Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/08/19

It’s back in the red for the majors, with Bitcoin Cash ABC and Litecoin struggling in the early part of the day.
Bob Mason
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Bitcoin Cash – ABC – Struggles Again

Bitcoin Cash ABC fell by 3.66% on Thursday. Following on from a 4.3% slide on Wednesday, Bitcoin Cash ABC ended the day at $279.54

Bearish through the morning, Bitcoin Cash ABC slid from an early intraday high $290.3 to an early afternoon intraday low $275.06.

Falling shy of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $281.52.

Bitcoin Cash ABC  found support through the early afternoon to briefly visit $284 levels before sliding back.

It was the first day that Bitcoin Cash ABC had failed to touch $300 levels since May.

At the time of writing, Bitcoin Cash ABC was down by 2.31% to $273.08. A particularly bearish start to the day saw Bitcoin Cash ABC slide from an early morning high $279.83 to a low $270.93.

Falling well short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $272.97.

For the day ahead, Bitcoin Cash ABC would need to move through the morning high $279.83 to support a run at the first major resistance level at $288.21.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the morning high $279.83.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely fall well short of $280 levels on the day.

Failure to move back through the morning high would leave Bitcoin Cash ABC deep in the red on the day.

A fall back through the first major support level at $272.97 would bring sub-$270 levels into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $266.39.

Litecoin Sees More Red

Litecoin slid by 5.01% on Thursday. Following on from an 8.13% tumble from Wednesday, Litecoin ended the day at $63.46

Tracking the broader market, Litecoin slid from an early intraday high $66.81 to an early afternoon intraday low $62.05.

Falling well short of the 62% FIB of $70, Litecoin fell through the first major support level at $63.

Finding support through the afternoon, Litecoin briefly visited $65 levels before sliding back.

The 2nd day of heavy losses led to a near-term bearish trend formation formed back at a swing lo $62.05.

At the time of writing, Litecoin was down by 1.61% to $62.44. Another bearish start to the day saw Litecoin slide from an early morning high $63.76 to a low $62.07 before steadying.

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

For the day ahead, a move through the morning high to $64 levels would support a run at the first major resistance level at $66.16.

Litecoin would need the support of the broader market, however, to break through to $64 levels.

Barring a broad-based crypto rebound, Litecoin will likely come up well short of $66 levels on the day.

Failure to move through to $64 levels could see Litecoin slide to sub-$62 levels before any recovery.

Barring an extended crypto sell-off through the day, Litecoin should steer clear of sub-$60 levels. The first major support level at $61.4 should limit any downside on the day.

Ripple’s XRP Rejoins the Pack

Ripple’s XRP rose by 0.3% on Thursday. Following a 4.76% slide on Wednesday, Ripple’s XRP ended the day at $0.25730.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.24807 before finding support.

Steering clear of the first major support level at $0.2444, Ripple’s XRP rallied to a late afternoon intraday high $0.26310.

Falling short of the first major resistance level at $0.2693, Ripple’s XRP eased back to $0.25 levels.

In spite of the late pullback, Ripple’s XRP was able to buck the trend and close out the day in the green.

At the time of writing, Ripple’s XRP was down by 1.2% to $0.25422. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25778 to a  low $0.25330.

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

For the day ahead, a move through to $0.2565 levels would support a run at the first major resistance level at $0.2642.

Following Thursday’s trend-bucking gain, Ripple’s XRP would need support from the broader market to break through to $0.26 levels.

Barring a broad-based crypto rally, Thursday’s high $0.2631 and first major resistance level at $0.2642 should cap any upside.

Failure to move through to $0.2565 levels could see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.25330 to $0.2520 levels would bring the first major support level at $0.2492 into play.

Barring an extended crypto sell-off, however, we would expect Ripple’s XRP to steer clear of the second major support level at $0.2411.

Please let us know what you think in the comments below

Thanks, Bob

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