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

By:
Bob Mason
Published: Jul 19, 2019, 03:13 GMT+00:00

It's back into the red for the majors in the early hours. There could be a bounce-back should key levels be avoided going into the afternoon.

Crypto00 567

Bitcoin Cash – ABC – and the Bounce Back

Bitcoin Cash ABC rallied by 8.88% on Thursday. Following on from a 1.97% gain on Wednesday, Bitcoin Cash ABC ended the day at $314.29.

A choppy morning saw Bitcoin Cash ABC rise to a morning high $304 before sliding back to a mid-day intraday low $285.13.

Steering clear of the major support and resistance levels, Bitcoin Cash ABC rallied to a late afternoon intraday high $323.73.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $307.46 before easing back. Bitcoin Cash ABC came up short of the second major resistance level at $325.25.

At the time of writing, Bitcoin Cash ABC was down by 0.24% to $313.53. A relatively bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $315.29 to a low $310.24.

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

For the day ahead, a move back through to $315 levels would bring Thursday’s high $323.73 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level a $330.30.

Failure to move back through the morning high could see Bitcoin Cash ABC come under greater pressure on the day. A fall through the morning low $310.24 to $306 levels would bring the first major support level at $291.7 into play.

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

BCHABC/USD 19/07/19 Daily Chart

Litecoin Hits the $100s

Litecoin jumped by 12.37% on Thursday. Following on from a 13.19% surge on Wednesday, Litecoin ended the day at $101.4.

Recovering from an early morning intraday low $87.01, Litecoin rallied to a late afternoon intraday high $105.0.

Having steered clear of the major support levels, Litecoin broke through the first major resistance level at 97.90 and 38.2% FIB of $99.

The second major resistance level at $105.55 pinned Litecoin back from higher levels on the day.

In spite of a pullback through the latter part of the day, Litecoin held above the first major resistance level and 38.2% FIB at the day end.

At the time of writing, Litecoin was down by 1.97% to $99.40. A bearish start to the day saw Litecoin fall from an early morning high $101.67 to a low $98.23.

Falling short of the major resistance levels, Litecoin tested support at the 38.2% FIB of $99 early on.

For the day ahead, a hold above the 38.2% FIB would support a recovery later in the day. A move back through the morning high would bring the first major resistance level at $108.6 into play.

Barring a broad-based crypto rally, Litecoin will likely come up short of $110 levels.

Failure to hold above the 38.2% FIB of $99 could see Litecoin fall deeper into the red. A fall back through the morning low to $97 levels would bring the first major support level at $90.61 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$90 levels on the day.

LTC/USD 19/07/19 daily Chart

Ripple’s XRP Back to $0.32 Levels

Ripple’s XRP rose by 3.10% on Thursday. Following on from a 5.33% rally on Wednesday, Ripple’s XRP ended the day at $0.32033.

A choppy morning saw Ripple’s XRP rise to a morning high $0.31917 before hitting reverse. Coming up short of the first major resistance level at $0.3254, Ripple’s XRP slid to an intraday low $0.30248.

Ripple’s XRP steered well clear of the first major support level at $0.2938 before rallying to a late afternoon intraday high $0.32618.

Ripple’s XRP broke through the first major resistance level at $0.3254 before easing back. Support at $0.32 was key on the day.

At the time of writing, Ripple’s XRP was down by 0.03% to $0.32024. Relatively range-bound early on, Ripple’s XRP fell from a morning high $0.32244 to a low $0.31760 before finding support.

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

For the day ahead, a hold onto $0.32 levels would support a run at Thursday’s high $0.32618. Ripple’s XRP would need the support of the broader market, however, to take a run at the first major resistance level at $0.3302.

Barring a broad-based crypto rally, Thursday’s high would likely pin Ripple’s XRP back from $0.33 levels on the day.

Failure to hold onto $0.32 levels could see Ripple’s XRP fall back through the morning low $0.31760 to sub-$0.3160 levels.

A fall through $0.3160 levels would bring the first major support level at $0.3065 into play. Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.30 support levels on the day.

XRP/USD 19/07/19 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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