Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/05/19

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC slid by 2.37% on Tuesday. Following on from a 2.3% fall on Monday, Bitcoin Cash ABC ended the day at $280.92.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $296 before easing back.

Bitcoin Cash ABC broke through the 23.6% FIB of $291 and the first major resistance level at $293.79 before easing to sub-$290 levels.

An early afternoon move back through to $295 levels was short-lived, with Bitcoin Cash ABC sliding to an early afternoon intraday low $280.08.

A 3^rd break through the 23.6% FIB to $292 levels was also short-lived late in the day…

At the time of writing, Bitcoin Cash ABC was down 0.57% to $279.33. A bearish start to the day saw Bitcoin Cash ABC slide to a morning low $269.2. Falling through the first major support level at $275.33, Bitcoin Cash ABC tested the second major support level at $269.75 before recovering.

For the day ahead, a move through the morning high to $285 levels would bring $290 levels into play later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through the 23.6% FIB of $291 and the first major resistance level at $291.25.

Failure to move through to $285 levels could see Bitcoin Cash ABC slide back through the first major support level at $275.33.

Barring a broad-based sell-off, however, Bitcoin Cash ABC will likely avoid a return to sub-$270 levels.

Litecoin Holds onto $70 Levels

Litecoin fell by 1.04% on Tuesday. Following on from a 0.96% decline on Monday, Litecoin ended the day at $73.33.

A particularly bullish start to the day saw Litecoin rallied from a morning low $74.10 to an intraday high $77.90.

The early rally saw Litecoin break through the first major resistance level at $76.61 before easing back to $75 levels. Litecoin managed to break back through the first major resistance level to hit an afternoon high $77.21 before hitting reverse. The reversal saw Litecoin slide to an early afternoon intraday low $72.60.

Steering well clear of the major support levels, Litecoin recovered to $75 levels late in the day before falling back to $73 levels.

At the time of writing, Litecoin was up by 0.26% to $73.52. Tracking the broader market, Litecoin slid to a morning low $71.31 before finding support.

Calling on support at the first major support level at $71.32, Litecoin bounced back to a morning high $73.96 before easing back.

For the day ahead, a move through to $74.6 levels would be needed to support a run at the first major resistance level at $76.62.

Litecoin would need support from the broader market, however, to break out from this morning’s high $73.96. $80 levels will likely remain out of play on the day.

Failure to move through to $74.6 levels could see Litecoin take a bigger hit later in the day. A pullback through to $72 levels would bring the first major support level at $71.32 into play.

Barring a crypto meltdown, however, Litecoin will likely steer clear of sub-$70 support levels on the day.

Ripple Visits sub-$0.31 Levels Early

Ripple’s XRP slid by 1.98% on Tuesday. Reversing a 0.99% gain from Monday, Ripple’s XRP ended the day at $0.31182.

Tracking the broader market, Ripple’s XRP struck an early morning intraday high $0.32303 before hitting reverse.

In spite of the early rally, Ripple’s XRP fell short of the first major resistance level at $0.3243 early on.

Bearish through the rest of the day, Ripple’s XRP slid to a late intraday low $0.3110 before finding support.

Support from the first major support level at $0.3102 left sub-$0.31 levels out of play on the day.

At the time of writing, Ripple’s XRP was down by 0.47% to $0.31037. A bearish start to the day saw Ripple’s XRP slide to a morning low $0.30750 before finding support. Support at the first major support level at $0.3075 limited the downside early on. Ripple’s XRP recovered to a morning high $0.31265 before easing back.

For the day ahead, a move through to $0.3150 levels would bring the first major resistance level at $0.3196 into play. Barring a broad-based crypto rally, Ripple’s XRP would likely fall short of $0.32 levels on the day.

In the event of a breakout, the second major resistance level at $0.3273 would likely cap any upside.

Failure to move through to $0.3150 levels could see Ripple’s XRP slide back through to $0.30 levels.

A reversal could see Ripple’s XRP fall through the first major support level at $0.3075. A pullback through $0.3050 could test the second major support level at $0.3033 before any recovery.

Please let us know what you think in the comments below

Thanks, Bob