Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/07/19

It’s back in the red for the majors as a bullish start to the day hits reverse. A bounce-back could be on the cards, but key levels would need to be avoided.
Bob Mason
Cryptomania

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC gained 4.7% on Friday. Following on from a 0.74% rise from Thursday, Bitcoin Cash ABC ended the day at $315.15.

A bearish start to the day saw Bitcoin Cash ABC fall to an early intraday low $294.72 before making a move.

Finding support at the first major support level at $294.88, Bitcoin Cash ABC rallied to a late afternoon intraday high $324.12.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $311.41 and second major resistance level at $319.59.

A late pullback left Bitcoin Cash ABC at sub-$320 levels at the day end.

At the time of writing, Bitcoin Cash ABC was down by 0.14% to 314.7. A mixed start to the day saw Bitcoin Cash ABC rise to a morning high $325 before sliding to a low $314.7.

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

For the day ahead, a hold above $311 levels would support another run at the first major resistance level at $327.94.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $320 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $327 levels on the day.

Failure to hold above $311 levels could see Bitcoin Cash ABC take a tumble. A fall through to sub-$310 levels would bring the first major support level at $298.54 into play.

Litecoin Steadies

Litecoin rose by 1.1% on Friday. Reversing a 1.18% fall from Thursday, Litecoin ended the day at $94.33.

A bearish start to the day saw Litecoin slide to a mid-morning intraday low $90.18. Litecoin fell through the first major support level at $90.66 before bouncing back to a late intraday high $94.65.

Litecoin came up against the first major resistance level at $96.39 before easing back to $94 levels.

At the time of writing, Litecoin was down by 0.1% to $94.24. A bullish start to the day saw Litecoin strike a morning high $96.53 before sliding to a morning low $94.03.

The early rally saw Litecoin break through the first major resistance level at $95.93. Litecoin steered clear of the major support levels early on.

For the day ahead, Litecoin would need to steer clear of sub-$93 levels to support another day in the green.

A move back through to $95 levels would bring the first major resistance level at $95.93 back into play.

Barring a broad-based crypto rally, this morning’s high $95 and Friday’s high $94.65 would likely limit any upside on the day.

Failure to steer clear of sub-$93 levels would bring the first major support level at $91.46 into play before any recovery.

Barring a crypto meltdown, Litecoin would likely steer clear of the second major support level at $88.58.

In the event of a crypto meltdown, the second major support level would likely limit the downside on the day.

Ripple’s XRP Back at $0.32 Levels

Ripple’s XRP rallied by 3.14% on Friday. Reversing a 0.6% fall from Thursday, Ripple’s XRP ended the day at $0.32342.

A bearish start to the day saw Ripple’s XRP fall to an early intraday low $0.30750 before finding support.

Ripple’s XRP found support at the first major support level at $0.3088 to bounce back to a late afternoon intraday high $0.32534.

The rally saw Ripple’s XRP break through the first major resistance level at $0.3212 on the day.

At the time of writing, Ripple’s XRP was down by 0.34% to $0.32233. A bullish start to the day saw Ripple’s XRP rise to an early high $0.32836 before falling to a low $0.32025.

In spite of the choppy morning, Ripple’s XRP left the major support and resistance levels untested.

For the day ahead, a hold onto $0.32 levels would support another run at the first major resistance level at $0.3300.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.32850.

Failure to hold onto $0.32 levels could see Ripple’s XRP slide through the morning low $0.32025 to $0.31 levels.

In the event of an extended crypto sell-off through the day, the first major support level at $0.3122 would likely be tested before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.31 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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