Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/10/19

The crypto bulls return, but are they here to stay? Holding onto early gains through to the early afternoon would support further upside.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Back up to $230 Levels

Bitcoin Cash ABC rallied by 7.42% on Monday. Reversing a 0.97% loss from Sunday, Bitcoin Cash ABC ended the day at $235.14.

It was a particularly bullish day on Monday. Bitcoin Cash ABC rallied from an early morning intraday low $218.99 to a late afternoon intraday high $237.50.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the major resistance levels.

A late pullback saw Bitcoin Cash ABC fall back to the third major support level at $232.50 before wrapping up the day at $235 levels.

At the time of writing, Bitcoin Cash ABC was up by 1.64% to $239.0. Another bullish start to the day saw Bitcoin Cash ABC rally from an early morning low $233.6 to a high $239.0.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a breakthrough to $240 levels would bring the first major resistance level at $242.13 into play.

Bitcoin Cash ABC would need the continued support of the broader market, however, to break out from the morning high.

In the event of another broad-based crypto rally, the second major resistance level at $249.11 will likely come into play.

Failure to move through to $240 levels could see Bitcoin Cash ABC give up some of the early gains.

A fall back through to sub-$230 levels would be needed, however, for the first major support level at $223.53 to come into play.

Barring a broad-based crypto sell-off, we would expect Bitcoin Cash ABC to steer clear of sub-$230 on the day.

Litecoin Visits $58

Litecoin rallied by 5.63% on Monday. Reversing a 4.17% slide from Sunday, Litecoin ended the day at $57.56.

A bearish start to the day saw Litecoin fall to an early morning intraday low $53.25 before finding support.

Steering clear of the first major support level at $52.69, Litecoin rallied to a late afternoon intraday high $58.7.

Litecoin broke through the first major resistance level at $56.62 to come up against the second major resistance level at $58.75.

A pullback through the latter part of the day left Litecoin back at $57 levels at the day end.

At the time of writing, Litecoin was up by 0.63% to $57.92. A bullish start to the day saw Litecoin rally from an early morning low $57.34 to a high $58.5.

Litecoin left the major support and resistance levels untested, in spite of the early breakout.

For the day ahead, a move back through the morning high would support a run at the first major resistance level at $59.76.

Litecoin would need the support of the broader market, however, to break through to $59 levels.

In the event of an extended crypto rally, Litecoin would likely visit $60 levels before any pullback.

Failure to move back through the morning high could see Litecoin hit reverse. A fall through the morning low $57.34 would bring $56 levels back into play.

Barring a slide through to sub-$56.50 levels, however, we would expect Litecoin to steer well clear of the first major support level at $54.31.

Ripple’s XRP Bucked the Trend

Ripple’s XRP rallied by 8.04% on Monday. Following a 0.78% gain from Sunday, Ripple’s XRP ended the day at $0.2768.

It was bullish through most of the day for Ripple’s XRP. Ripple’s XRP rallied from an early morning intraday low $0.25424 to a late afternoon intraday high $0.28265.

Steering clear of the major support levels, Ripple’s XRP broke through the major resistance levels on the day.

In spite of a late pullback to $0.27 levels, Ripple’s XRP held above the third major resistance level at $0.2664 at the day end.

At the time of writing, Ripple’s XRP was up by 2.52% to $0.28378. Another bullish start to the day saw Ripple’s XRP rally from an early morning low $0.27572 to a high $0.28667.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a hold onto $0.28 levels would support another run at the first major resistance level at $0.2882.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.28667.

In the event of an extended rally through the day, Ripple’s XRP would likely hit $0.29 levels before any pullback.

Failure to hold onto $0.28 levels could see Ripple’s XRP cough up the early gains.

Barring a fall through to sub-$0.2710 levels, however, we would expect Ripple’s XRP to steer well clear of the first major support level at $0.2598.

Please let us know what you think in the comments below

Thanks, Bob

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