Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/02/19

It’s a mixed start to the day, with the major cryptos seeing some divergence this week, Whether this will continue into the weekend remains to be seen.
Bob Mason
Cryptomania
Cryptomania

Bitcoin Cash – ABC – Sees Red for a 5th Day in a Row

Bitcoin Cash ABC fell by 0.89% on Thursday, following on from a 1.95% slide on Wednesday. Bitcoin Cash ABC ended the day at $114.12.

After a choppy Wednesday, it was a relatively range-bound day on Thursday. Upward momentum in the early hours saw Bitcoin Cash ABC rise to a late morning intraday high $115.45 before easing back.

Falling short of $120 levels and the first major resistance level at $120.29, Bitcoin Cash ABC eased to a late intraday low $112.8 before recovering to $113 levels by the day’s end. Bitcoin Cash ABC managed to avoid sub-$110 levels and the first major support level at $109.06.

At the time of writing, Bitcoin Cash ABC was down 0.89% to $113.10.  Bitcoin Cash ABC fell from a morning high $113.52 to a low $113.10 in the early hours. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through the morning high to $114.10 levels would be needed for Bitcoin Cash ABC to a run at $115 levels and the first major resistance level at $115.45. We would expect Bitcoin Cash ABC to come up short of the second major resistance level at $116.77, with Thursday’s high $115.45 likely to limit gains, barring a broad-based crypto rally.

Failure to move through to $114 levels could see Bitcoin Cash ABC fall back deeper into the red. A fall through to $112 levels would likely see Bitcoin Cash ABC fall through the first major support level at $112.80 to bring $111 levels into play.

We would expect Bitcoin Cash ABC to avoid sub-$111 levels, barring a broad-based sell-off, with support from the second major support level at $111.47 likely to prevent heavier losses on the day.

Litecoin Finds Support

Litecoin rose by 1.14% on Thursday. Partially reversing a 4.36% tumble on Wednesday, Litecoin ended the day at $32.85.

A bullish morning saw Litecoin rally from a start of a day intraday low $32.41 to a late morning intraday high $33.19 before easing back.

Falling short of the first major resistance level at $33.73, Litecoin pulled back to $32 levels and an afternoon low $32.50 before finding support. The major support levels were also left untested through the day.

At the time of writing, Litecoin was up 0.15% to $32.90. Litecoin slid to a morning low $32.52 before recovering to hit a morning high $32.90. The days left the major support and resistance levels were untested early on.

For the day ahead, a hold above $32.85 would support a run at $33 levels. A move through to $33 levels will likely see Litecoin break through the first major resistance level at $33.22 to bring the second major resistance level at $33.60 into play. Barring a broad-based crypto rally we would expect Litecoin to come up short of $34 levels on the day.

Failure to hold above $32.85 levels could see Litecoin slide through the first major support level at $32.44 to call on support at the second major support level at $32.04. We would expect sub-$32 to be avoided on the day.

Ripple Struggles at $0.29 Levels

Ripple’s XRP gained 0.36% on Thursday to partially reverse a 3.23% slide on Wednesday. Ripple’s XRP ended the day at $0.29497.

Tracking the broader market, Ripple’s XRP rose from a start of a day intraday low $0.29381 to a late morning intraday high $0.29896. Falling short of $0.30 levels and the first major resistance level at $0.3020, Ripple’s XRP eased back in the 2nd half of the day.

Ripple’s XRP managed to steer clear of $0.28 levels and the first major support level at $0.2884 on the day.

At the time of writing, Ripple’s XRP was up by 0.6% to $0.29674. Recovering from a morning low $0.29266, Ripple’s XRP hit a high $0.29674 in the early hours. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $0.2960 levels would support a run at the first major resistance level at $0.2980. Ripple’s XRP will likely face plenty of resistance in a run at $0.30 levels, with support from the broader market needed for a run at the second major resistance level at $0.3011.

Failure to hold onto $0.2960 levels could see Ripple’s XRP slide through the first major support level at $0.2929 to bring the second major support level at $0.2908 into play before any recovery. Barring a broad-based sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.29 support levels.

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