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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/08/19

By:
Bob Mason
Published: Aug 17, 2019, 01:25 UTC

It's back into the red for the majors. Minor losses and hold onto current levels would support a rebound later in the day.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC fell by 1.69% on Friday. Reversing a 1.01% gain from Thursday, Bitcoin Cash ABC ended the day at $309.76.

It was another bearish start to the day for Bitcoin Cash ABC. Bitcoin Cash ABC slid from an early morning intraday high $315.10 to a mid-morning intraday low $297.55.

In spite of the early moves, Bitcoin Cash ABC left the major support and resistance levels untested.

Finding support through the late morning, Bitcoin Cash ABC managed to recover to $300 levels and a range-bound 2nd half of a day.

For the bulls, steering clear of the major support levels and the 62% FIB of $262 was key on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.25% to $309.0. Through the first hour, Bitcoin Cash ABC fell to a morning low $309, kicking off the day in the red.

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

For the day ahead, a move through to $310 levels would support a run at the first major resistance level at $317.39.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Friday’s high $315.1.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $320 levels on the day. Friday’s high and the first major resistance level would cap any upside on the day.

Failure to move through to $310 levels could see Bitcoin Cash ABC take another hit. A fall through to $307 levels would bring the first major support level at $299.84 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$290 support levels on the day.

BCHABC/USD 17/08/19 Daily Chart

Litecoin Sees More Red

Litecoin fell by 1.95% on Friday. Reversing a 0.63% gain from Thursday, Litecoin ended the day at $74.76.

Tracking the broader market, Litecoin fell from an early morning intraday high $76.37 to a mid-morning intraday low $72.25.

Falling short of the major resistance levels, Litecoin came within range of the first major support level at $71.98.

Finding support from the broader market, Litecoin visited $76 levels in the late afternoon before easing back.

A relatively range-bound 2nd half of the day limited the downside following the morning reversal.

At the time of writing, Litecoin was down by 0.03% to $74.74. A bearish start to the day saw Litecoin fall from a morning high $74.94 to a low $73.94 before finding support.

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

For the day ahead, holding above $74.4 levels would support a run at the first major resistance level at $76.68.

Litecoin would need the support of the broader market, however, to break out from Friday’s high $76.39.

Barring a broad-based crypto rally, Litecoin will likely come up short of the second major resistance level at $78.61. Friday’s high and first major resistance level at $76.68 would likely cap any upside.

Failure to hold above $74.4 levels would bring the first major support level at $72.54 into play.

Barring another crypto sell-off, Litecoin should steer clear of the second major support level at $70.33 and the 62% FIB of $70.

LTC/USD 17/08/19 Daily Chart

Ripple’s XRP Treads Water

Ripple’s XRP fell by 1.28% on Friday. Reversing a 0.37% gain from Thursday, Ripple’s XRP ended the day at $0.26123.

A bearish start to the day saw Ripple’s XRP fall from an early intraday high $0.26567 to a mid-morning intraday low $0.25510.

Falling short of the first major resistance level at $0.2728, Ripple’s XRP came within range of the first major support level at $0.2529.

Finding support from the broader market, a particularly range-bound afternoon limited the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.1% to $0.26098. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.2620 to a low $0.25876.

Ripple’s XRP steered clear of the major support and resistance levels in the early part of the morning.

For the day ahead, holding onto $0.26 levels would support another run at the first major resistance level at $0.2662.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.2620.

In the event of a broad-based crypto rally, the second major resistance level at $0.2712 would likely limit any upside.

Failure to hold onto $0.26 levels could see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.25876 would bring the first major support level at $0.2557 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.25 levels on the day. The second major support level at $0.2501 should limit any downside.

XRP/USD 17/08/19 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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