Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/08/19

It’s back into the red for the majors early on. Failure to move through to key levels will likely lead to another day of heavy losses.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC fell by 2.18% on Saturday. Reversing most of a 2.7% gain from Friday, Bitcoin Cash ABC ended the day at $307.61.

A bullish start to the day saw Bitcoin Cash ABC rise to an intraday high $316.98 before hitting reverse.

Falling short of the first major resistance level at $319.50, Bitcoin Cash ABC slid to a mid-day intraday low $299.04.

Bitcoin Cash ABC slid through the first major support level at $311.71 and second major support level at $305.29.

A choppy afternoon saw Bitcoin Cash ABC fall back through the second major support level after a return to $307 levels.

Support in the final hour, however, limited the downside for the day.

At the time of writing, Bitcoin Cash ABC was down by 1.3% to $303.6. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $305.08 to a low $303.6.

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

For the day ahead, a move through to $308 levels would support a 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 $310 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $316.98 would likely leave Bitcoin Cash ABC short of $320 levels.

Failure to move through to $308 levels could see Bitcoin Cash ABC spend another day in the red. A fall through Saturday’s low $299.04 would bring the first major support level at $298.77 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $289.94.

Litecoin Finds Support

Litecoin fell by 2.76% on Saturday. Reversing ay 2.95% rise from Friday, Litecoin ended the day at $73.4.

A particularly bearish start to the day saw Litecoin fall from an early morning intraday high $75.6 to a late morning intraday low $71.59.

Falling short of the first major resistance level at $76.89, Litecoin fell through the first major support level at $73.29.

Holding above the second major support level at $71.09, Litecoin bounced back to $74 levels late on before a pullback to wrap up the day at $73 levels.

At the time of writing, Litecoin was down by 0.37% to $73.13. A bearish start to the day saw Litecoin fall from an early morning high $73.61 to a low $72.85.

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

For the day ahead, a move back through to $73.6 levels would support a run at the first major resistance level at $75.47.

Litecoin would need the support of the broader market, however, to break out from $74 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $75.6 would likely limit any upside.

Failure to move back through to $73.6 levels could see Litecoin fall deeper into the red. A slide back through the morning low would bring the first major support level at $71.46 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of the 62% FIB of $70 and second major support level at $69.52.

Ripple’s XRP Struggles at $0.27

Ripple’s XRP fell by 1.96% on Saturday. Partially reversing a 2.44% rise from Friday, Ripple’s XRP ended the day at $0.27206.

Tracking the broader market, Ripple’s XRP fell from an early intraday high $0.27815 to a late morning intraday low $0.26384.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2705. Finding support at the second major support level at $0.2637, Ripple’s XRP bounced back to $0.27 levels late in the day.

At the time of writing, Ripple’s XRP was down by 0.86% to $0.26972. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.27280 to a low $0.26829.

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

For the day ahead, a move back through to $0.2715 levels would bring the first major resistance level at $0.2789 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2700.

Barring a broad-based crypto rebound, Saturday’s high $0.27815 and first major resistance level at $0.2789 would likely limit any upside.

Failure to move through to $0.2715 levels could see Ripple’s XRP spend a second consecutive day in the red.

A fall through to $0.2670 levels would bring the first major support level at $0.2646 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels for a 4th consecutive day.

Please let us know what you think in the comments below

Thanks, Bob

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