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Bitcoin Cash – ABC / SV, Litecoin and Ripple Daily Analysis – 16/11/18

Bitcoin Cash ABC and SV

The Bitcoin Cash hard fork took place on Thursday and with it came the creation of Bitcoin Cash ABC and Bitcoin Cash SV.

The future remains unclear, with the moves through the day, prices available on Poloniex, seeing Bitcoin Cash ABC gain traction, rising by 17.83% to end Thursday at $304, while Bitcoin Cash SV tumbled 46.53% to end the day at $92.07.

We will resume fundamental analysis once the dust has settled, but for now it looks to be favouring the ABC team, though this could rapidly change and vigilance is still required.

At the time of writing, Bitcoin Cash ABC was down 6.58% to $284, while Bitcoin Cash SV was down 3.08% to $89.24.

Litecoin Hits the $30s

Litecoin gained 1.47% on Thursday, partially reversing Wednesday’s 12.57% slide, to end the day at $43.36.

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A relatively choppy day saw Litecoin slide to an early afternoon intraday low and new swing lo $39.41 before finding support and recovering to $43 levels and a range 2nd half of the day, with the moves through the day leaving the major support and resistance levels untested as the market monitored the Bitcoin Cash hard fork.

At the time of writing, Litecoin was down 0.74% to $43.04, with moves through the early morning seeing Litecoin fall from a start of a day morning high $43.61 to a morning low $42.9 before recovering to $43 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold on to $43 levels would support another run at $44 levels and the day’s first major resistance level at $44.93, though until the dust settles from the latest Bitcoin Cash hard fork, we can expect plenty of resistance to pin Litecoin back from a break out at $44.

Failure to hold onto $43 levels could see Litecoin fall deeper into the red later in the day, with a fall through the morning low $42.9 bringing $41 levels into play before any recovery, the day’s first major support level at $40.6 unlikely to be tested barring materially negative news hitting the wires.

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Ripple Holds On

Ripple’s XRP gained 1.16% on Thursday, partially reversing Wednesday’s 6.34% fall, to end the day at $0.48964.

Tracking the broader market, Ripple’s XRP fell to an early afternoon intraday low $0.4326 before recovering and moving back into positive territory late in the day, with the Bitcoin Cash hard fork leading to an uptick in price for Bitcoin Cash ABC that eased some degree of tension across the broader market.

The moves through the day left the major support and resistance levels untested, with Ripple’s XRP continuing to hold above the 23.6% FIB Retracement Level of $0.4164, while falling short of the 38.2% FIB Retracement Level of $0.5225 to leave the extended bearish trend intact.

At the time of writing, Ripple’s XRP was down 0.69% to $0.48625, a bearish start to the day seeing Ripple’s XRP ease back from a start of a day morning high $0.495 to a morning low $0.4807 before steadying, moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a hold on to $0.48 levels through the morning would support a 2nd half of a day recovery, with a move through the morning high $0.495 bringing $0.50 levels and the day’s first major resistance level at $0.5122 into play before any pullback.

Failure to hold on to $0.48 levels could see Ripple’s XRP head back towards Thursday’s intraday low $0.4326, with sentiment across the broader market to dictate the level of support at the first major support level at $0.4499.

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This article was originally posted on FX Empire

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