Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/08/19

The majors are on the move early as the bulls look to claw their way back from a Friday meltdown. Bitcoin will need to support, however…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC slid by 5.94% on Friday. Following on from a 1.3% fall on Thursday, Bitcoin Cash ABC ended the day at $313.41.

Another particularly bearish day saw Bitcoin Cash ABC slide from an early intraday high $333.2 to a late morning intraday low $307.78.

Steering clear of the first major resistance level at $338.28, Bitcoin Cash ABC fell through the major support levels.

Finding support late in the day, Bitcoin Cash ABC managed to move back through third major support level at $310.12.

At the time of writing, Bitcoin Cash ABC was up by 1.34% to $317.63. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $315 to a high $322 before easing back.

Bitcoin Cash ABC left the major support and resistance levels untested in spite of the early rally.

For the day ahead, a move back through to $320 levels would support another run at the first major resistance level at $328.48.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the morning high $322.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of Friday’s high $333.2 on the day.

Failure to move back through to $320 levels could see Bitcoin Cash ABC hit reverse. A fall through the morning low $315 to sub-$310 levels would bring the first major support level at $303.6 into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$300 levels.

Litecoin is on the Move

Litecoin tumbled by 6.31% on Friday. Following on from a 0.55% fall from Thursday, Litecoin ended the day at $84.32.

Tracking the broader market, Litecoin fell from an early morning intraday high $90.32 to a late afternoon intraday low $82.50.

Litecoin fell through the first major support level at $87.52 and second major support level at $85.04. Litecoin left the major resistance levels untested at the start of the day.

Finding support late on, Litecoin moved back through to $84 levels to cut the deficit on the day.

At the time of writing, Litecoin was up by 2.06% to $86.06. An early rally saw Litecoin rise from a morning low $84.26 to a high $87.17 before easing back.

Litecoin left the major support and resistance levels untested.

For the day ahead, a hold above $85.70 levels would support another run at the first major resistance level at $88.93.

Litecoin would need the support of the broader market, however, to break out from the morning high $87.17.

Barring a broad-based crypto rally, Litecoin would likely come up short of the second major resistance level at $93.53. Friday’s high $90.32 would likely limit any upside on the day.

Failure to hold above $85.70 levels could see Litecoin slide through the morning low $84.26 to $83 levels.

Barring a crypto meltdown, however, Litecoin should steer clear of the first major support level at $81.11.

In the event of another meltdown, Litecoin could visit sub-$80 levels for the first time since 17th July.

Ripple’s Back to $0.30 Levels

Ripple’s XRP fell by 3.9% on Friday. Following on from a 0.85% decline on Thursday, Ripple’s XRP ended the day at $0.29716.

Bearish through most of the day, Ripple’s XRP slid from an early intraday high $0.31016 to a late afternoon intraday low $0.29018.

Falling short of the major resistance levels, Ripple’s XRP slid through the major support levels.

Finding support late in the day, Ripple’s XRP managed to move back through the third major support level at $0.2945. It as the first time since 16th July that Ripple’s XRP closed out the day at sub-$0.30 levels…

At the time of writing, Ripple’s XRP was up by 1.92% to $0.30288. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.29721 to a high $0.30324.

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

For the day ahead, a hold onto $0.30 levels would support another run at the first major resistance level at $0.3079.

Ripple’s XRP would need the support of the broader market, however, to return to $0.31 levels.

Barring an extended rally through the day, Friday’s high $0.31016 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.3186 would likely come into play.

Failure to hold onto $0.30 levels could see Ripple’s XRP slide back through the morning low $0.29721.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the first major support level at $0.2887.

Please let us know what you think in the comments below

Thanks, Bob

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