Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/09/19
Story by: Bob Mason
Bitcoin Cash – ABC – Sees Red again…
Bitcoin Cash ABC slid by 3.84% on Monday to mark a 4th consecutive day in the red. Following on from a 1.21% fall on Sunday, Bitcoin Cash ABC ended the day at $293.58.
A mixed start to the day saw Bitcoin Cash ABC rise to a mid-morning intraday high $307.45 before hitting reverse.
Falling well short of the first major resistance level at $309.18, Bitcoin Cash ABC slid to a mid-day low $296.
Bitcoin Cash ABC fell through the first major support level at $302.67 and second major support level at $299.58.
An early afternoon recovery to $307 levels was short-lived, with Bitcoin Cash ABC sliding to a late intraday low $292.
The 2nd sell-off saw Bitcoin Cash ABC slide through the day’s major support levels. Bitcoin Cash ABC found late support, however, to move back through the third major support level at $293.07.
At the time of writing, Bitcoin Cash ABC was down by 0.46% to $292.22. A bearish start to the day saw Bitcoin Cash ABC fall to an early morning low $287.26 before finding support.
The early pullback saw Bitcoin Cash ABC fall through the first major support level at $287.90.
For the day ahead, Bitcoin Cash ABC would need to move through to $298 levels to support a run at the first major resistance level at $303.35.
Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through to $300 levels.
In the event of a broad-based crypto rebound, Bitcoin Cash ABC could break through to $310 levels before any pullback.
Failure to move through to $298 levels could leave Bitcoin Cash ABC in the red for a 5th consecutive day.
A fall back through the first major support level at $287.9 would bring the second major support level at $282.23 into play.
Litecoin back in the $60s
Litecoin tumbled by 8% on Monday, marking a 5th consecutive day in the red. Following on from a 1.27% fall on Sunday, Litecoin ended the day at $66.47.
A relatively bullish start to the day saw Litecoin rise to a late morning intraday high $74.12 before hitting reverse.
Litecoin broke through the first major resistance level at $73.09 and second major resistance level at $73.93.
The reversal saw Litecoin tumble to a late intraday low and new swing lo $61.75. Litecoin slid through the day’s major support levels on the day down to its lowest level since 2nd April.
In spite of finding late support, Litecoin was unable to break back through the third major support level at $68.32.
At the time of writing, Litecoin was up by 0.6% to $66.87. A mixed start to the day saw Litecoin slide to an early morning low $65.80 before rising to a high $67.37.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move through to $67.50 levels would support a run at $70 levels. Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $73.14.
In the event of a broad-based crypto rally, the first major resistance level and Monday’s high $74.12 would likely cap any upside.
Failure to move through to $67.50 levels could see Litecoin hit reverse. A fall through the morning low $65.8 would bring Monday’s low $61.75 into play.
Barring a crypto meltdown, however, Litecoin should steer clear of the first major support level at $60.77.
Original story: https://finance.yahoo.com/news/bitcoin-cash-abc-litecoin-ripple-014735260.html
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