Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 31/08/19

The majors find support early in the day. Resistance levels will come into play for the majors should they avoid their respective morning lows…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC slipped by 0.11% on Friday. Following on from a 3.66% slide Thursday, Bitcoin Cash ABC ended the day at $279.51.

Another bearish start to the day saw Bitcoin Cash ABC slide to an early morning intraday low $270.93.

The early sell-off saw Bitcoin Cash ABC fall through the first major support level at $272.97.

Finding support through the morning, Bitcoin Cash ABC recovered to a late morning high $280.37.

Range-bound through the afternoon, Bitcoin Cash ABC struck a late intraday high $281 before easing back to sub-$280 and into the red.

Steering clear of sub-$270 levels was key in the early hours of the day.

At the time of writing, Bitcoin Cash ABC was down by 0.14% to $279.10. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $277.82.

Steering well clear of the major support levels, Bitcoin Cash ABC recovered to a morning high $279.1. Bitcoin Cash ABC came up short of the first major resistance level at $284.68 in the early hours.

For the day ahead, a move through to $280 levels would support a run at the first major resistance level at $284.68.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $280.

Bitcoin Cash ABC would need a broad-based crypto rally to take a run at the second major resistance level at $289.84.

We would expect the second major resistance level to pin Bitcoin Cash ABC back in the event of a crypto rebound.

Failure to move through to $280 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $277.80 would bring the first major support level at $272.64 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $265.76.

Litecoin Avoids another Slide

Litecoin rose by 1.12% on Friday. Partially reversing a 5.01% fall from Thursday, Litecoin ended the day at $64.21.

Tracking the broader market, Litecoin fell to an early morning intraday low $62.07 before finding support.

Steering clear of the first major support level at $61.4, Litecoin bounced back to a late intraday high $65.57.

Litecoin fell well short of the first major resistance level at $66.16 before easing back to $64 levels.

At the time of writing, Litecoin was up by 0.12% to $64.29. A choppy morning saw Litecoin fall to an early morning low $63.77 before finding support.

Steering clear of the first major support level at $62.33, Litecoin struck an early morning high $64.56.

Litecoin fell well short of the first major resistance level at $65.83 early on.

For the day ahead, a hold onto $64 levels would support another run at $65 levels and the first major resistance level.

Litecoin would need the support of the broader market, however, to break out from this morning’s high $64.56.

Barring a crypto market rally, Thursday’s high $65.57 and the first major resistance level at $65.83 should limit any upside.

Failure to hold onto $64 levels could see Litecoin fall through the morning low to sub-$63 levels.

A visit to sub-$63 levels would bring the first major support level at $62.33 into play before any recovery.

We would expect Litecoin to steer clear of sub-$62 levels on the day.

Ripple’s XRP Eyes $0.26 Levels

Ripple’s XRP fell by 0.59% on Friday. Reversing a 0.3% rise from Thursday, Ripple’s XRP ended the day at $0.25598.

It was a particularly range-bound day for Ripple’s XRP. An early dip saw Ripple’s XRP fall from an intraday high $0.25778 to an early morning intraday low $0.25330.

Ripple’s XRP fell short of the first major resistance level at $0.2642, whilst also steering clear of the first major support level at $0.2492.

Support through the morning saw Ripple’s XRP return to $0.257 levels. A fall back to the intraday low $0.25330 was short-lived late in the day. Ripple’s XRP found plenty of support to avoid sub-$0.25 levels on the day.

At the time of writing, Ripple’s XRP was up by 0.55% to $0.25739. Through the early hours, Ripple’s XRP slipped to an early morning low $0.25523 before making a move.

Holding above the first major support level at $0.2536, Ripple’s XRP struck a morning high $0.25840 before easing back. The first major resistance level at $0.2581 limited the upside in the early hours.

For the day ahead, a break back through the first major resistance level would bring the second major resistance level at $0.2602 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.25840

Barring an extended crypto rally through the day, the second major resistance level would likely cap any upside.

Failure to move back through the first major resistance level at $0.2581 could lead to a fall back into the red.

A fall through the morning low $0.25523 would bring the first major support level at $0.2536 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level at $0.2512 would likely limit any downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US