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

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 2^nd 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.

Buy & Sell Cryptocurrency Instantly