Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/08/19

It’s back in the red for the majors. A move through to key levels would signal a rebound later in the day.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – In the Red

Bitcoin Cash ABC rose 0.35% on Thursday. Following on from a 2.04% fall from Wednesday, Bitcoin Cash ABC ended the day at $329.3.

A bearish start to the day saw Bitcoin Cash ABC slide to an early morning intraday low $318.77 before finding support.

The early sell-off saw Bitcoin Cash ABC fall through the first major support level at $320.99.

Recovering through the day, Bitcoin Cash ABC struck an early evening intraday high $330 before easing back.

In spite of the rebound, Bitcoin Cash ABC came up short of the first major resistance level at $336.56 on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.08% to $325.74. Bitcoin Cash ABC rose to an early morning high $330 before falling to a mid-morning low $325.

Bitcoin Cash ABC left the major support and resistance levels untested in the early hours.

For the day ahead, a move back through to $326 levels would support a run at the morning high $330.

Bitcoin Cash ABC would need the support of the broader market, however, for a run at the first major resistance level at $333.28.

In the event of a broad-based crypto rally, Wednesday’s high $337 and second major resistance level at $337.25 would limit any upside.

Failure to move back through to $326 levels could see Bitcoin Cash ABC lose more ground on the day. A fall through to $323 levels would bring the first major support level at $320.99 into play.

Barring an extended sell-off, Bitcoin Cash ABC should steer well clear of the second major resistance level at $314.79.

Litecoin Slides Back

Litecoin fell by 0.03% on Thursday. Following a 9.48% surge on Wednesday, Litecoin ended the day at $98.89.

A choppy day saw Litecoin fall to a mid-morning intraday low $95.76 before making a move. Steering well clear of the major support levels, Litecoin rallied to an early evening intraday high $101.54.

Whilst falling short of the first major resistance level at $102.59, Litecoin broke back through the 38.2% FIB of $99.

Easing back late in the day, Litecoin fell back through the 38.2% FIB ahead of the day’s end.

At the time of writing, Litecoin was down by 1.28% to $97.62. A bearish start to the day saw Litecoin slide from an early morning high $98.98 to a low $95.83.

Whilst falling short of the first major resistance level at $101.7 and the 38.2% FIB of $99, Litecoin tested the first major support level at $95.92.

For the day ahead, a move back through to $98.8 levels would support another run at $100 levels.

Litecoin would need the support of the broader market, however, to break out from the 38.2% FIB of $99.

Barring a crypto rally, Thursday’s high $101.54 and the first major resistance level at $101.7 would limit any upside.

Failure to move back through to $98.8 levels could see Litecoin fall deeper into the red. A fall back through the first major support level would bring the second major support level at $92.95 into play.

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

Ripple’s XRP Holds onto $0.31 Levels

Ripple’s XRP fell by 1.14% on Thursday. Reversing a 0.39% gain from Wednesday, Ripple’s XRP ended the day at $0.31630.

Bearish through to the late afternoon, Ripple’s XRP slid from an early intraday high $0.32 to a mid-afternoon intraday low $0.3125.

Whilst coming up short of the first major resistance level at $0.3241, Ripple’s XRP fell through the first major support level at $0.3156.

Finding support late on, Ripple’s XRP bounced back to $0.317 levels before falling back

At the time of writing, Ripple’s XRP was down by 0.33% to $0.31527. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.31669 to a low $0.31403.

Steering clear of the major support and resistance levels, Ripple’s XRP managed to limit the downside early on.

For the day ahead, a move back through to $0.3165 levels would support a run at the first major resistance level at $0.32.

Ripple’s XRP would need the support of the broader market, however, to break out from any move through to $0.37 levels.

Barring a broad-based crypto rally, Thursday’s high and the first major resistance level at $0.32 should limit any upside.

Failure to move back through to $0.3165 levels could see Ripple’s XRP take a bigger hit on the day.

A fall through the morning low $0.31403 would bring the first major support level at $0.3125 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.31 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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