Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/08/19

It’s back into the red for the majors as the bears look to reverse Wednesday’s rally… It could get messy.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC rose by 2.04% on Wednesday. Following on from a 5.95% rally on Tuesday, Bitcoin Cash ABC ended the day at $328.56.

A bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $322 to an intraday high $337.

In spite of the morning rally, Bitcoin Cash ABC came up short of the first major resistance level at $329.07.

An early afternoon pullback to $321 levels was short-lived, with Bitcoin Cash ABC moving back into positive territory late on.

At the time of writing, Bitcoin Cash ABC was down by 2.4% to $320.69. A bearish start to the day saw Bitcoin Cash ABC slide from an early morning high $329.1 to a low $320.69.

Steering clear of the major resistance levels, Bitcoin Cash ABC found support at the first major support level at $320.99.

For the day ahead, a move back through to $329 levels would be needed to support a run at the first major resistance level at $336.56.

Bitcoin Cash ABC would need support from the broader market, however, to break out from the morning high $329.1.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $337 would likely limit any upside.

Failure to move through to $329 levels could see Bitcoin Cash ABC struggle through the day. A pullback to sub-$320 levels would bring the second major support level at $313.43 into play.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer clear of sub-$310 levels.

Litecoin on the Slide

Litecoin surged by 9.48% on Wednesday. Following on from a 0.08% gain on Tuesday, Litecoin ended the day at $90.89.

Bullish through most of the day, Litecoin rallied from a start of a day intraday low $90.01 to a late intraday high $100.0.

Steering well clear of the major support levels, Litecoin broke through the major resistance levels and 38.2% FIB of $99.

A late pullback saw Litecoin fall back through the third major resistance level at $99.1 and 38.2% FIB of $99.

At the time of writing, Litecoin was down by 2.61% to $96.31. A particularly bearish start to the day saw Litecoin slide from an early morning high $100 to a low $95.86.

A start of a day breakthrough the 38.2% FIB of $99 was short-lived. In spite of the early pullback, however, Litecoin managed to steer clear of the first major support level at $92.6.

For the day ahead, a hold onto $96.3 levels would support another run at the 38.2% FIB of $99. Litecoin would need the support of the broader market, however, to break back through to $100 levels.

Barring a broad-based crypto rally, Litecoin would likely come up short of the first major resistance level at $102.59.

Failure to hold onto $96.3 levels could see Litecoin fall deeper into the red. A fall through to $95 levels would bring the first major support level at $92.6 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$90 levels on the day.

Ripple’s XRP Back at sub-$0.32 Levels

Ripple’s XRP gained just 0.39% on Wednesday. Following on from a 2.8% rise from Tuesday, Ripple’s XRP ended the day at $0.31996.

A relatively bullish morning saw Ripple’s XRP rise from a morning low $0.31725 to a mid-day intraday high $0.32382.

Ripple’s XRP broke through the first major resistance level at $0.3249 before sliding to a late intraday low $0.31541.

Steering clear of the first major support level at $0.3092, Ripple’s XRP recovered to $0.319 levels late on.

At the time of writing, Ripple’s XRP was down by 1.7% to $0.31451. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.32 to a low $0.31301 before finding support.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3156 in the early hours.

For the day ahead, a move back through to $0.32 levels would support another run at the first major resistance level at $0.3241.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.3200.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.32382 should cap any upside.

Failure to move back through to $0.3200 levels could see Ripple’s XRP fall deeper into the red. A pullback through the first major support level at $0.3156 would bring $0.30 levels into play.

Barring a crypto meltdown, we would expect Ripple’s XRP to steer clear of sub-$0.30 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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