Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 14/08/19

Bitcoin Cash ABC is on the move early as the rest of the majors struggled. A Bitcoin recovery to $11,000 would support a shift in sentiment…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Bucked the Trend

Bitcoin Cash ABC gained 5% on Tuesday. Reversing a 1.63% fall from Monday, Bitcoin Cash ABC ended the day at $345.97.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $327.35 before finding support.

Steering clear of the major support levels, Bitcoin Cash ABC recovered to a morning high $340.

The late morning rally saw Bitcoin Cash ABC break through the first major resistance level at $337.39.

An early afternoon pullback saw Bitcoin Cash ABC fall to sub-$330 levels before bouncing back to a late intraday high $349.

Bitcoin Cash ABC broke through the first major resistance level at $337.39 and second major resistance level at $344.12.

At the time of writing, Bitcoin Cash ABC was up by 3.35% to $357.55. A particularly bullish start to the day saw Bitcoin Cash ABC rally from a morning low $344.22 to a high $358.24.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $354.20.

For the day ahead, a hold onto $350 levels would support a run at the 38.2% FIB of $359 and $360 levels.

Bitcoin Cash ABC would need to hold above the first major resistance level at $354.20, however, to support a breakout.

Failure to hold onto $350 levels could see Bitcoin Cash ABC slide back through to sub-$345 levels.

Barring a fall through to sub-$340 levels, however, Bitcoin Cash ABC should steer clear of the first major support level at $332.55.

Litecoin Hits Reverse Again

Litecoin fell by 1.46% on Tuesday. Following on from a 4.59 slide on Monday, Litecoin ended the day at $84.53.

A choppy morning saw Litecoin recover from a mid-morning low $84.03 to strike a late morning intraday high $86.54. Support at the first major support level at $84.10 limited the downside early on.

Falling short of the first major resistance level at $88.7, Litecoin slid to a late afternoon intraday low $83.0.

The sell-off saw Litecoin fall through the first major support level at $84.10 before a late recovery.

At the time of writing, Litecoin was down by 0.11% to $84.44. A mixed start to the day saw Litecoin fall from an early morning high $84.65 to a low $83.89 before finding support.

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

For the day ahead, a move through to $84.70 levels would support a run at the first major resistance level at $86.38.

Litecoin would need the support of the broader market, however, to break out from $85 levels on the day.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $86.54 will likely limit any upside.

Failure to move through to $84.70 levels could see Litecoin see red for a 3rd consecutive day. A fall back through to $83 levels would bring the first major support level at $82.84 into play.

Barring an extended sell-off through the day, however, Litecoin should steer clear of the second major support level at $81.15.

Ripple’s Avoids sub-$0.29

Ripple’s XRP fell by 0.95% on Tuesday. Following on from a  0.87% decline on Monday, Ripple’s XRP ended the day at $0.29802.

An early morning rise to an intraday high $0.30133 saw Ripple’s XRP fall short of the major resistance levels before hitting reverse.

Tracking the broader market, Ripple’s XRP slid to a mid-afternoon intraday low $0.293 before finding support.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2973. Support at the second major support level at $0.2939 limited the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.69% to $0.29597. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.29896 to a low $0.29562.

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

For the day ahead, a move back through to $0.2980 levels would support a run at the first major resistance level at $0.3019.

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

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of the second major resistance level at $0.3058.

Failure to move through to $0.2980 levels could see Ripple’s XRP take a bigger hit on the day. A fall through the morning low to $0.2940 levels would bring the first major support level at $0.2936 into play.

Barring an extended sell-off through the day, however, Ripple’s XRP should steer clear of the second major support level at $0.2891.

Please let us know what you think in the comments below

Thanks, Bob

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