Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/01/19

It’s a bullish start to the day for the majors, with Bitcoin Cash ABC among a few cryptos to see red early on as the bulls continue to make ground.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – In Choppy Waters

Bitcoin Cash ABC fell by just 0.08% on Tuesday, following on from a 3.28% slide on Monday, to end the day at $159.68.

A particularly choppy day saw Bitcoin Cash ABC slide through the first major support level at $157.16 to an early morning intraday low $155.5 before rallying to an early afternoon intraday high $162.43.

Coming up short of the 38.2% FIB Retracement Level of $163 and the first major resistance level at $164.08, Bitcoin Cash ABC slipped back to $157 levels before recovering to $159 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by just 0.06% to $159.58, with moves through the early morning seeing Bitcoin Cash ABC recover from an early morning low $157.8 to hit a morning high $160.00 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $159 levels through the morning would support another run at $160 levels to bring the day’s first major resistance level at $162.91 into play before any pullback, Tuesday’s high $162.43 likely to pin Bitcoin Cash ABC from a breakout to $164 levels in the event of an afternoon rebound.

Failure to hold onto $159 levels through the morning could see Bitcoin Cash ABC pullback through the morning low $157.8 to bring $156 levels and the day’s first major support level at $155.98 into play before any recovery, heavier losses not expected on the day.

Litecoin Back on the Move

Litecoin gained 3.9% on Tuesday, reversing a 3.01% fall on Monday, to end the day at $39.13.

A fall to an early morning intraday low $37.52 was the only bearish move of the day, with Litecoin holding well above the first major support level at $36.79 before rallying through to an early afternoon intraday high $41.27.

Litecoin broke through the first major resistance level at $39.06 and second major resistance level at $40.40 before easing back to sub-$39 levels through the afternoon.

Late in the day, Litecoin broke back through the first major resistance level to set up a bullish start to the day on Wednesday.

At the time of writing, Litecoin was up 1.53% to $39.73, with a bullish start to the day seeing Litecoin rise from a morning low $38.93 to a morning high $40.03 before easing back to sub-$40 levels, the day’s major support and resistance levels left untested in the early hours.

For the day ahead, a hold above $39.3 through to the early afternoon would support another move through to $40 levels to bring the day’s first major resistance level at $41.09 into play before any pullback, Tuesday’s high $41.27 likely to pin Litecoin back from a breakout to $42 levels later in the day.

Failure to hold above $39.3 could see Litecoin give up some of the week’s gains, with a fall through to $38 levels bringing the day’s first major support level at $37.34 into play before any recovery, sub-$37 support levels unlikely to be tested barring a broad based crypto sell-off.

Ripple Holds Steady

Ripple’s XRP gained 0.24% on Tuesday, partially reversing Monday’s 0.88% fall, to end the day at $0.37428.

Recovering from an early morning intraday low $0.36556, Ripple’s XRP rallied to an early afternoon intraday high $0.3825 before easing back to $0.37 levels, the moves through the day leaving the major support and resistance levels untested.

At the time of writing, Ripple’s XRP was up 0.83% to $0.37739, moves through the early morning seeing Ripple’s XRP recover from a start of a day morning low $0.3724 to strike a morning high $0.37856 before easing back, the day’s major support and resistance levels untested early on.

For the day ahead, a hold above $0.374 levels through the morning would support another run at $0.38 levels later in the day to bring the first major resistance level at $0.3827 into play before any pullback.

For a breakout to $0.39 levels to bring the second major resistance level at $0.3911 into play, support from the broader market would be needed, the upward trend through the start of the year likely to test investor resolve as the week progresses.

Failure to hold above $0.374 levels could see Ripple’s XRP hit reverse later in the day, a fall through the morning low $0.3724 bringing $0.36 levels and the first major support level at $0.3657 into play before any recovery, sub-$36 support levels unlikely to be tested barring a broad based crypto sell-off later in the day.

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