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

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

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.

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.

Please let us know what you think in the comments below

Thanks, Bob

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