Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/08/19

Fibo Quantum

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 1.12% on Tuesday. Partially reversing a 1.68% gain from Monday, Bitcoin Cash ABC ended the day at $305.0.

A choppy day saw Bitcoin Cash ABC slide to an early morning intraday low $303.33 before finding support.

The early pullback saw Bitcoin Cash ABC fall through the first major support level at $306.32 before striking a late afternoon intraday high $312.17.

In spite of the rebound, Bitcoin Cash ABC  fell short of the first major resistance level at $316.15. A late sell-off saw Bitcoin Cash ABC slide back through the first major support level to close out the day at $305 levels

At the time of writing, Bitcoin Cash ABC was up by 0.33% to $306.0. A mixed start to the day saw Bitcoin Cash ABC strike a morning high $307.31 before falling back to a low $306.0.

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

For the day ahead, a move back through the morning high would support another run at the first major resistance level at $310.34.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $308 levels.

In the event of a broad-based crypto rebound, the second major resistance level at $315.67 would likely limit any upside.

Failure to move back through to $307.31 levels could see Bitcoin Cash ABC hit reverse. A fall through to $305 levels would bring the first major support level at $301.5 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $297.99.

Litecoin Struggles Early

Litecoin fell by 0.9% on Tuesday. Partially reversing a 1.73% gain from Monday, Litecoin ended the day at $72.75.

Tracking the broader market, Litecoin fell to an early morning low $72.02 before making a move.

Steering clear of the first major support level at $71.82 Litecoin struck an early afternoon intraday high $73.61.

Falling well short of the major resistance levels, Litecoin slid back to a late intraday low $71.9. The pullback saw Litecoin come within range of the first major support level at $71.82 before recovering to $72 levels.

At the time of writing, Litecoin was down by 1.14% to $71.92. A bearish start to the day saw Litecoin fall from an early morning high $72.2 to a low $71.53 before finding support.

The early pullback saw Litecoin fall through the first major support level at $71.9.

For the day ahead, a move through to $72.8 levels would support a run at the first major resistance level at $73.6.

Litecoin would need the support of the broader market, however, to break out from the first major support level.

Barring a broad-based crypto rebound, Litecoin would likely come up short of $74 levels on the day.

Failure to move through to $72.8 levels could see Litecoin struggle. A fall back through the first major support level at $71.9 would bring the second major support level at $71.06 into play.

Barring a crypto meltdown, Litecoin should steer clear of the 62% FIB of $70.

Ripple’s XRP on the Back Foot

Ripple’s XRP slipped by 0.27% on Tuesday. Partially reversing a 0.42% rise from Monday, Ripple’s XRP ended the day at $0.26967.

A bearish morning saw Ripple’s XRP slide to a midday intraday low $0.26335 before finding support.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2650.

Choppy through the afternoon, Ripple’s XRP recovered from a late dip to $0.2670 levels before finding support to limit the downside on the day.

At the time of writing, Ripple’s XRP was down by 1.08% to $0.26676. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26982 before sliding to a low $0.26554.

Falling short of the major resistance levels, the first major support level at $0.2651 came into play early on.

For the day ahead, a move back through to $0.2680 levels would support a run at the first major resistance level at $0.2725.

Ripple’s XRP would need the support of the broader market, however, to break out from Tuesday’s high $0.27072.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.2753.

Failure to move through to $0.2680 levels could see Ripple’s XRP fall deeper into the red. A fall through the first major support level at $0.2651 would bring the second major support level at $0.2605 into play.

Barring a crypto meltdown, however, Ripple’s XRP would likely steer clear of sub-$0.26 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob