Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/08/19

Bitcoin Cash – ABC – Visits Sub-$270

Bitcoin Cash ABC rose by 1.01% on Thursday. Partially reversing a 9.56% tumble on Wednesday, Bitcoin Cash ABC ended the day at $314.45.

A particularly bearish start to the day saw Bitcoin Cash ABC slide to a mid-morning intraday low $265.0.

The sell-off saw Bitcoin Cash ABC slide through the first major support level at $291.53 and second major support level at $271.76.

In spite of the sell-off, Bitcoin Cash ABC managed to hold above the 62% FIB of $262 to avoid a bearish trend formation.

Finding support through the afternoon, Bitcoin Cash ABC managed to strike an intraday high $322.47 before easing back.

Bitcoin Cash ABC came up short of the first major resistance level at $344.66 in spite of the bounce back.

At the time of writing, Bitcoin Cash ABC was up by 0.21% to $315.10. Range-bound through the first hour, Bitcoin Cash ABC managed to avoid an early pullback, in spite of a choppy day across the majors.

The lack of movement left the major support and resistance levels untested early on.

For the day ahead, a move through Thursday’s high $322.47 would support a run at the first major resistance level at $336.28.

Bitcoin Cash ABC would need to steer well clear of sub-$300 levels, however, to support upside on the day.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of recovery to $358 levels struck on Wednesday.

Failure to move through to $322 levels could see Bitcoin Cash ABC struggle on the day. A fall through to sub-$300 levels would bring the first major support level at $278.81 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of Thursday’s low $265 and the 62% FIB of $262.

Litecoin Avoids sub-$70

Litecoin rose by 0.63% on Thursday. Partially reversing Wednesday’s 10.27% sell-off, Litecoin ended the day at $76.25.

Tracking the broader market, Litecoin slid to a mid-morning intraday low $70.66 before finding support.

The reversal saw Litecoin fall through the first major support level at $71.18 to test support at the 62% FIB of $70.

Finding support from the broader market, Litecoin struck a late afternoon intraday high $77.89 before easing back. Litecoin fell well short of the major resistance levels on the day.

At the time of writing, Litecoin was down by 0.59% to $75.8. A bearish start to the day saw Litecoin fall from a morning high $76.39 to a low $75.33 before finding support.

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

For the day ahead, a hold onto $75 levels would support a run at Thursday’s high $77.89 before any pullback.

Barring a broad-based crypto rally, Litecoin would likely fall short of $80 levels for a 2^nd consecutive day. The first major resistance level at $79.21 would likely limit any upside in the event of a break out from $77 levels.

Failure to hold onto $75 levels could see Litecoin test the first major support level at $71.98 before any recovery.

Barring another crypto meltdown, Litecoin should steer clear of the 62% FIB of $70 and sub-$70 support levels on the day.

Ripple’s Avoids a Return to $0.23 Levels

Ripple’s XRP gained 0.37% on Thursday. Partially reversing an 11.55% slump on Wednesday, Ripple’s XRP ended the day at $0.26470.

A bearish start to the day saw Ripple’s XRP slide to a mid-morning intraday low $0.24920 before finding support.

Steering clear of the first major support level at $0.2339, Ripple’s XRP recovered to a late intraday high $0.26917.

In spite of the recovery, Ripple’s XRP fell well short of the first major resistance level at $0.2964.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.26438. A mixed start to the day saw Ripple’s XRP fall from a morning high $0.26567 to a low $0.26315 before steadying.

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

For the day ahead, holding above $0.2610 levels would support a run at the first major resistance level at $0.2728.

Ripple’s XRP would need the support of the broader market, however, to break out from Thursday’s high $0.26917.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.2810.

Failure to hold above $0.2610 levels could see Ripple’s XRP slide through the first major support level at $0.2529.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2411.

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Thanks, Bob