Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/07/19

The majors are on the move early on. Holding onto key levels through the morning will be key to avoiding a reversal, however…
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Touches $300

Bitcoin Cash ABC rose by .197% on Wednesday. Partially reversing an 11.10% tumble from Tuesday, Bitcoin Cash ABC ended the day at $298.67.

A bearish start to the day saw Bitcoin Cash ABC slide to a late morning intraday low $273.56 before finding support. Steering clear of the major support levels and 38.2% FIB of $359, Bitcoin Cash ABC rallied to a late afternoon intraday high $308.30.

In spite of the late afternoon high, Bitcoin Cash ABC came up short of the first major resistance level at $311.58.

At the time of writing, Bitcoin Cash ABC was up by 2.88% to $298.0. A bearish start to the day saw Bitcoin Cash ABC fall to an early morning low $286.0. Steering clear of the major support levels, Bitcoin Cash ABC rallied to a morning high $303.30 before easing back.

Bitcoin Cash ABC came up short of the first major resistance level at $307.46.

For the day ahead, a hold onto $290 levels would support another run at the first major resistance level at $307.46.

Bitcoin Cash ABC would need support from the broader market, however, to break out from this morning’s high $303.30.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $308.3 would limit any upside on the day.

Failure to hold onto $290 levels could see Bitcoin Cash ABC hit reverse. A fall through the morning low $286 would bring $270 levels into play before any recovery.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the first major support level at $272.72.

Litecoin Hits Targets $100

Litecoin surged by 13.19% on Wednesday. Reversing an 11.99% slide from Tuesday, Litecoin ended the day at $90.25.

A relatively bearish start to the day saw Litecoin fall to an early morning intraday low $76.8 before finding support.

Holding above the first major support level at $73.58, Litecoin surged to a late afternoon intraday high $95.00.

The afternoon rally saw Litecoin break through the first major resistance level at $88.84 and hold onto $90 levels by the day end.

At the time of writing, Litecoin was up by 2.67% to $92.66. Tracking the broader market, Litecoin slipped to an early morning low $87.01 before bouncing back to a high $92.99.

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

For the day ahead, a hold onto $90 levels would support a run at the first major resistance level at $97.90.

In the event of a broad-based crypto rally, Litecoin could break out from $97 levels to move back through the 38.2% FIB of $99.

Barring another crypto really, we can expect plenty of resistance at $99, however, which would likely limit upside on the day.

Failure to hold onto $90 levels could see Litecoin take a hit. A fall back through the morning low $87.01 would bring $70 levels into play before any recovery. Barring a crypto meltdown, the first major support level at $79.7 should limit any downside on the day.

Ripple’s XRP Eyes $0.32 Levels

Ripple’s XRP rallied by 5.33% on Wednesday. Reversing a 5.71% fall from Tuesday, Ripple’s XRP ended the day at $0.31071.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.29160 before finding support.

Steering clear of the first major support level at $0.2783, Ripple’s XRP rallied to a late afternoon intraday high $0.32325.

Ripple’s XRP broke through the first major resistance level at $0.3146 before easing back to $0.311 levels.

In spite of the day gain, Ripple’s XRP wasn’t able to hold above the first major resistance level at the day end.

At the time of writing, Ripple’s XRP was up by 1.61% to $0.31570. Recovering from an early morning low $0.30724, Ripple’s XRP struck a morning high $0.31667 before steadying.

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

For the day ahead, a move through the morning high to $0.32 levels would bring the first major resistance level at $0.3254 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.31762.

Barring a broad-based crypto break out, Wednesday’s high $0.32325 and first major resistance level should limit the upside.

Failure to move back through the morning high could see Ripple’s XRP slide back into the red. A fall through $0.3085 would bring the first major support level at $0.2938 into play before any recovery.

Barring a crypto meltdown, however, we would expect Ripple’s XRP to steer clear of sub-$0.30 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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