Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/08/19

Published: Aug 5, 2019, 04:32 UTC•4min read

The majors are on the move early. A reversal could be on the cards, however, should key levels not be held…

Bitcoin Cash – ABC – on the Bounce

Bitcoin Cash ABC slipped by 0.09% on Sunday. Following a 3.57% rally on Saturday, Bitcoin Cash ABC ended the day at $336.71.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $328 before making a move.

Finding support at the first major support level at $327.98, Bitcoin Cash ABC recovered to a late intraday high $338.27.

Falling well short of the first major resistance level at $347.37, Bitcoin Cash ABC eased back into the red late in the day.

At the time of writing, Bitcoin Cash ABC was up by 2.47% to $345.01. A particularly bullish start to the day saw Bitcoin Cash ABC rise from a morning low $336.71 to a high $348.37.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $340.65 and second major resistance level at $344.60.

For the day ahead, a hold above the second major resistance level would support a run at the 38.2% FIB of $359.

Bitcoin Cash ABC would need the continued support of the broader market, however, to break out from the third major resistance level at $354.87.

Failure to hold above the second major resistance level could see Bitcoin Cash ABC slide back through to sub-$340 levels.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of sub-$337 levels on the day.

BCHABC/USD 05/08/19 Daily Chart

Litecoin Tracks the Pack

Litecoin fell by 1.38% on Sunday. Following a 0.72% decline on Saturday, Litecoin ended the day at $92.95.

A particularly bearish start to the day saw Litecoin slide to an early intraday low $90.52.

Litecoin fell through the first major support level at $92.94 and second major support level at $91.67.

Finding support through the early afternoon, Litecoin managed to recover to $94 levels before easing back.

A start of a day intraday high $94.79 fell well short of the first major resistance level at $96.13.

At the time of writing, Litecoin was up by 2.5% to $95.27. Tracking the broader market, Litecoin rallied from a morning low $92.98 to a high $97.00 before easing back.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $94.99. The second major resistance level at $97.02 limited the upside early on.

For the day ahead, holding onto $95 levels would support another run at the second major resistance level at $97.02.

Litecoin would need the support of the broader market, however, to break out from $97 levels to take a run at the 32% FIB of $99.

Failure to hold onto $95 levels could see Litecoin slide back to $93 levels before any recovery.

Barring a crypto meltdown, Litecoin should steer clear of the first major support level at $90.72. A slide, through to $92.70 levels would signal a material sell-off on the day, however.

LTC/USD 05/08/19 Daily Chart

Ripple’s XRP Trails the Majors

Ripple’s XRP rose by 1.01% on Sunday. Following on from a 1.48% gain from Saturday, Ripple’s XRP ended the day at $0.31921.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.31243. Steering clear of the first major support level at $0.3119, Ripple’s XRP bounced back to a late intraday high $0.32341.

The rally saw Ripple’s XRP break through the first major resistance level at $0.3189 and second major resistance level at $0.3218.

Whilst bucking the trend from the broader market, a late pullback to sub-$0.32 levels limited the upside on the day.

At the time of writing, Ripple’s XRP was up by 1% to $0.32240. A relatively bullish start to the day saw Ripple’s XRP rise from a morning low $0.31921 to a high $0.32306.

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

For the day ahead, a move back through to $0.3230 levels would bring the first major resistance level at $0.3243 into play.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.3230 levels.

Barring an extended crypto rally, Ripple’s XRP would likely fall short of the second major resistance level at $0.3293.

Failure to move back through the morning high could see Ripple’s XRP slide back to sub-$0.32 levels. A fall through to $0.3180 would bring the first major support level at $0.3133 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.31 levels and the second major support level at $0.3074.

XRP/USD 05/08/19 Daily Chart