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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/08/19

By:
Bob Mason
Published: Aug 26, 2019, 02:03 UTC

The majors are on the move. While a reversal of August losses is unlikely, a bullish week would set the majors up for a September swing.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Makes a Move

Bitcoin Cash ABC rose by just 0.01% on Sunday. Following a 2.18% fall from Saturday, Bitcoin Cash ABC ended the day at $305.11.

A bullish morning saw Bitcoin Cash ABC rally to a midday intraday high $312 before hitting reverse.

Falling short of the first major resistance level at $316.71, Bitcoin Cash ABC tumbled to a late intraday low $301.5.

In spite of the reversal, Bitcoin Cash ABC steered clear of the first major support level at $298.77.

Finding support late in the day, Bitcoin Cash ABC managed to reverse the day’s losses to end the week down by 4.13%.

At the time of writing, Bitcoin Cash ABC was up by 2.98% to $314.202. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $306.17 to a high $316 before easing back.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $310.91.

For the day ahead, holding above the first major resistance level would support another run at the second major resistance level at $316.7.

Bitcoin Cash ABC would need the support of the broader market, however, to avoid a pullback to sub-$310 levels.

In the event of a continued broad-based rally, $320 levels would likely come into play before any pullback.

Failure to hold above the first major resistance level would bring the first major support level at $300.41 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$300 support levels.

BCHABC/USD 26/08/19 Daily Chart

Litecoin Targets $76

Litecoin fell by 1.74% on Sunday. Following on from a 2.76% decline from Saturday, Litecoin ended the day at $72.15.

A relatively bullish start to the day saw Litecoin rise to a late morning intraday high $74.88 before succumbing to market forces.

Falling short of the first major resistance level at $75.4, Litecoin slid to a late intraday low $70.66.

The reversal saw Litecoin fall through the first major support level at $71.46 to come within range of the 62% FIB of $70.

Finding support late in the day, Litecoin managed to move back through to $72 levels to limit the downside for the week

A 4th day in the red out of 7 left Litecoin down by 5.43% for the week.

At the time of writing, Litecoin was up by 3.24% to $74.49. Tracking the broader market, Litecoin rallied from a morning low $72.13 to a high $75.55 before easing back.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $74.47.

For the day ahead, a move back through to $75 levels would bring the second major resistance level at $76.78 into play.

Litecoin would need the continued support of the broader market, however, to break out from the morning high $75.55.

In the event of an extended crypto rally, the second major resistance level would likely cap any upside on the day.

Failure to move back through to $75 levels could see Litecoin hit reverse. A fall back through to $72.5 levels would bring the first major support level at $70.25 into play.

Barring a crypto meltdown, the first major support level and 62% FIB of $70 should limit any downside.

LTC/USD 26/08/19 Daily Chart

Ripple’s XRP Hits $0.28

Ripple’s XRP slipped by 0.87% on Sunday. Following on from a 1.96% fall from Saturday, Ripple’s XRP ended the day at $0.26968.

Tracking the broader market, Ripple’s XRP rose to a midday intraday high $0.27683 before hitting reverse.

Falling short of the first major resistance level at $0.2789, Ripple’s XRP tumbled to a late intraday low $0.26585.

In spite of the reversal, Ripple’s XRP steered clear of the first major support level at $0.2646. A 5th day in the red out of 7 left Ripple’s XRP down by 5.08% for the week.

At the time of writing, Ripple’s XRP was up by 2.22% to $0.27568. A bullish start to the day saw Ripple’s XRP rally from a morning low $0.26927 to a high $0.28066 before easing back.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2757.

For the day ahead, a move back through the first major resistance level at $0.2757 would bring $0.28 levels back into play.

Ripple’s XRP would need the support of the broader market, however, to break through the second major resistance level at $0.2818.

In the event of an extended crypto rally, the second major resistance level would likely leave $0.29 levels out of reach.

Failure to move back through the first major resistance level could see Ripple’s XRP hit reverse.

A fall through to sub-$0.2710 levels would bring the first major support level at $0.2647 into play.

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

XRP/USD 26/08/19 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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