Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/08/19

After a choppy Tuesday, it’s a slow start to the day. The majors will need to move through key levels to support a rebound from Tuesday.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

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.

Please let us know what you think in the comments below

Thanks, Bob

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