Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/08/19

It’s a mixed start to the day for the majors. Support could kick in later in the day should the majors avoid heavier losses through the morning.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 1.12% on Tuesday. Partially reversing a 1.68% gain from Monday, Bitcoin Cash ABC ended the day at $305.0.

A choppy day saw Bitcoin Cash ABC slide to an early morning intraday low $303.33 before finding support.

The early pullback saw Bitcoin Cash ABC fall through the first major support level at $306.32 before striking a late afternoon intraday high $312.17.

In spite of the rebound, Bitcoin Cash ABC  fell short of the first major resistance level at $316.15. A late sell-off saw Bitcoin Cash ABC slide back through the first major support level to close out the day at $305 levels

At the time of writing, Bitcoin Cash ABC was up by 0.33% to $306.0. A mixed start to the day saw Bitcoin Cash ABC strike a morning high $307.31 before falling back to a low $306.0.

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

For the day ahead, a move back through the morning high would support another run at the first major resistance level at $310.34.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $308 levels.

In the event of a broad-based crypto rebound, the second major resistance level at $315.67 would likely limit any upside.

Failure to move back through to $307.31 levels could see Bitcoin Cash ABC hit reverse. A fall through to $305 levels would bring the first major support level at $301.5 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $297.99.

Litecoin Struggles Early

Litecoin fell by 0.9% on Tuesday. Partially reversing a 1.73% gain from Monday, Litecoin ended the day at $72.75.

Tracking the broader market, Litecoin fell to an early morning low $72.02 before making a move.

Steering clear of the first major support level at $71.82 Litecoin struck an early afternoon intraday high $73.61.

Falling well short of the major resistance levels, Litecoin slid back to a late intraday low $71.9. The pullback saw Litecoin come within range of the first major support level at $71.82 before recovering to $72 levels.

At the time of writing, Litecoin was down by 1.14% to $71.92. A bearish start to the day saw Litecoin fall from an early morning high $72.2 to a low $71.53 before finding support.

The early pullback saw Litecoin fall through the first major support level at $71.9.

For the day ahead, a move through to $72.8 levels would support a run at the first major resistance level at $73.6.

Litecoin would need the support of the broader market, however, to break out from the first major support level.

Barring a broad-based crypto rebound, Litecoin would likely come up short of $74 levels on the day.

Failure to move through to $72.8 levels could see Litecoin struggle. A fall back through the first major support level at $71.9 would bring the second major support level at $71.06 into play.

Barring a crypto meltdown, Litecoin should steer clear of the 62% FIB of $70.

Ripple’s XRP on the Back Foot

Ripple’s XRP slipped by 0.27% on Tuesday. Partially reversing a 0.42% rise from Monday, Ripple’s XRP ended the day at $0.26967.

A bearish morning saw Ripple’s XRP slide to a midday intraday low $0.26335 before finding support.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2650.

Choppy through the afternoon, Ripple’s XRP recovered from a late dip to $0.2670 levels before finding support to limit the downside on the day.

At the time of writing, Ripple’s XRP was down by 1.08% to $0.26676. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26982 before sliding to a low $0.26554.

Falling short of the major resistance levels, the first major support level at $0.2651 came into play early on.

For the day ahead, a move back through to $0.2680 levels would support a run at the first major resistance level at $0.2725.

Ripple’s XRP would need the support of the broader market, however, to break out from Tuesday’s high $0.27072.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.2753.

Failure to move through to $0.2680 levels could see Ripple’s XRP fall deeper into the red. A fall through the first major support level at $0.2651 would bring the second major support level at $0.2605 into play.

Barring a crypto meltdown, however, Ripple’s XRP would likely 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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