Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/08/19

It’s a bearish start to the day for the crypto majors. Pressure could mount if there’s no recovery through to key levels.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Holds Steady

Bitcoin Cash ABC fell by 1.3% on Thursday. Reversing a 1.4% loss from Wednesday, Bitcoin Cash ABC ended the day at $333.00.

A particularly bearish day saw Bitcoin Cash ABC slide from an early intraday high $337.7 to a late afternoon intraday low $326.55.

Steering clear of the first major resistance level at $348.14, Bitcoin Cash ABC fell through the first major support level at $332.48.

Finding support late in the day, Bitcoin Cash ABC managed to move back through to $330 levels to limit the loss on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.06% to $333.20. A lack of movement through the early part of the morning left the major support and resistance levels untested.

For the day ahead, holding above $332.50 levels would support a run at the first major resistance level at $338.28.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Thursday’s high $337.7.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $340 levels on the day.

Failure to hold above $332.50 levels could see Bitcoin Cash ABC hit reverse. A fall through to sub-$330 levels would bring the first major support level at $327.13 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$320 levels on the day. The second major support level at $321.27 should limit any downside.

Litecoin on the Slide

Litecoin slipped by 0.55% on Thursday. Following on from a 2.54% slide on Wednesday, Litecoin ended the day at $90.00.

An early morning intraday high $92.82 was the only bullish move of the day. Falling well short of the first major resistance level at $94.24, Litecoin slid to an early afternoon intraday low $87.69.

In spite of the reversal, Litecoin steered clear of the first major support level at $86.97. Finding support through the afternoon, Litecoin managed to wrap up the day at $90 levels. Litecoin’s last closeout at sub-$90 was on 27th July…

At the time of writing, Litecoin was down by 1.19% to $88.93. A bearish start to the day saw Litecoin slide from an early morning high $90.32 to a low $88.83.

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

For the day ahead, a move back through to $90.20 levels would support a run at the first major resistance level at $92.65.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $92.82 would likely cap any upside.

In the event of a crypto rebound, the second major resistance level at $95.30 would likely come into play.

Failure to move back through to $90.20 levels could see Litecoin slide deeper into the red. A fall through to sub-$88 levels would bring the first major support level at $87.52 into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $85.04 on the day.

Ripple’s XRP Struggling at $0.31

Ripple’s XRP fell by 0.85% on Thursday. Following a 0.13% gain on Wednesday, Ripple’s XRP ended the day at $0.30915.

A bullish start to the day saw Ripple’s XRP hit an early morning intraday high $0.3123 before hitting reverse.

Falling short of the first major resistance level at $0.3166, Ripple’s XRP fell to a late afternoon intraday low $0.30514.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3064 before finding support.

While moving back through the first major support level, Ripple’s XRP failed to break back through to $0.31 levels.

At the time of writing, Ripple’s XRP was down by 0.39% to $0.30795. A mixed start to the day saw Ripple’s XRP hit an early morning high $0.31016 before sliding back.

Falling short of the first major resistance level at $0.3126, Ripple’s XRP fell to a morning low $0.30795.

Ripple’s XRP held above the first major support level at $0.3054 in spite of the pullback.

For the day ahead, a move back through to $0.3090 levels would support another run at the first major resistance level at $0.3126.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.31016.

In the event of a broad-based crypto rally, the second major resistance level at $0.3160 would likely come into play.

Failure to move back through to $0.3090 levels could see Ripple’s XRP slide deeper into the red. A fall through to sub-$0.3070 levels would bring the first major support level at $0.3054 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.30 levels. The second major support level at $0.3017 would limit any downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US