Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/08/19

It’s another bearish start to the day for the majors. Heavy losses in the current week could test investor sentiment if key levels are not hit later this morning.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 1.33% on Saturday. Following on from a 1.69% fall from Friday, Bitcoin Cash ABC ended the day at $304.89.

A relatively range-bound start to the day saw Bitcoin Cash ABC recover from an early morning low $306.66 to an intraday high $311.31.

Bitcoin Cash ABC left the major support and resistance levels untested ahead of a bearish afternoon.

Succumbing to pressure from the broader market, Bitcoin Cash ABC slid to a late intraday low $300.1 before finding support.

The pullback saw Bitcoin Cash ABC come within range of the first major support level at $299.84.

At the time of writing, Bitcoin Cash ABC was down by 0.1% to $304.58. A bearish start to the day saw Bitcoin Cash ABC fall from a high $308.20 to an early morning low $304.58.

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

For the day ahead, a move back through to $305.50 levels would support a run at the first major resistance level at $310.77.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Saturday’s high $311.31.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the second major resistance level at $316.64.

Failure to move back through to $305.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $304.58 to $303 levels would bring the first major support level at $299.56 into play.

Litecoin on the Back Foot

Litecoin slid by 2.74% on Saturday. Following on from a 1.95% decline on Friday, Litecoin ended the day at $72.71.

Finding support at sub-$74 levels, Litecoin struck an early morning intraday low $75.44 before hitting reverse.

Falling well short of the first major resistance level at $76.68, Litecoin slid to a late afternoon intraday low $71.63.

The sell-off saw Litecoin fall through the first major support level at $72.54 before finding support late on.

Steering clear of the second major support level at $70.33 and the 62% FIB of $70 supported a move back to $72 levels.

At the time of writing, Litecoin was down by 0.52% to $72.33. A bearish start to the day saw Litecoin fall from an early morning high $72.91 to a low $71.97 before steadying.

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

For the day ahead, a move through to $73.30 levels would support a run at the first major resistance level at $74.89.

Litecoin would need the support of the broader market, however, to break out from this morning’s high $72.91.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $75.44 would likely cap any upside.

Failure to move through to $73.30 levels could see Litecoin spend another day in the red. A fall back to sub-$72 levels would bring the first major support level at $71.08 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$70 levels and the second major support level at $69.45.

Ripple’s XRP Bucked the Trend

Ripple’s XRP rose by 1.71% on Saturday. Reversing a 1.28% decline Friday, Ripple’s XRP ended the day at $0.26569.

A choppy start to the day saw Ripple’s XRP fall to an early morning intraday low $0.25876 before making a move.

Steering clear of the first major support level at $0.2557, Ripple’s XRP rallied to a mid-morning intraday high $0.27041.

Ripple’s XRP broke through the first major resistance level at $0.2662 to come up against the second major resistance level at $0.2712.

Pressure from the broader market weighed through the afternoon. Ripple’s XRP fell back to an afternoon low $0.26212.

Avoiding negative territory, Ripple’s XRP tested the first major resistance level at $0.2662 for a second time late on.

At the time of writing, Ripple’s XRP was down by 0.03% to $0.26561. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.26669. Falling short of the first major resistance level at $0.2711, Ripple’s XRP fell to a morning low $0.26466 before finding support.

Ripple’s XRP steered well clear of the first major support level at $0.2595 early on.

For the day ahead, a move back through the morning high would support a run at the first major resistance level at $0.2711.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2670 levels.

Barring a broad-based crypto rally, Saturday’s high $0.27041 and the first major resistance level will likely limit any upside.

Failure to move back through the morning high could see Ripple’s XRP test the first major support level at $0.2595.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.25 levels on the day. The second major support level at $0.2533 would likely limit any downside.

Please let us know what you think in the comments below

Thanks, Bob

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