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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 13/08/19

By:
Bob Mason
Published: Aug 13, 2019, 03:01 GMT+00:00

The crypto bears are looking to take August, following a July pullback. It's not panic stations yet, as Bitcoin steers clear of sub-$11,000...

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC fell by 1.63% on Monday. Partially reversing a 6.5% rally on Sunday, Bitcoin Cash ABC ended the day at $330.66.

A bearish morning saw Bitcoin Cash ABC slide from an early morning intraday high $339.1 to a late morning intraday low $327.35.

In spite of the choppy morning, Bitcoin Cash ABC left the major support and resistance levels untested through the day.

Support through the afternoon saw Bitcoin Cash ABC recover to $333 levels before easing back in a bearish session.

At the time of writing, Bitcoin Cash ABC was up by 0.13% to $331.08. A relatively range-bound start to the day saw Bitcoin Cash ABC fall to a morning low $329.51 before hitting a high $331.08.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move through to $332.40 levels would support a run at the first major resistance level at $337.39.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $335 levels.

Barring a broad-based crypto rally, Monday’s high $339.1 and the first major resistance level would likely limit any upside.

Failure to move through to $332.40 levels could see Bitcoin Cash ABC hit reverse. A fall through to Monday’s low $327.35 would bring the first major support level at $325.64 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$320 levels. The second major support level at $320.62 would likely limit any downside.

BCHABC/USD 13/08/19 Daily Chart

Litecoin Hits Reverse

Litecoin slid by 4.59 on Monday. Partially reversing a 5.43% gain from Sunday, Litecoin ended the day at $85.78.

A particularly bearish morning saw Litecoin slide from an early intraday high $89.93 to $85.48 by mid-day.

The morning sell-off saw Litecoin fall through the first major support level at $86.17 before finding support.

In the 2nd half of the day, Litecoin managed to recover to $87.55 before sliding back to a late afternoon intraday low $85.33.

A second sell-off saw Litecoin fall back through the first major support level at $86.17.

At the time of writing, Litecoin was down by 0.75% to $85.14. A bearish start to the day saw Litecoin fall from a morning high $85.82 to a low $84.19 before finding support.

While falling short of the major resistance levels, Litecoin came within range of the first major support level at $84.10 early on.

For the day ahead, a move through to $87 levels would support a run at the first major resistance level at $88.70.

Litecoin would need the support of the broader market, however, to break through to $86 levels.

Barring a broad-based crypto rally, the first major resistance level, and Monday’s high would likely see Litecoin come up short of $90 levels.

Failure to move through to $87 levels could see Litecoin slide deeper into the red. A fall through the first major support level at $84.10 would bring the second major support level at $82.41 into play.

Barring a crypto meltdown, we would expect the second major support level to limit any downside on the day.

LTC/USD 13/08/19 Daily Chart

Ripple’s Avoids sub-$0.30

Ripple’s XRP slipped by 0.87% on Monday. Partially reversing a 1.34% rise on Sunday, Ripple’s XRP ended the day at $0.30081.

A bullish start to the day saw Ripple’s XRP strike an early intraday high $0.30563 before hitting reverse. The early move saw Ripple’s XRP fall well short of the first major resistance level at $0.3083.

The reversal saw Ripple’s XRP fall to a mid-morning intraday low $0.29801 before finding support. In spite of the reversal, Ripple’s XRP steered clear of the first major support level at $0.2970.

Ripple’s XRP recovered to $0.3020 levels by early afternoon before revisiting sub-$0.30 levels. For the bulls, holding onto $0.30 levels at the day end was key…

At the time of writing, Ripple’s XRP was down by 0.43% to $0.29952. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.30133 before falling to a low $0.29951.

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

For the day ahead, a move through to $0.30150 would support another run at the first major resistance level at $0.3050.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.30133.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.31 levels for a 4th consecutive day. The second major resistance level at $0.3091 would likely cap any upside.

Failure to move through to $0.3015 levels would likely see Ripple’s XRP struggle through the day. A fall through to $0.2980 levels would bring the first major support level at $0.2973 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.2939.

XRP/USD 13/08/19 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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