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

By:
Bob Mason
Published: Aug 8, 2019, 01:25 UTC

It's a bearish start to the majors, with Bitcoin's failure to hold onto $12,000 testing investor resilience.

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Struggles Early

Bitcoin Cash ABC rose by 1.4% on Wednesday. Partially reversing a 4.18% slide from Tuesday, Bitcoin Cash ABC ended the day at $340.38.

A choppy morning saw Bitcoin Cash ABC fall to a late morning intraday low $332.34 before finding support.

Steering well clear of the first major support level at $323.97, Bitcoin Cash ABC bounced back to an intraday high $348.

The late morning rally saw Bitcoin Cash ABC come up against the first major resistance level at $348.97 before hitting reverse.

A mid-afternoon sell-off saw Bitcoin Cash ABC fall back to the intraday low $332.34 before moving back into the green.

At the time of writing, Bitcoin Cash ABC was down by 0.79% to $337.70. A bearish start to the day saw Bitcoin Cash ABC fall to a morning low $337.37 before steadying.

In spite of the early pullback, Bitcoin Cash ABC steered clear of the first major support level at $332.48.

For the day ahead, a move through to $340 levels would support a run at the first major resistance level at $348.14.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at $350 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $348 would likely limit any upside.

Failure to move through to $340 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $335 levels would bring the first major support level at $332.48 into play.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer clear of the second major support level at $324.58.

BCHABC/USD 08/08/19 Daily Chart

Litecoin on the Defensive

Litecoin fell by 2.54% on Wednesday. Following on from a 2.9% loss on Tuesday, Litecoin ended the day at $90.50.

Range-bound through the first half of the day, Litecoin recovered from a morning low $91.28 to an early afternoon intraday high $94.46.

Falling well short of the first major resistance level at $97.81, Litecoin slid to a late afternoon intraday low $87.19.

The sell-off saw Litecoin fall through the first major support level at $89.43 before recovering to $90 levels to limit the loss on the day.

At the time of writing, Litecoin was down by 0.4% to $90.14. A mixed start to the day saw Litecoin recover from a morning low $89.93 to strike a high $90.86 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through to $90.80 levels would support a run at the first major resistance level at $94.24.

Litecoin would need to steer clear of sub-$90 levels, however, to support a move back through to $90.80.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $94.46 should cap any upside.

Failure to move through to $90.80 levels could see Litecoin fall through the morning low $89.93 to $88 levels.

Barring a crypto meltdown, however, Litecoin should steer clear of the first major support level at $86.97.

LTC/USD 08/08/19 Daily Chart

Ripple’s XRP in a Rut

Ripple’s XRP rose by 0.13% on Wednesday. Following a 3.42% slide on Tuesday, Ripple’s XRP ended the day at $0.31175.

A bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.3161 before hitting reverse.

Falling short of the first major resistance level at $0.3218, Ripple’s XRP fell to a late intraday low $0.30580.

The pullback saw Ripple’s XRP come within range of the first major support level at $0.3044. Support from the broader market kicked in late in the day, leading to a move back into the green.

At the time of writing, Ripple’s XRP was down by 0.65% to $0.30973. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.31180 to a low $0.30956.

Ripple’s XRP steered clear of the major support and resistance levels early on.

For the day ahead, a move back through to $0.3110 levels would support a run at the first major resistance level at $0.3166.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.3120 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.3160 should cap any upside.

Failure to move back through to $0.3110 levels could see Ripple’s XRP take a bigger hit on the day.

A fall back through to $0.3080 levels would bring the first major support level at $0.3064 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of the second major support level at $0.3010 and sub-$0.30 levels.

XRP/USD 08/08/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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