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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/07/19

By:
Bob Mason
Published: Jul 24, 2019, 03:04 GMT+00:00

It's back in the red for the majors that are eying a 4th consecutive day in the red. Bitcoin at below the 38.2% FIB is a warning sign...

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Continues to Slide

Bitcoin Cash ABC fell by 3.12% on Tuesday. Following on from a 3.05% fall from Monday, Bitcoin Cash ABC ended the day at $298.67.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning high $314.05 before hitting reverse.

Falling short of the major resistance levels, Bitcoin Cash ABC slid to an early afternoon intraday low $291.25.

Bitcoin Cash ABC fell through the first major support level at $299.96 before recovering to $300 levels. A late pullback left Bitcoin Cash ABC at sub-$300 levels at the day end.

At the time of writing, Bitcoin Cash ABC was down by 4.39% to $285.56. A particularly bearish start to the day saw Bitcoin Cash ABC fall from a morning high $296.15 to a low $283.

Steering clear of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $288.60 early on.

For the day ahead, a move back through to $290 levels would support a run at $300 levels. Bitcoin Cash ABC would need the support of the broader market, however, to break out from this morning’s high $296.15.

Barring a broad-based crypto rebound, Bitcoin Cash ABC will fall short of the first major resistance level at $311.4.

Failure to move back through to $290 levels could see Bitcoin Cash ABC test the second major support level at $278.52.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of the 62% FIB of $262 on the day.

BCHABC/USD 24/07/19 Daily Chart

Litecoin Sees sub-$90

Litecoin tumbled by 5.36% on Tuesday. Following on from a 4.66% slide from Monday, Litecoin ended the day at $90.02.

A bearish start to the day saw Litecoin slide from an early intraday high $95.12 to an early afternoon intraday low $88.23.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $90.39 before finding support.

Litecoin bounced back to $94 levels before sliding back in the final hour to test the first major support level for a 2nd time.

At the time of writing, Litecoin was down by 1.58% to $88.6. Tracking the broader market, Litecoin fell from a morning high $90.02 to a low $86.11 before finding support.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $87.13 early on.

For the day ahead, a move through the morning high to $91.12 levels would support a positive afternoon ahead.

Litecoin would need to break through the first major resistance level at $94.02, however, to bring Tuesday’s high $95.12 into play.

Barring a broad-based crypto rebound, Litecoin would likely struggle to break out from $91 levels.

Failure to move through to $91 levels could see Litecoin slide deeper into the red. A fall back through the first major support level at $87.13 would bring $85 levels into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $84.23.

LTC/USD 24/07/19 Daily Chart

Ripple’s XRP Holds onto $0.30 Levels

Ripple’s XRP slid by 3.81% on Tuesday. Following on from a 2.92% fall from Monday, Ripple’s XRP ended the day at $0.30799.

Tracking the broader market, Ripple’s XRP slid from an early intraday high $0.3028 to a late afternoon intraday low $0.30573.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.3128. Ripple’s XRP held above the second major support level at $0.3048 to recover to $0.3160 levels.

A broad-based crypto sell-off late in the day left Ripple’s XRP back at sub-$0.31 levels at the day end.

At the time of writing, Ripple’s XRP was down by 0.52% to $0.30638. A relatively bearish start to the day saw Ripple’s XRP fall from a morning high $0.30861 to a low $0.30259.

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 $0.3110 levels would be needed to deliver a day in the green.

Ripple’s XRP would need the support of the broader market, however, to take a run at the first major resistance level at $0.3169.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall well short of $0.32 levels on the day.

Failure to move through to $0.3110 levels could see Ripple’s XRP slide deeper into the red. A fall through the morning low $0.30259 would bring the first major support level at $0.3024 into play.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of sub-$0.30 support levels on the day.

XRP/USD 24/0719 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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