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

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…
Bob Mason
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.

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.

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.

Please let us know what you think in the comments below

Thanks, Bob

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