Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/08/19

It’s a mixed start to the day for the majors. A Bitcoin slide back to sub-$10,000 would test investor resilience…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Slides Back

Bitcoin Cash ABC gained 2.47% on Thursday. Partially reversing a 3.64% slide from Wednesday, Bitcoin Cash ABC ended the day at $312.66.

A bearish start to the day saw Bitcoin Cash ABC slide to an early morning intraday low $294.06 before finding support.

Steering clear of the first major support level at $290.18, Bitcoin Cash ABC rallied to a late afternoon intraday high $315.75.

In spite of the bounce-back, Bitcoin Cash ABC came up short of the first major resistance level at $316.65. A late pullback to $312 levels limited the upside on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.65% to $307.5. Another bearish start to the day saw Bitcoin Cash ABC fall from a morning high $309.76 to a low $306.66.

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

For the day ahead, a hold onto $307.5 levels would support a rebound later in the day. Bitcoin Cash ABC would need the support of the broader market, however, to take a run at Thursday’s high $315.75.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the first major resistance level at $320.92.

Failure to hold onto $307.5 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $306.66 to $303 levels would bring the first major support level at $299.23 into play.

Barring an extended broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $285.80.

Litecoin Re-joins the Pack

Litecoin rose by 0.26% on Thursday. Partially reversing a 2.56% decline from Wednesday, Litecoin ended the day at $73.39.

Also bearish in the early hours, Litecoin fell to an early morning intraday low $70.9 before finding support.

Steering clear of the first major support level at $70.34 and 62% FIB of $70, Litecoin rallied to an early afternoon intraday high $74.85.

In spite of the breakout, Litecoin fell well short of the first major resistance level at $75.69. A relatively range-bound afternoon left Litecoin back at $73 levels.

At the time of writing, Litecoin was down by 0.57% to $72.97. Tracking the broader market, Litecoin fell from a morning high $73.45 to a low $72.64 before finding support.

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

For the day ahead, a move back through to $73.10 levels would support a run at the first major resistance level at $75.19.

Litecoin would need the support of the broader market, however, to break out from Thursday’s high $74.85.

Barring a broad-based crypto market rebound, Thursday’s high and first major resistance level would cap any upside.

Failure to move back through to $73.10 levels would likely leave Litecoin in the red on the day. A fall through the morning low $72.64 to sub-$72 levels would bring the first major support level at $71.24 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$70 support levels. The 62% FIB of $70 would likely limit any downside.

Ripple’s XRP Finds Support

Ripple’s XRP rose by 1.78% on Thursday. Partially reversing a 3.14% fall from Wednesday, Ripple’s XRP ended the day at $0.27111.

Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.26062 before making a move.

Steering clear of the first major support level at $0.2582, Ripple’s XRP rallied to a late afternoon intraday high $0.27452.

Ripple’s XRP came up against the first major resistance level at $0.2748 before easing back.

At the time of writing, Ripple’s XRP was up by 0.1% to $0.27139. Moves early in the day saw Ripple’s XRP slide to a morning low $0.26777 before bouncing back to a high $0.27150.

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

For the day ahead, a move back through the morning high to $0.2730 levels would support a run at the first major resistance level at $0.2769.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of the second major resistance level at $0.2827.

Failure to move back through the morning high to $0.2730 levels could see Ripple’s XRP slide back into the red.

A fall back to sub-$0.27 levels would bring the first major support level at $0.2630 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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