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

By:
Bob Mason
Published: Aug 2, 2019, 06:31 UTC

It's back in the red for the majors. A move through to key levels would signal a rebound later in the day.

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.

BCHABC/USD 02/08/19 Daily Chart

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.

LTC/USD 02/08/19 Daily Chart

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.

BCHABC/USD 02/08/19 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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