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

By:
Bob Mason
Published: Nov 8, 2019, 02:47 UTC

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.

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.

BCHABC/USD 08/11/19 Daily Chart

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.

LTC/USD 08/11/19 Daily Chart

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.

XRP/USD 08/11/19 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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