163.25, breaking through the first major resistance level at $159.98 and second major resistance level at $161.97 to come up against the 38.2% FIB of $163 before easing back.

For the day ahead, a hold onto $160 levels through the morning would support another break through the second major resistance level at $161.97 to bring the 38.2% FIB of $163 back into play, while support from the broader market would be needed to bring $165 levels and the third major resistance level at $165.93 into play.

Failure to hold onto $160 levels could see Bitcoin Cash ABC pullback through a morning low $159.53 to $158 levels and the day’s first major support level at $156.02 into play before any recovery, heavier losses not expected on the day.

Litecoin Eyeing $40

Litecoin fell by 1.41% on Wednesday, partially reversing Tuesday’s 3.9% gain, to end the day at $38.58.

A particularly range bound day saw Litecoin move within a $1.70 spread through the day. An early morning intraday high $40.03 came up short of the first major resistance level at $41.09, with an early afternoon intraday low $38.31 steering well clear of the first major support level at $37.34.

Downward pressure from the broader market ultimately pulled Litecoin back into the red late in the day, Litecoin seeing red for only the 3^rd day this year.

At the time of writing, Litecoin was up 0.65% to $38.83, a relatively range bound start to the day seeing Litecoin rise from a morning low $38.54 to a morning high $39.25 before easing back to $38 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $39 levels would support a break through the first major resistance level at $39.64 to bring $40 levels back into play for a 3^rd consecutive day, with support from the broader market needed for Litecoin to take a run at the second major resistance level at $40.69 later in the day.

Failure to move back through to $39 levels could see Litecoin pullback through the morning low $38.54 to bring $37 levels and the first major support level at $37.92 into play, heavier losses not expected barring a broad based sell-off later in the day.

Ripple Spikes

Ripple’s XRP gained 0.46% on Wednesday, following on from Tuesday’s 0.24% rise, to end the day at $0.37601.

Bucking the trend across the broader market, Ripple’s XRP struck a late morning intraday high $0.3799 before succumbing to market forces to slide to an early afternoon intraday low $0.36361.

Calling on support at the first major support level at $0.3657, Ripple’s XRP managed to bounce back to $0.37 levels late in the day to end the day in positive territory.

At the time of writing, Ripple’s XRP was up 1.9% to $0.38316, a bullish start to the day seeing Ripple’s XRP break through the first major resistance level at $0.3827 and second major resistance level at $0.3895 to hit a morning high $0.4050 before easing back.

News of a new partnership between Ripple and Flash FX led to the start of a day spike to $0.4 levels.

For the day ahead, a hold onto $0.38 levels through the morning would support a move back through the second major resistance level at $0.3895 to bring $0.39 levels back into play, while Ripple’s XRP will likely come up short of the start of the day high $0.405.

Failure to hold onto $0.38 levels could see Ripple’s XRP pullback through $0.373 levels to bring the first major support level at $0.3664 into play before any recovery, with sentiment across the broader market needing to material deteriorate for a sell-off later in the day.

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