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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/08/19

By:
Bob Mason
Published: Aug 3, 2019, 04:21 UTC

The majors are on the move early. Holding above key levels would be needed for the majors to avoid a reversal...

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – on the Move

Bitcoin Cash ABC slipped by 0.54% on Friday. Reversing a 0.35% gain from Thursday, Bitcoin Cash ABC ended the day at $327.14.

A mixed start to the day saw Bitcoin Cash ABC recover from a morning low $325 to a mid-morning intraday high $333.71.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $333.28.

An early afternoon pullback saw Bitcoin Cash ABC fall to a late afternoon intraday low $320.69.

Bitcoin Cash ABC fell through the first major support level at $322.05 before moving back to $327 levels to limit the loss on the day.

At the time of writing, Bitcoin Cash ABC was up by 4.23% to $340.99.  A particularly bullish morning saw Bitcoin Cash ABC rally from a morning low $327 to a high $347.39.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $333.67 and second major resistance level at $340.2.

For the day ahead, a hold above the second major resistance level at $340.2 would support further upside on the day.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at $350 levels.

An extended rally would bring the third major resistance level at $353.22 into play before any pullback. The 38.2% FIB of $359 would likely be left untested, however.

Failure to hold above the second major resistance level could see Bitcoin Cash ABC slide through the first major resistance level at $333.67.

Barring a broad-based crypto reversal, Bitcoin Cash ABC should steer clear of sub-$330 levels.

BCHABC/USD 03/08/19 Daily Chart

Litecoin Finds Support

Litecoin slid by 4.1% on Friday. Following on from a 0.03% fall on Thursday, Litecoin ended the day at $94.83.

A choppy morning saw Litecoin recover from an early morning low $95.83 to strike a mid-morning intraday high $97.77.

Litecoin fell through the first major support level at $95.92 early on, whilst falling short of the first major resistance level at $101.7.

A mid-afternoon sell-off saw Litecoin slide to an intraday low $92.22 before wrapping up the day at $94 levels.

The sell-off saw Litecoin slide through the first major support level at $95.92 and second major support level at $92.95.

At the time of writing, Litecoin was up by 1.18% to $95.95. Another mixed start to the day saw Litecoin recover from a morning low $93.92 to strike a morning high $96.79.

In spite of the choppy start to the day, Litecoin left the major support and resistance levels untested.

For the day ahead, a hold above $95.3 levels would support another run at the first major resistance level at $98.47.

Litecoin would need to the support of the broader market, however, to break out from this morning’s high $96.79.

Barring a broad-based crypto rally, the first major resistance level at $98.47 and the 38.2% FIB of $99 should limit any upside.

Failure to hold above $95.3 levels could see Litecoin slide back to $92 levels before finding support.

In the event of a broad-based crypto reversal, the first major support level at $91.71 would come into play. Litecoin would likely steer clear of sub-$90 levels, however.

LTC/USD 03/08/19 Daily Chart

Ripple’s XRP Falls Short of $0.32

Ripple’s XRP declined by 1.68% on Friday. Following on from a 1.14% fall on Thursday, Ripple’s XRP ended the day at $0.31100.

Recovering from an early morning low $0.31403, Ripple’s XRP struck a mid-morning intraday high $0.31821.

Steering clear of the major support and resistance levels, Ripple’s XRP tumbled to a late afternoon intraday low $0.3087.

Ripple’s XRP fell through the first major support level at $0.3125. The second major support level at $0.3088 limited the downside on the day, with Ripple’s XRP recovering to $0.31 levels late on.

At the time of writing, Ripple’s XRP was up by 1.04% to $0.31423. A mixed start to the day saw Ripple’s XRP recover from a morning low $0.31074 to a morning high $0.3589.

Ripple’s XRP left the major support and resistance levels untested in the early hours.

For the day ahead, a hold above $0.3126 levels would support another run at the first major resistance level at $0.3166.

Ripple’s XRP would need the support of the broader market, however, to take a run at $0.32 levels.

Barring a broad-based crypto rally, the first major resistance level a $0.3166 and Friday’s high $0.31821 should cap any upside.

In the event of a crypto rally, the second major resistance level at $0.3221 would likely come into play.

Failure to hold above $0.3126 levels could see Ripple’s XRP test the first major support level at $0.3071.

Barring a crypto meltdown, Ripple’s XRP should continue to steer clear of sub-$0.30 levels. The second major support level at $0.3031 would come into play in the event of an extended sell-off, however.

XRP?USD 03/08/19 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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