UK Markets open in 6 hrs 15 mins

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/11/19

Bob Mason

Bitcoin Cash – ABC – Hits Red

Bitcoin Cash ABC fell by 2.60% on Monday. Partially reversing a 3.97% gain from Sunday, Bitcoin Cash ABC ended the day at $285.56.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $296.53 before hitting reverse.

Falling short of the first major resistance level at $301.03, Bitcoin Cash ABC slid to a late morning intraday low $282.00.

The sell-off saw Bitcoin Cash ABC fall through the first major support level at $282.47.

Steering clear of sub-$280 levels, Bitcoin Cash ABC broke back through to $286 levels ahead of the afternoon.

Through the 2nd half of the day, Bitcoin Cash ABC managed to strike a high $289.70 before easing back.

At the time of writing, Bitcoin Cash ABC was down by 0.49% to $284.15. An early pullback saw Bitcoin Cash ABC fall from an end of Monday $285.56 to an early morning low $284.15.

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

For the day ahead, a move through to $288 would support a run at the first major resistance level at $294.06.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $290 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall well short of $300 levels for a 5th consecutive day.

Failure to move through to $288 levels could see Bitcoin Cash ABC slide deeper into the red. A fall back to $282 levels would bring the first major support level at $279.53 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$279 support levels.

Litecoin back at $62 Levels

Litecoin fell by 3.02% on Monday. Reversing a 2.55% gain from Sunday, Litecoin ended the day at $61.74.

Tracking the broader market, Litecoin rallied to an early morning intraday high $64.27 before hitting reverse.

Falling short of the first major resistance level at $66.23, Litecoin fell to a late morning intraday low $60.29.

Litecoin fell through the first major support level at $61.06 before finding support.

Through the 2nd half of the day, Litecoin struck a late $62.60 high before falling back to sub-$62 levels.

At the time of writing, Litecoin was up by 0.39% to $61.98. A mixed start to the day saw Litecoin fall to an early morning low $61.50 before striking a high $62.04.

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

For the day ahead, Litecoin would need to move through to $62.10 levels to support a run at the first major resistance level at $63.91.

Support from the broader market would be needed, however, for Litecoin to break out from $63 levels.

Barring an extended crypto rally, Litecoin would likely come up short of Monday’s high $64.27.

Failure to move through to $62.10 levels could see Litecoin hit reverse. A fall back through to sub-$61 levels would bring the first major support level at $59.93 into play.

Barring a crypto meltdown, however, Litecoin should steer well clear of sub-$59 support levels.

Ripple’s XRP Stuck at sub-$0.28

Ripple’s XRP fell by 1.82% on Monday. Following on from a 0.2% decline from Sunday, Ripple’s XRP ended the day at $0.27470.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.28152 before taking a hit.

Falling short of the first major resistance level at $0.2840, Ripple’s XRP fell to a late morning intraday low $0.27024.

Ripple’s XRP fell through the first major support level at $0.2763 and the second major support level at $0.2729.

A choppy 2nd half of the day saw Ripple’s XRP fall back from $0.2750 levels to sub-$0.27200 levels before finding support.

At the time of writing, Ripple’s XRP was up by 0.17% to $0.27516. A relatively bullish start to the day saw Ripple’s XRP rise from an early morning low $0.27418 to a high $0.27546.

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

For the day ahead, Ripple’s XRP would need to move through to $0.2760 levels to support a run at the first major resistance level at $0.2807.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.28 levels.

Barring an extended crypto rally, the first major resistance levels would likely cap any upside.

Failure to move through to $0.2760 levels could lead to a pullback later in the day.

A fall back through to $0.2740 levels would bring the first major support level at $0.2695 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.2642.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: