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

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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 3rd 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 3rd 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 3rd 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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This article was originally posted on FX Empire

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