Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/01/19

Litecoin bucks the trend early, as the bears look to take back control of the broader market, the majors continuing to hit reverse early in the day.
Bob Mason
Cryptos

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC fell by 3.28% on Monday, reversing most of Sunday’s 4.21% gain, to end the day at $159.8.

A choppy start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $165.73, falling short of the day’s first major resistance level at $168.84 before hitting reverse.

Reversing through the rest of the day, Bitcoin Cash ABC slid through the 38.2% FIB of $163 and the first major support level at $159.32 to a late in the day intraday low $158.81 before moving back through to $159 levels to hold above the first major support level at $159.32.

At the time of writing, Bitcoin Cash ABC was down 1.33% to $157.67, with Bitcoin Cash ABC sliding from a morning high $160.04 to a morning low $155.50 before move back through to $157 levels, Bitcoin Cash ABC falling through the first major support level at $157.16 early on in the day.

For the day ahead, a move back through the morning high to $161.5 would signal an afternoon rebound to bring the 38.2% FIB of $163 and first major resistance level at $164.08 into play before any pullback, Sunday’s high $165.73 likely to pin back any attempted breakout to $166 levels.

Failure to move back through to $160 levels by the early afternoon could see Bitcoin Cash ABC take a bigger hit later in the day, a fall through the morning low $155.50 bringing $154 levels and the second major support level at $154.53 into play before any recovery.

Litecoin Bucks the Trend Early

Litecoin fell by 3.01% on Monday, partially reversing a 12.76% rally on Sunday, to end the day at $37.71, the day’s losses a first in 4-days.

A mixed morning saw Litecoin fall from a start of a day intraday high $39.48 to a late morning low $37.3 before steadying into a relatively range bound afternoon, the intraday high $39.48 coming up shy of the day’s first major resistance level at $41.31.

A late afternoon intraday low $37.21 steered well clear of the day’s first major support level at $35.25, with Litecoin unable to hold onto $38 levels.

At the time of writing, Litecoin was up 1.03% to $38.10, Litecoin falling from a start of a day morning high $38.93 to a morning low $37.52 before moving back through to $38 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $38 levels through to the early afternoon would likely see Litecoin take another run at the day’s first major resistance level at $39.06, with a rebound across the broader market needed to bring $40 levels and the second major resistance level at $40.40 into play later in the day.

Failure to hold onto $38 levels could see Litecoin give up the early gains, with a pullback through the morning low $37.52 bringing $36 levels and the day’s first major support level at $36.79 into play before any recovery, heavier losses not expected in the event of a reversal.

Ripple on the Back Foot

Ripple’s XRP fell by 0.88% on Monday, partially reversing a 4.38% rise from Sunday, to end the day at $0.37349.

A late morning rally saw Ripple’s XRP strike an intraday high $0.38608, coming up shy of the first major resistance level at $0.3897 before falling back to $0.37 levels going into the 2nd half of the day.

Following a second attempt at $0.39 levels with an afternoon high $0.38151, it was downhill from there, with Ripple’s XRP sliding to a late in the day intraday low $0.36812 before recovering to $0.37 levels by the day’s end, the day’s major support levels left untested on the day.

At the time of writing, Ripple’s XRP was down 0.88% to $0.37020, Ripple’s XRP falling from a morning high $0.37486 to a morning low $0.36656 before moving back through to $0.37 levels.

Coming up shy of the first major resistance level at $0.3837, Ripple’s XRP came with range of the first major support level at $0.3657.

For the day ahead, a move through the morning high $0.37486 to $0.376 levels would support a run at $0.38 levels to bring the first major resistance level at $0.3837 into play before any pullback.

Monday’s high $0.38608 will likely pin Ripple’s XRP back from more material gains, barring a material shift in sentiment across the broader market.

Failure to move through to $0.376 levels could see Ripple’s XRP take a bigger hit later in the day, a pullback through the morning low $0.36656 likely to see Ripple’s XRP fall through the first major support level at $0.3657 to test sub-$0.36 support levels before any recovery.

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