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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/08/19

By:
Bob Mason
Published: Aug 29, 2019, 02:48 UTC

It's back in the red for the majors after Wednesday's sell-off. Late support from Wednesday failed to spill over, which will be a test today...

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Slides

Bitcoin Cash ABC slid by 4.3% on Wednesday. Following on from a 1.12% fall from Tuesday, Bitcoin Cash ABC ended the day at $293.09.

A relatively bullish morning saw Bitcoin Cash ABC rise to an early afternoon intraday high $308.61 before hitting reverse.

Falling short of the first major resistance level at $310.34, Bitcoin Cash ABC tumbled to a late intraday low $283.5

The meltdown saw Bitcoin Cash ABC slide through the day’s major support levels to touch $280 levels for the 1st time since July.

Finding support late in the day, Bitcoin Cash ABC managed to recover through the third major support level at $289.15.

At the time of writing, Bitcoin Cash ABC was down by 1.99% to $287.26. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $290.3 to a low $287.26.

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

For the day ahead, Bitcoin Cash ABC would need to move through to $295 levels to support a return to $300 levels.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through the first major resistance level at $306.63.

Barring a broad-based crypto rebound, however, Bitcoin Cash ABC would likely come up short of $300 levels on the day.

Failure to move through to $295 levels could see Bitcoin Cash ABC give up more ground on the day.

A fall through Wednesday’s low $283.5 would bring the first major support level at $281.52 into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$280 support levels.

BCHABC/USD 29/08/19 Daily Chart

Litecoin Sinks to sub-$70

Litecoin tumbled by 8.13% on Wednesday. Following on from a 0.9% fall on Tuesday, Litecoin ended the day at $66.79.

Range-bound through to the late afternoon, Litecoin struck a mid-morning intraday high $72.99 ahead of the crypto meltdown.

Litecoin left the first major resistance level at $73.60 untested on the day.

A broad-based crypto meltdown saw Litecoin tumble to an intraday low $64.21 before finding support. Litecoin fell through the day’s major support levels and the 38.2% FIB of $70.

While steadying late in the day, Litecoin was unable to break back through the third major support level at $69.36.

At the time of writing, Litecoin was down by 1.11% to $66.05. Tracking the broader market, Litecoin fell from an early morning high $66.81 to a low $65.91 before finding support.

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

For the day ahead, a move through to $68 levels would bring the 62% FIB of $70 and first major resistance level at $71.78 into play.

Litecoin would need the support of the broader market, however, to break out from any return to $70 levels.

Failure to move through to $68 levels could see Litecoin slide deeper into the red. A fall back through to $65 levels would bring the first major support level at $63 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub$60 support levels.

LTC/USD 29/08/19 Daily Chart

Ripple’s XRP Touches $0.24 Levels

Ripple’s XRP slid by 4.76% on Wednesday. Following on from a 0.27% decline from Tuesday, Ripple’s XRP ended the day at $0.25658.

A bearish start to the day saw Ripple’s XRP slip from an intraday high $0.26982 to a mid-morning low $0.26554.

Falling short of the major resistance levels, Ripple’s XRP tested the first major support level at $0.2651 early.

Range-bound through to the late afternoon, Ripple’s XRP failed to break out from $0.26 levels before the meltdown.

The meltdown saw Ripple’s XRP slide to a late afternoon intraday low $0.2450. Ripple’s XRP fell through the major support levels on the day. Finding support late on, Ripple’s XRP broke back through the third major support level at $0.2532 to limit the downside.

At the time of writing, Ripple’s XRP was down by 0.88% to $0.25431. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25652 to a low $0.25349.

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

For the day ahead, a move through to $0.2575 levels would support a return to $0.26 levels.

Ripple’s XRP would need the support of the broader market, however, to take a run at the first major resistance level at $0.2693.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of Wednesday’s high $0.26982 and first major resistance level.

Failure to move through to $0.2575 levels could see Ripple’s XRP take a bigger hit on the day.

A fall through to $0.2520 levels would bring the first major support level at $0.2444 into play.

Barring another crypto meltdown, Ripple’s XRP should steer clear of sub-$0.24 levels on the day.

XRP/USD 29/08/19 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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