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

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

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.

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.

Please let us know what you think in the comments below

Thanks, Bob

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