Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/07/19

A mixed start to the day could test the crypto majors later in the day. It’s all eyes on Bitcoin…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC rose by 1.72% on Sunday. Partially reversing a 4.48% slide from Saturday, Bitcoin Cash ABC ended the week down by 2.95% to $311.26.

It was relatively range-bound through most of the day, with all the action coming within the final few hours of the day.

Bitcoin Cash ABC slid to a late intraday low $289.78 before finding support. The pullback saw Bitcoin Cash ABC fall through the first major support level at $294.78.

An immediate bounce-back saw Bitcoin Cash ABC strike an intraday high $311.26 to close out the day in the green.

In spite of the rebound, Bitcoin Cash ABC left the major resistance levels untested.

At the time of writing, Bitcoin Cash ABC was up by 0.08% to $311.51. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $307.34 before striking a high $313.

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

For the day ahead, a move back through the morning high $313 would support a run at the first major resistance level at $318.42.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $310 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $320 levels on the day.

Failure to move back through the morning high $313 could see Bitcoin Cash ABC reverse Sunday’s gain. A fall through the morning low $307.34 to $304 levels would bring the first major support level at $296.94 into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$290 on the day.

Litecoin Continues to Struggle at $90

Litecoin rose by 1.33% on Sunday. Partially reversing a 5.75% slide from Saturday, Litecoin ended the week down 9.77% to $90.02.

Tracking the broader market, Litecoin hovered at $88 levels through most of the day. A late sell-off saw Litecoin fall to an intraday low $83.27 before bouncing back to an intraday high $91.08.

The pullback saw Litecoin fall through the first major support level at $84.78. In spite of the move back into the green, Litecoin fell short of the first major resistance level at $94.74.

At the time of writing, Litecoin was down by 0.4% to $89.66. Moves in the early hours saw Litecoin fall to a morning low $89.09 before striking a high $92.44.

Steering clear of the major support and resistance levels, Litecoin eased back to sub-$90 levels.

For the day ahead, a hold above $88.20 levels would support another run at the first major resistance level at $92.98.

Litecoin would need the support of the broader market, however, to break out from $91 levels.

Barring a broad-based crypto rally, Sunday’s high $91.08 and the first major resistance level at $92.98 should limit any upside.

Failure to hold above $88.20 levels could see Litecoin take a dive. A fall through to $87 levels would bring the first major support level at $85.17 into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $80.31 on the day.

Ripple’s XRP Back at sub-$0.31 Levels

Ripple’s XRP rose by 0.68% on Sunday. Partially reversing a 4.31% fall from Saturday, Ripple’s XRP ended the week down 5.76% to $0.3114.

A bearish start to the day saw Ripple’s XRP fall from a morning high $0.3126 to a morning low $0.3060.

Steering clear of the major support and resistance levels, Ripple’s XRP hovered at sub-$0.31 levels ahead of a late sell-off.

A broad-based crypto sell-off saw Ripple’s XRP slide to a late intraday low $0.29884 before recovering.

Ripple’s XRP fell through the first major support level at $0.2995 before striking an intraday high $0.31495.

Despite the recovery, Ripple’s XRP came up short of the first major resistance level at $0.3239.

At the time of writing, Ripple’s XRP was down by 0.48% to $0.30989. A mixed start to the day saw Ripple’s XRP rise to a morning high $0.31434 before falling to a low $0.30909.

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

For the day ahead, a hold above $0.3085 levels through the morning would support another run at the first major resistance level at $0.3180.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.31434.

In the event of a broad-based crypto rally, the second major resistance level at $0.3245 could come into play.

Failure to hold above $0.3085 levels could see Ripple’s XRP hit reverse. A fall through to $0.3050 levels would bring the first major support level at $0.3018 into play.

Barring another mass sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2923.

Please let us know what you think in the comments below

Thanks, Bob

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