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

By:
Bob Mason
Published: Nov 12, 2019, 01:36 UTC

It's a mixed start to the day, with Bitcoin Cash ABC in the red. The majors could come under pressure by late morning if key levels are not hit.

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

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.

BCHABC/USD 12/11/19 Daily Chart

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.

LTC/USD 12/11/19 Daily Chart

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.

XRP/USD 12/11/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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