Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/08/19

It’s another bearish start to the day as Bitcoin pulls the broader market into the deep red. Things could get messy from here…
Bob Mason

Bitcoin Cash – ABC – Stumbles

Bitcoin Cash ABC slid by 3.64% on Wednesday. Following on from a 2.43% decline on Tuesday, Bitcoin Cash ABC ended the day at $304.

A particularly bearish morning saw Bitcoin Cash ABC tumble from an early morning intraday high $315.47 to a mid-day low $290.37.

The reversal saw Bitcoin Cash ABC slide through the first major support level at $310.42 and second major support level at $304.64.

Bitcoin Cash ABC failed to recover to $300 levels through the afternoon, which led to a second sell-off. The sell-off saw Bitcoin Cash ABC slide through the third major support level at $291.49 to an intraday low $289.

In spite of the meltdown, Bitcoin Cash ABC managed to close out the day at o $300 levels to avoid a 1st sub-$300 close since 23rd July.

At the time of writing, Bitcoin Cash ABC was down by 3.1% to $294.58. Another bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $305.87 to a low $294.58.

In spite of the early pullback, Bitcoin Cash ABC steered clear of the major support levels early on.

For the day ahead, a move back through to $303 levels would signal a rebound later in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $310 levels.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of the first major resistance level at $316.65.

Failure to move back through to $303 levels could see Bitcoin Cash ABC spend another day in the deep red.

A fall through the first major support level at $290.18 would bring the second major support level at $276.35 into play before any recovery.

Litecoin Does Better than Most

Litecoin declined by 2.56% on Wednesday. Following on from a 2.66% fall from Tuesday, Litecoin ended the day at $73.19.

Tracking the broader market through the morning, Litecoin slid from an early intraday high $75.35 to a mid-day intraday low $70.

The sell-off saw Litecoin fall through the first major support level at $73.11 and second major support level at $71.12.

Finding support at the 62% FIB of $70, Litecoin bounced back to $74 levels late in the day before falling back $73 levels.

At the time of writing, Litecoin was down by 2.83% to $71.12. Pressured by the broader market, Litecoin fell from an early morning high $73.85 to a low $70.90.

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

For the day ahead, a move back through to $72.90 levels would signal a run at the first major resistance level at $75.69.

Litecoin would need the support of the broader market, however, to move back through the morning high $73.85.

Barring a broad-based crypto rebound, Litecoin would likely struggle to break back through to $75 levels.

Failure to move through to $72.90 levels could see Litecoin take another hit. A fall through the morning low $70.9 would bring the first major support level at $70.3 and 62% FIB of $70 into play.

Barring another crypto meltdown, however, Litecoin should steer clear of the second major support level at $67.50.

Ripple’s XRP Tracks the Pack

Ripple’s XRP fell by 3.14% on Wednesday. Following on from a 2.82% decline on Tuesday, Ripple’s XRP ended the day at $0.2664.

Through the morning, Ripple’s XRP slid from an intraday high $0.27504 to a mid-day intraday low $0.25841.

Ripple’s XRP fell through the first major support level at $0.2689 and second major support level at $0.2632.

Steering clear of the third major support level at $0.2504, Ripple’s XRP managed to close out the day above the second major support level at $0.2632.

At the time of writing, Ripple’s XRP was down by 1.39% to $0.26271. A mixed start to the day saw Ripple’s XRP hit an early morning high $0.26275 before hitting reverse.

The reversal saw Ripple’s XRP fall to an early morning low $0.26120. In spite of the early moves, Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move back through to $0.2670 levels would support a run at the first major resistance level at $0.2748.

Ripple’s XRP would need the support of the broader market, however, to break through to $0.27 levels.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall well short of $0.27 levels on the day.

Failure to move back through to $0.2670 levels will likely see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.26062 would bring the first major support level at $0.2582 into play.

Barring another crypto meltdown, Ripple’s XRP should steer clear of the second major support level at $0.2500.

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
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