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

The majors are struggling early as a late Sunday pullback continued into the early hours. Bitcoin could deliver much-needed support.
Bob Mason

Bitcoin Cash – ABC – Sees more Red

Bitcoin Cash ABC gained 3.78% on Sunday. Reversing a 1.33% fall from Saturday, Bitcoin Cash ABC ended the day at $318.25.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $303.36 before finding support.

Steering clear of the first major support level at $299.56, Bitcoin Cash ABC bounced back to a late afternoon intraday high $324.08.

Driven by a broad-based crypto rally, Bitcoin Cash ABC broke through the first major resistance level at $310.77 and second major resistance level at $316.64.

A bearish end to the day saw Bitcoin Cash ABC fall back to sub-$320 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.69% to $316.05. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $318.25 to a low $312.82.

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

For the day ahead, steering clear of $315.20 levels would support a run at Sunday’s high $324.08.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $320 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the first major resistance level at $327.10.

Failure to hold above $315.20 could see Bitcoin Cash ABC slide back to sub-$310 levels before any recovery.

Barring a crypto meltdown, the first major support level at $306.38 should limit the downside on the day.

Litecoin Finds Support

Litecoin rose by 4.99% on Sunday. Reversing a 2.74% slide from Saturday, Litecoin ended the day at $76.34.

A bearish start to the day saw Litecoin fall to an early morning intraday low $71.35 before making a move.

Holding above the first major support level at $71.08, Litecoin rallied to a late afternoon intraday high $78.18.

Finding the support of the broader market, Litecoin broke through the first major resistance level at $74.89 and second major resistance level at $77.07.

A broad-based crypto pullback late on left Litecoin back at $76 levels at the day end.

At the time of writing, Litecoin was up by 0.33% to $76.59. A bullish start to the day saw Litecoin rise from an early morning low $75.72 to a high $76.67 before easing back.

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

For the day ahead, a move through Sunday’s high $78.18 would support a run at the first major resistance level at $79.23.

Litecoin would need the support of the broader market, however, to break through to $77 levels.

Barring a broad-based crypto rally, Litecoin would likely fall short of $80 levels for a 5th consecutive day.

Failure to move through Sunday’s high $78.18 could see Litecoin hit reverse. A fall through the morning low $75.72 to $75.20 levels would bring the first major support level at $72.4 into play.

Barring a crypto meltdown, Litecoin should steer well clear of the 62% FIB of $70.

Ripple’s XRP Eases Back

Ripple’s XRP rallied by 6.88% on Sunday. Following on from a trend-bucking 1.71% gain on Saturday, Ripple’s XRP ended the day at $0.28411.

A range-bound start to the day saw Ripple’s XRP ease to an early morning intraday low $0.26412.

Holding well above the first major support level at $0.2595, Ripple’s XRP rallied to a late afternoon intraday high $0.29345.

Ripple’s XRP broke through the major resistance levels to strike $0.29 levels for the first time since last Monday.

A broad-based reversal through the latter part of the day saw Ripple’s XRP fall back through the third major resistance level at $0.2883.

At the time of writing, Ripple’s XRP was down by 0.36% to $0.28310. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.28429 to a low $0.27933.

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

For the day ahead, holding onto $0.28 levels through the morning would support a run at the first major resistance level at $0.2971.

Ripple’s XRP would need the support of the broader market, however, to break out from Sunday’s high $0.29354.

Barring a broad-based crypto rally, Ripple’s XRP would likely fall short of $0.30 levels for a 6th consecutive day.

Failure to hold onto $0.28 levels could see Ripple’s XRP test the first major support level at $0.2676 before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels for a 2nd consecutive day.

Please let us know what you think in the comments below

Thanks, Bob

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