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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/12/19

The bear claws are out once more this morning. Failure to move back through early highs could leave the pack deep in the red…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 1.08% on Saturday. Following on from a 0.12% loss on Friday, Bitcoin Cash ABC ended the day at $211.68

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $216.0 before hitting reverse.

Bitcoin Cash ABC broke through the first major resistance level at $213.33 and second major resistance level at $215.87.

The reversal saw Bitcoin Cash ABC slide to a late intraday low $210.36 before finding support.

Steering clear of the first major support level at $208.91, Bitcoin Cash ABC recovered to $211 levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.95% to $209.67. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $210.61 to a low $208.69.

Steering clear of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $209.36.

For the day ahead, a move through to $212.70 levels would support a run at the first major resistance level at $215.0.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from $210 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

Failure to move through to $212.70 levels could see Bitcoin Cash ABC spend a 3rd consecutive day in the red.

A fall back through the first major support level would bring the second major support level at $207.04 into play.

Barring an extended sell-off through the day, however, Bitcoin Cash ABC should steer clear of sub-$207 levels.

Litecoin

Litecoin fell by 0.35% on Saturday. Partially reversing a 1.14% rise from Friday, Litecoin ended the day at $45.21

A bullish start to the day saw Litecoin rally to an early morning intraday high $46.54 before hitting reverse.

Breaking through the first major resistance level at $45.98, Litecoin came up against the second major resistance level at $46.61.

The reversal saw Litecoin slide to a late intraday low $45.03 before finding support.

Steering clear of the first major support level at $44.41, Litecoin moved back through to $45.2 levels, limiting the downside.

At the time of writing, Litecoin was down by 0.35% to $45.05. A bearish start to the day saw Litecoin fall from an early morning high $45.25 to a low $44.92.

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

For the day ahead, a move through to $45.60 levels would support a run at the first major resistance level at $46.16.

Litecoin would need the support of the broader market, however, to break back through to $46 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move through to $45.6 levels could see Litecoin slide deeper into the red.

A fall back through to sub-$45 levels would bring the first major support level at $44.65 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of the second major support level at $44.08.

Ripple’s XRP

Ripple’s XRP rose by 0.63% on Saturday. Following on from a 2.04% rally on Friday, Ripple’s XRP ended the day at $0.22883.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22950 before sliding to a late morning intraday low $0.22462.

Steering clear of the major support levels, Ripple’s XRP bounced back through the afternoon.

The rebound saw Ripple’s XRP strike a late intraday high $0.22973 before easing back.

While coming up short of the first major resistance level at $0.2305, it was the highest closeout for December.

At the time of writing, Ripple’s XRP was down by 1.13% to $0.22625. A choppy start to the day saw Ripple’s XRP strike an early morning high $0.23064 before sliding to a low $0.22558.

Ripple’s XRP came up against the first major resistance level at $0.2308 before falling through the first major support level at $0.2257.

For the day ahead, a move through to $0.2280 levels would support another run at the first major resistance level at $0.2308.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move back through to $0.2280 levels would see Ripple’s XRP struggle throughout the day.

A fall back through the first major support level at $0.2257 would bring $0.2240 levels into play before any recovery.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level at $0.22260 should limit any downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

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