Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/11/19

It’s a mixed day for the majors, with Bitcoin Cash ABC and Ripple’s XRP struggling. A move through to key levels would support recovery of Thursday’s losses.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Holds onto $290

Bitcoin Cash ABC slid by 3.79% on Thursday. Partially reversing a 4.19% rally from Wednesday, Bitcoin Cash ABC ended the day at $306.06.

A mixed start to the day saw Bitcoin Cash ABC rise to an early intraday high $306.06 before hitting reverse.

Falling well short of the first major resistance level at $311.87, Bitcoin Cash ABC slid to a late morning intraday low $286.35.

Bitcoin Cash ABC fell through the first major support level at $294.69 before finding support through the afternoon.

Through the 2nd half of the day, Bitcoin Cash ABC recovered to $294.9 levels before easing back in the final hour.

At the time of writing, Bitcoin Cash ABC was down by 0.54% to $292.0. A bearish start to the day saw Bitcoin Cash ABC fall to an early morning low $290.0 before hitting a high $292.0.

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

For the day ahead, a move through to $295 levels would support a run at the first major resistance level at $304.32.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $300 levels.

Barring a broad-based crypto rally, the first major resistance level at $304.32 and Thursday’s high $306.06 would likely cap any upside.

Failure to move through to $295 levels could see Bitcoin Cash ABC slide deeper into the red.

A pullback through the morning low $290 would bring the first major support level at $284.61 into play.

Barring another crypto sell-off, however, Bitcoin Cash ABC should steer clear of sub-$280 support levels.

Litecoin back at sub-$62

Litecoin slid by 4.33% on Thursday. Reversing a 1.55% gain from Wednesday, Litecoin ended the day at $61.37.

It was a mixed start to the day, with Litecoin rising to an early morning high $64.32 before hitting reverse.

Falling short of the first major resistance level at $64.78, Litecoin tumbled to a late afternoon intraday low $60.16.

Litecoin fell through the first major support level at $63.06 and the second major support level at $61.97.

Finding support late in the day, Litecoin moved back through the second major support level to $62 levels before a final hour pullback to sub-$62.

At the time of writing, Litecoin was up by 0.73% to $61.82. A mixed start to the day saw Litecoin fall to an early morning low $60.93 before striking a high $62.00.

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

For the day ahead, a move back through to $62 levels would support a run at the first major resistance level at $63.74.

Litecoin would need the support of the broader market, however, to break back through to $63 levels.

Barring a broad-based crypto rally, Litecoin would likely come up short of Thursday’s high $64.32.

Failure to move back through to $62 levels could see Litecoin hit reverse.

A fall back through to sub-$61 levels would bring the first major support level at $59.58 into play before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$59 support levels.

Ripple’s XRP Back at sub-$0.29

Ripple’s XRP tumbled by 6.47% on Thursday. Reversing a 3.07% gain from Wednesday, Ripple’s XRP ended the day at $0.29071.

A bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.31500 before succumbing to market forces.

Falling short of the first major resistance level at $0.3174, Ripple’s XRP slid to a late morning intraday low $0.27406.

Ripple’s XRP fell through the day’s major support levels before moving back through the third major support level at $0.2750.

Through a relatively range-bound 2nd half of the day, the second major support level at $0.2913 pinned Ripple’s XRP back.

At the time of writing, Ripple’s XRP was down by 0.31% to $0.28982. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.29108 to a low $0.28748.

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

For the day ahead, a move through to $0.2930 levels would support a run at $0.3000 levels later in the day.

Ripple’s XRP would need the support of the broader market, however, to break back through the morning high $0.29108.

Barring a broad-based crypto rally, Ripple’s XRP would likely fall well short of the first major resistance level at $0.3125.

Failure to move through to $0.2930 levels could see Ripple’s XRP struggle throughout the day.

A fall back through the morning low $0.28749 to $0.2850 levels would bring sub-$0.28 levels back into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the first major support level at $0.2715.

Please let us know what you think in the comments below

Thanks, Bob

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