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

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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

This article was originally posted on FX Empire

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