Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/08/19

It’s back into the red for the majors as volatility continues to hit the majors. It will be all eyes on Bitcoin today…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Takes an Early Hit

Bitcoin Cash ABC rose by 1.68% on Monday. Partially reversing last week’s 4.13% loss, Bitcoin Cash ABC ended the day at $311.31.

A particularly bullish first hour saw Bitcoin Cash ABC rally from an intraday low $306.17 to an intraday high $316.

Steering clear of the first major support level at $300.41, Bitcoin Cash ABC broke through the first major resistance level at $310.91.

Bitcoin Cash ABC came within range of the second major resistance level at $316.7 before hitting reverse.

The reversal saw Bitcoin Cash ABC fall back to $306 levels before finding support late in the day to break back to through the first major resistance level.

At the time of writing, Bitcoin Cash ABC was down by 1.99% to $305.11. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $308.45 to a low $305.11.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $306.32.

For the day ahead, a move back through the first major support level to $311 levels would support a move back into the green.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $316.15.

Barring a broad-based crypto rally, Monday’s high $316 and the first major resistance level would likely limit any upside.

Failure to move back through the first major support level could see Bitcoin Cash ABC fall deeper into the red.

A pullback through to $303 levels would bring the second major support level at $301.33 into play.

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

Litecoin Back in the Red

Litecoin rose by 1.73% on Monday. Reversing a 1.74% fall from Sunday, Litecoin ended the day at $73.38.

Tracking the broader market, Litecoin rallied from an intraday low $72.13 to an intraday high $75.55 within the 1st hour.

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

Bearish through the rest of the day, Litecoin slid back to $72 levels before finding support to return to $73 levels.

At the time of writing, Litecoin was down by 1.19% to $72.51. Tracking the broader market, Litecoin fell from an early morning high $73.45 to a low $72.32.

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

For the day ahead, a move back through the morning high to $73.70 levels would bring the first major resistance level at $75.24 into play.

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

In the event of a rebound, the first major resistance level and Monday’s high $75.55 would likely limit any upside.

Failure to move back through the morning high could see Litecoin fall deeper into the red. A fall through $72.10 would bring the first major support level at $71.82 into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $70.27 and the 62% FIB of $70.

Ripple’s XRP Gives up $0.27

Ripple’s XRP rose by 0.42% on Monday. Partially reversing a 0.87% fall from Sunday, Ripple’s XRP ended the day at $0.27040.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.28066.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.2757. The second major resistance level at $0.2818 limited the upside on the day.

A pullback through the mid-morning saw Ripple’s XRP fall to an intraday low $0.26750 before finding support. Steering clear of the first major support level at $0.2647, Ripple’s XRP recovered to $0.27 levels before a 2nd pullback.

The second pullback saw Ripple’s XRP fall back to the intraday low $0.26750 before closing out the day at $0.27 levels.

At the time of writing, Ripple’s XRP was down by 0.78% to $0.26829. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.27040 before hitting reverse.

Falling short of the first major resistance level at $0.2782, Ripple’s XRP fell to an early morning low $0.2675.

In spite of the pullback, Ripple’s XRP held above the first major support level at $0.2650

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 $0.2782.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.27040.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.28 levels on the day.

Failure to move through to $0.2730 levels could see Ripple’s XRP struggle through the day. A fall through the morning low $0.26750 would bring the first major support level at $0.2650 into play.

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

Please let us know what you think in the comments below

Thanks, Bob

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