Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/08/19

Bitcoin Cash – ABC – Tanks

Bitcoin Cash ABC tumbled by 9.56% on Wednesday. Reversing a 5% gain from Tuesday, Bitcoin Cash ABC ended the day at $311.31.

A particularly bullish start to the day saw Bitcoin Cash ABC strike an early intraday high $358.24.

Bitcoin Cash ABC broke through the first major resistance level at $354.2 before succumbing to crypto market forces.

A crypto meltdown led to a Bitcoin Cash ABC slide to a late afternoon intraday low $305.11.

Bitcoin Cash ABC fell through the first major support level at $332.55 and second major support level at $319.12.

In spite of late support, Bitcoin Cash ABC failed to break back through the second major support level ahead of the day end.

At the time of writing, Bitcoin Cash ABC was up by 0.12% to $311.68. In the early hours, Bitcoin Cash ABC moved from a morning low $311.31 to a high $315.17 before easing back.

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

For the day ahead, a move through to $325 would support the recovery of Wednesday’s sell-off.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the morning high $315.17.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely fall short of the first major resistance level at $344.66.

Failure to move through to $325 levels could lead to another day in the red. A fall through Wednesday’s low $305.11 would bring the first major support level at $291.53 into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$280 support levels on the day.

Litecoin Slides to sub-$80

Litecoin also tumbled on Wednesday, falling by 10.27%. Following on from a 1.46% fall on Tuesday, Litecoin ended the day at $75.81.

A relatively bullish start to the day saw Litecoin strike an early intraday high $86.07 before hitting reverse.

Falling short of the first major resistance level at $86.38, Litecoin tumbled to a late intraday low $74. The sell-off saw Litecoin fall through the major support levels on the day.

Whilst finding support late in the day, Litecoin failed to break back through the third major support level at $77.61.

At the time of writing, Litecoin was up by 0.84% to $76.45. A relatively bullish start to the day saw Litecoin rise from a morning low $75.64 to a high $77.36 before easing back.

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

For the day ahead, a move through the morning high $77.36 to $78.7 levels would support a rebound.

Litecoin would need the support of the broader market, however, to take a run at $80 levels.

Barring a broad-based crypto rally, Litecoin would likely fall short of the first major resistance level at $83.25.

Failure to move through to $78.7 levels could lead to another sell-off later in the day. A fall through the morning low $75.64 to $74 levels would bring the first major support level at $71.18 into play.

Barring another crypto meltdown, Litecoin should steer clear of the 62% FIB of $70 on the day.

Ripple’s Sinks to $0.26 Levels

Ripple’s XRP slumped by 11.55% on Wednesday. Following on from a 0.95% on Tuesday, Ripple’s XRP ended the day at $0.26390.

Relatively range-bound through the morning, Ripple’s XRP held onto $0.29 levels through the before being pressured by the crypto meltdown.

A late afternoon sell-off saw Ripple’s XRP slide from $0.29 levels to an intraday low $0.23650.

Ripple’s XRP slid through the major support levels on the day. Finding support through the late part of the day, Ripple’s XRP managed to recover to $0.27 levels before easing back.

In spite of the late support, however, Ripple’s XRP was unable to break back through the third major support level at $0.2808.

At the time of writing, Ripple’s XRP was up by 0.22% to $0.26449. A mixed start to the day saw Ripple’s XRP rise from a morning low $0.26363 to a high $0.26755 before easing back.

Ripple’s XRP steered clear of the major support and resistance levels early on.

For the day ahead, a move back through to $0.2665 levels would support a partial recovery of Wednesday’s losses.

Ripple’s XRP would need the support of the broader market, however, to break through to $0.28 levels later in the day.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up well short of the first major resistance level at $0.2964.

Failure to move through to $0.2665 levels could see Ripple’s XRP see a 4^th consecutive day in the red.

A fall through the morning low $0.26359 would bring $0.25 levels into play before any recovery.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the first major support level at $0.2339.

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Thanks, Bob