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