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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/11/19

Bob Mason

Bitcoin Cash – ABC – Finds Support Again

Bitcoin Cash ABC tumbled by 7.59% on Thursday. Following on from a 0.10% fall from Wednesday, Bitcoin Cash ABC ended the day at $225.32.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $245.08 before hitting reverse.

Falling short of the first major resistance level at $245.57, Bitcoin Cash ABC slid to a mid-afternoon intraday low $219.53.

Bitcoin Cash ABC fell through the day’s major support levels before recovering to $228 levels.

A break back through the third major support level at $227.29 was brief, however, with Bitcoin Cash ABC sliding back to $221 levels.

Support late in the day led to a partial recovery to $225 levels, reducing the deficit on the day.

At the time of writing, Bitcoin Cash ABC was up by 1.7% to $229.14. Late support from Thursday continued into the early hours. Bitcoin Cash ABC rose from an early morning low $226.16 to a high $229.14.

Bitcoin Cash ABC left the major support and resistance levels untested, however.

For the day ahead, a move through to $230 levels would support a run at the first major resistance level at $240.42.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $240 levels.

Barring a broad-based crypto rally on the day, Bitcoin Cash ABC would likely face plenty of resistance at $230.

Failure to move through to $230 levels could see Bitcoin Cash ABC slide back into the red.

A fall back through to sub-$220 levels would bring the first major support level at $214.87 into play.

Barring another crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$210 support levels.

Litecoin Visits sub-$50

Litecoin tumbled by 7.78% on Thursday. Following on from a 0.36% decline from Wednesday, Litecoin ended the day at $50.60.

A relatively range-bound start to the day saw Litecoin rise to an early morning intraday high $55.18 before hitting reverse.

Falling short of the first major resistance level at $55.81, Litecoin tumbled to a mid-afternoon intraday low $48.17.

Litecoin fell through the day’s major support levels to sub-$50 for the first time since 25th October.

While finding support late in the day, Litecoin failed to break back through the third major support level at $52.02.

At the time of writing, Litecoin was up by 0.28% to $50.74. A mixed start to the day saw Litecoin rise from an early morning low $50.56 to a high $51.24 before easing back.

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

For the day ahead, a move through to $51.30 levels would support a run at the first major resistance level at $54.46.

Litecoin would need the support of the broader market, however, to break out from $51 levels.

Barring a broad-based crypto rebound, resistance at $52 would likely pin Litecoin back on the day.

Failure to move through to $51.30 levels could see Litecoin take another hit.

A fall back through to sub-$50 levels would bring the first major support level at $47.45 into play before any recovery.

Barring another crypto meltdown, however, Litecoin should steer clear of sub-$50 on the day.

Ripple’s XRP Gives up on $0.25

Ripple’s XRP fell by 2.31% on Thursday. Following on from a 1.65% decline on Wednesday, Ripple’s XRP ended the day at $0.24501.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.25424 before hitting reverse.

Falling short of the first major resistance level at $0.2571, Ripple’s XRP slid to a mid-afternoon intraday low $0.23669.

Ripple’s XRP fell through the first major support level at $0.2468 and the major support level at $0.2427.

Finding support late on, Ripple’s XRP broke back through the second major support level to limit the damage.

At the time of writing, Ripple’s XRP was down by 0.06% to $0.24487. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.24707 before falling to a low $0.24431.

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

For the day ahead, a move back through to $0.2455 levels would support another run at $0.25 levels.

Support from the broader market would be needed for Ripple’s XRP to break through the first major resistance level at $0.2539.

Barring a broad-based crypto rally on the day, however, Ripple’s XRP would likely come up short of $0.25 levels.

Failure to move through to $0.2455 levels could see Ripple’s XRP slide deeper into the red.

A pullback through to sub-$0.24 levels would bring the first major support level at $0.2364 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.23 support levels.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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