Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/07/19

The majors are on the move early. Failure to hold above key levels could lead to a sell-off, however…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – on the Move, again…

Bitcoin Cash ABC fell by 2.01% on Friday. Partially reversing an 8.88% rally from Thursday, Bitcoin Cash ABC ended the day at $307.86.

Bearish through the morning, Bitcoin Cash ABC fell from an early intraday high $315.29 to a late afternoon intraday low $296.16.

Bitcoin Cash ABC steered clear of the major support and resistance levels in a relatively range-bound morning.

Finding support through the 2nd half of the day, Bitcoin Cash ABC managed to end the day back at $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 2.45% to $315.41. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $307.86 to a high $316.13.

In spite of the early rally, Bitcoin Cash ABC fell short of the first major resistance level at $316.71.

For the day ahead, Bitcoin Cash ABC would need to steer clear of $307 levels to take another run at the first major resistance level at $316.71.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $316 levels. In the event of a broad-based crypto rally, the second major resistance level at $325.57 could come into play.

Failure to hold above $307 levels could see Bitcoin Cash ABC test the first major support level at $297.58 before any recovery.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of sub-$290 support levels. In the event of a sell-off, the second major support level at $287.31 should limit any downside on the day.

Litecoin Struggles at $100

Litecoin declined by 2.61% on Friday. Partially reversing a 12.37% gain from Thursday, Litecoin ended the day at $98.75.

Tracking the broader market, Litecoin fell from an early morning intraday high $101.67 to an early afternoon intraday low $94.97.

Whilst steering well clear of the major support and resistance levels, Litecoin fell through the 38.2% FIB of $99.

Finding support through the late afternoon, Litecoin broke back through the 38.2% FIB before easing back at the day end.

The 38.2% FIB of $99 proved the be the resistance line on the day.

At the time of writing, Litecoin was up by 0.89% to $99.63. A mixed start to the day saw Litecoin fall to a morning low $97.53 before finding support.

Steering clear of the major support levels, Litecoin broke through the 38.2% FIB to strike a morning high $101.33 before easing back. Litecoin came up short of the first major resistance level at $101.96 early on.

For the day ahead, a hold above the 38.2% FIB of $99 would support another run at the first major resistance level at $101.96.

Litecoin would need the support of the broader market to fuel any break out from $101 levels, however.

Barring a crypto rally, the first major resistance level and Friday’s high $101.67 would likely cap any upside on the day.

Failure to hold above the 38.2% FIB of $99 could see Litecoin test the first major support level at $95.26.

Barring a crypto meltdown, Litecoin should steer well clear of the second major support level at $91.76.

Ripple’s XRP Hits $0.33 Levels

Ripple’s XRP slipped by 0.26% on Friday. Following a 3.10% gain from Thursday, Ripple’s XRP ended the day at $0.31941.

Bearish through the morning, Ripple’s XRP fell from an early intraday high $0.32244 to an early afternoon intraday low $0.3100.

Ripple’s XRP steered clear of the major support and resistance levels through the first half of the day.

Finding support from the broader market, Ripple’s XRP managed to move back through to $0.32 levels before a late pullback.

At the time of writing, Ripple’s XRP was up by 3.04% to $0.32911. A particularly bullish start to the day saw Ripple’s XRP rise from a morning low $0.31822 to a high $0.33300.

Ripple’s XRP broke through the first major resistance level at $0.3246 and second major resistance level at $0.3297.

For the day ahead, a hold above the first major resistance level at $0.3246 would bring $0.33 levels back into play.

Barring a broad-based crypto rally, however, Ripple’s XRP would likely struggle to hold onto $0.33 levels through the day.

In the event of a crypto rally, Ripple’s XRP could take a run at $0.34 levels before any pullback.

Failure to hold above the first major resistance level could see Ripple’s XRP hit reverse. A fall through to $0.3170 levels would bring the first major support level at $0.3121 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.31 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US