Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/08/19

It’s a bearish start to the day for the majors. Failure to move through to key levels could leave the trio deeper into the red…
Bob Mason

Bitcoin Cash – ABC – Sees More Red

Bitcoin Cash ABC fell by 2.43% on Tuesday. Reversing a 2.35% gain from Monday, Bitcoin Cash ABC ended the day at $316.21.

A relatively bullish start to the day saw Bitcoin Cash ABC strike an early morning intraday high $325.15 before hitting reverse.

Bitcoin Cash ABC fell short of the first major resistance level at $331.64 and Monday’s high $328.15.

The reversal saw Bitcoin Cash ABC slide to an early afternoon intraday low $312. Bitcoin Cash ABC fell through the first major support level at $316.31 before finding support.

Finding support late in the day, Bitcoin Cash ABC moved back through the first major support. Steering clear of sub-$310 levels was key in the early afternoon.

At the time of writing, Bitcoin Cash ABC was down by 0.78% to $313.76. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $315.47 to a low $312.55.

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

For the day ahead, a move through the morning high to $317.80 levels would support a return to $320 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to break through the first major resistance level at $323.57.

Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $325.15 would likely limit any upside.

Failure to move through to $317.80 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $312.55 would bring the first major support level at $310.42 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$310 support levels for a 3rd consecutive day.

Litecoin Holds On

Litecoin slid by 2.66% on Tuesday. Reversing a 1.14% rise from Monday, Litecoin ended the day at $75.11.

Tracking the broader market, Litecoin fell from an early morning intraday high $77.24 to an early afternoon intraday low $73.18.

Litecoin fell through the first major support level at $75.45 and second major support level at $73.73.

A late bounce back through the major support levels limited the downside on the day. Litecoin left the major resistance levels untested at the start of the day.

At the time of writing, Litecoin was down by 0.24% to $74.93. Tracking the broader market, Litecoin fell from an early morning high $75.35 to a low $74.64 before steadying.

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

For the day ahead, a move back through to $75.20 levels would support a run at the first major resistance level at $77.17.

Litecoin would need the support of the broader market, however, to break out from $76 levels.

Barring a crypto rally, the first major resistance level at $77.17 and Tuesday’s high $77.24 would likely cap any upside.

Failure to move through to $75.20 levels could see Litecoin take another hit. A fall through $74.5 would bring the first major support level at $73.11 into play.

Barring a crypto meltdown, we would expect Litecoin to steer clear of sub-$72 support levels.

Ripple’s XRP Takes a Dip

Ripple’s XRP fell by 2.82% on Tuesday. Following on from a trend-bucking 0.59% fall on Monday, Ripple’s XRP ended the day at $0.2747.

Bearish through the morning, Ripple’s XRP fell from an early intraday high $0.28302 to a late morning intraday low $0.27022.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2751.

Range-bound through the afternoon, Ripple’s XRP held onto $0.27 levels to move back through the first major support level at $0.2751. Steering clear of sub-$0.27 levels was key on the day.

At the time of writing, Ripple’s XRP was down by 0.69% to $0.27281. Also bearish in the early hours, Ripple’s XRP fell from a morning high $0.27504 to a low $0.27240.

Ripple’s XRP avoided the major support and resistance levels early on in the day.

For the day ahead, a move through to $0.2760 would support a run at the first major resistance level at $0.2817.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2800 levels.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of the second major resistance level at $0.2888.

Failure to move through to $0.2760 levels could see Ripple’s XRP fall deeper into the red. A fall through $0.2720 would bring the first major support level at $0.2689 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level at $0.2632 should limit any downside from a sell-off.

Please let us know what you think in the comments below

Thanks, Bob

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