Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/08/19
Bitcoin Cash – ABC – Finds Support
Bitcoin Cash ABC slid by 4.18% on Tuesday. Reversing a 2.54% gain from Monday, Bitcoin Cash ABC ended the day at $333.46.
A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $349.91 to a low $337.08 before finding support. Steering clear of the first major support level at $336.33, Bitcoin Cash ABC rallied to an intraday high $355.
Bitcoin Cash ABC broke through the first major resistance level at $354.61 in the late morning before hitting reverse.
Tracking the broader market, Bitcoin Cash ABC slid to a late intraday low $330. The pullback saw Bitcoin Cash ABC fall through the first major support level at $336.33.
At the time of writing, Bitcoin Cash ABC was down by 0.14% to $333.00. A relatively bearish start to the day saw Bitcoin Cash ABC fall from a morning high $335.69 to a low $333.00.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a move through to $339.50 levels would support a run at the first major resistance level at $348.97.
Bitcoin Cash ABC would need the support of the broader market, however, to break out from $340 levels.
Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin Cash ABC back from $350 levels.
Failure to move through to $339.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to sub-$330 levels would bring the first major support level at $323.98 into play.
Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$320 support levels on the day.
Litecoin Sees Resistance at $99
Litecoin fell by 2.9% on Tuesday. Partially reversing a 5.33% rise from Monday, Litecoin ended the day at $92.88.
A choppy start to the day saw Litecoin recover from a morning low $93.62 to strike a mid-morning intraday high $99.28.
Whilst falling short of the first major resistance level at $105.63, Litecoin came up against the 38.2% FIB of $99 before hitting reverse.
Tracking the broader market, Litecoin slid to a late intraday low $90.9. The pullback saw Litecoin fall through the first major support level at $91.57 before closing out the day at $92 levels.
The 38.2% FIB continued to be the line in the sand for the Litecoin bulls…
At the time of writing, Litecoin was up by 0.2% to $93.07. Range-bound early on Litecoin rose from a morning low $92.12 to a high $93.17 before easing back.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move through the morning high to $94.35 levels would bring the first major resistance level at $97.81 into play.
Litecoin would need the support of the broader market, however, to take a run at the 38.2% FIB of $99.
Barring a broad-based crypto rally, Litecoin would likely come up short of $100 levels for a 2nd consecutive day.
Failure to move through to $94.35 levels could see Litecoin hit reverse. A fall through the morning low $92.12 would bring the first major support level at $89.43 into play.
Barring a broad-based crypto meltdown, however, Litecoin should avoid sub-$89 support levels on the day.
Ripple’s XRP Holds Steady
Ripple’s XRP slid by 3.42% on Tuesday. Reversing a 1% gain from Monday, Ripple’s XRP ended the day at $0.31155.
A particularly choppy morning saw Ripple’s XRP rally to a late morning intraday high $0.32494 before falling to a late morning low $0.31471.
Falling short of the first major resistance level at $0.3298, Ripple’s XRP fell through the first major support level at $0.3171.
The downward trend continued through the 2nd half of the day, with Ripple’s XRP sliding to a late intraday low $0.3075.
The sell-off saw Ripple’s XRP fall through the second major support level at $0.3118 to sub-$0.31 levels. Ripple’s XRP found support late on to move back to $0.3115 levels.
At the time of writing, Ripple’s XRP was up by 0.21% to $0.31221. Tracking the broader market, Ripple’s XRP rose from a morning low $0.31059 to a high $0.31264.
The relatively range-bound start to the day saw Ripple’s XRP leave the major support and resistance levels untested.
For the day ahead, a move through to $0.3150 levels would support a run at $0.32 levels. Ripple’s XRP would need the support of the broader market, however, to break out from the first major resistance level at $0.3218.
Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.33 levels for a 2nd consecutive day.
Failure to move through to $0.3150 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.31059 to $0.30 levels would bring the first major support level at $0.3044 into play.
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Thanks, Bob
