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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/08/19

Bob Mason

Bitcoin Cash – ABC – Back on the Slide

Bitcoin Cash ABC rose by just 2.7% on Friday. Following on from a 2.47% gain on Thursday, Bitcoin Cash ABC ended the day at $318.13.

A bearish start to the day saw Bitcoin Cash ABC fall to an intraday low $306.66 before finding support.

Steering clear of the first major support level at $299.23, Bitcoin Cash ABC recovered to $314 levels before an afternoon pullback.

Falling well short of the first major resistance level at $320.92, Bitcoin Cash ABC fell to an afternoon low $308.2.

A late in the day rally back into positive territory reduced the weekly deficit to just 0.04%

At the time of writing, Bitcoin Cash ABC was down by 1.15% to $314.45. Within the first hour, Bitcoin Cash ABC slid from an end of Friday $318.13.

In spite of the early reversal, Bitcoin Cash ABC steered clear of the first major support level at $311.71.

For the day ahead, holding onto $314 levels would support a rebound later in the day. A move through to $316 levels would bring the first major resistance level at $319.50 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $315 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of $320 levels for a 4 th consecutive day.

Failure to hold onto $314 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $312 levels would bring the first major support level at $311.71 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$300 levels. The second major support level at $305.29 should limit any downside on the day.

Litecoin under Pressure

Litecoin rallied by 2.95% on Friday. Following on from a 0.26% gain on Thursday, Litecoin ended the day at $75.48.

A relatively choppy morning saw Litecoin rise to a morning high $74.22 before sliding to a late morning intraday low $72.5.

In spite of the pullback, Litecoin steered clear of the first major support level at $71.24 and the 38.2% FIB of $70.

Finding support through the late morning, Litecoin rallied to an early afternoon intraday high $76.1. Litecoin broke through the first major resistance level at $75.19 before easing back to $74 levels.

Support late in the day rounded off a bullish day for Litecoin. In spite of the Friday, gain, Litecoin was still down by 1.06% for the current week.

At the time of writing, Litecoin was down by 0.26% to $75.28. A bearish start to the day saw Litecoin fall from an early morning high $75.6 to a low $74.91 before finding support.

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

For the day ahead, holding onto $75 levels would bring the first major resistance level at $76.89 into play.

Litecoin would need the support of the broader market, however, to break out from Friday’s high $76.1.

Failure to hold onto $75 levels would see Litecoin take a bigger hit. A fall through $74.70 would bring the first major support level at $73.29 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$72 support levels on the day.

Ripple’s XRP Holds Steady

Ripple’s XRP gained 2.44% on Friday. Following on from a 1.78% rise from Thursday, Ripple’s XRP ended the day at $0.27740.

A particularly bearish start to the day saw Ripple’s XRP slide to an early intraday low $0.26777 before finding support.

Steering clear of the first major support level at $0.2630, Ripple’s XRP rallied to a late afternoon intraday high $0.27872.

Ripple’s XRP broke through the first major resistance level at $0.2769 before easing back to $0.2740 levels.

Finding support late on, Ripple’s XRP broke back through the first major resistance level to wrap up the day on a high.

At the time of writing, Ripple’s XRP was down by 0.13% to $0.27704. A relatively range-bound start to the day saw Ripple’s XRP fall from a high $0.27815 to a low $0.27653.

Ripple’s XRP left the major support and resistance levels untested within the 1 st hour.

For the day ahead, holding above $0.2750 levels would support a run at the first major resistance level at $0.2815.

Ripple’s XRP would need the support of the broader market, however, to break out from Friday’s high $0.27872.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall short of the second major resistance level at $0.2856.

In the event of a crypto rally, Ripple’s XRP could visit $0.29 levels before any pullback.

Failure to hold above $0.2750 levels could see Ripple’s XRP test the first major support level at $0.2705.

Barring a crypto meltdown, Ripple’s XRP should steer clear of the second major support level at $0.2637.

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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