Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/08/19

Bitcoin Cash – ABC – Struggles Early

Bitcoin Cash ABC rose by 2.35% on Monday. Following on from a 3.78% rise on Sunday, Bitcoin Cash ABC ended the day at $325.72.

A bearish start to the day saw Bitcoin Cash ABC ease to an early morning intraday low $312.82 before finding support.

Steering clear of the first major support level at $306.38, Bitcoin Cash ABC rallied to a late morning intraday high $328.15. Bitcoin Cash ABC broke through the first major resistance level at $327.10 before easing back to an afternoon low $319.24.

Bitcoin Cash ABC managed to avoid tracking the rest of the pack into the red with a recovery to $325 levels.

At the time of writing, Bitcoin Cash ABC was down by 1.31% to $321.45. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $324.08 to a low $321.45.

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

For the day ahead, a move back through to $322.30 levels would support a run at Monday’s high $328.15.

Sentiment across the broader market would need to improve, however, for the first major resistance level at $331.64 to come into play.

Barring a broad-based crypto rebound, we would expect Bitcoin Cash ABC to come up short of $330 levels for a 6^th consecutive day.

Failure to move back through to $322.30 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to sub-$320 levels would bring the first major support level at $316.31 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $306.90.

Litecoin Back in the Red

Litecoin gained 1.14% on Monday. Following on from a 4.99% rally from Sunday, Litecoin ended the day at $77.16.

It was a particularly choppy start to the week for Litecoin. Through the early hours, Litecoin rallied from a morning low $75.72 to a mid-morning intraday high $79.06.

Steering clear of the major support levels, Litecoin came within range of the first major resistance level at $79.23 before hitting reverse.

The reversal saw Litecoin slide to a late intraday low $75.54 before finding support from the broader market. A late recovery saw Litecoin reverse losses from earlier in the day.

At the time of writing, Litecoin was down by 0.87% to $76.49. Also bearish at the start of the day, Litecoin fell from a morning high $77.24 to a low $76.11 before finding support.

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

For the day ahead, a move back through the morning high to $77.30 levels would support a run at the first major resistance level at $78.97.

Litecoin would need the support of the broader market, however, to break through to $78 levels.

Barring a broad-based crypto rally, Litecoin would likely continue to come up short of $80 levels.

Failure to move through the morning high could see Litecoin struggle on the day. A fall through the morning low $76.11 to $75 levels would bring the first major support level at $75.45 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of the second major support level at $73.73.

Ripple’s XRP Joins the Pack

Ripple’s XRP slid by 0.59% on Monday. Partially reversing a 6.88% rally from Sunday, Ripple’s XRP ended the day at $0.28243.

A bearish start to the morning saw Ripple’s XRP fall to an early morning low $0.27933 before finding support.

Holding above the first major support level at $0.2676, Ripple’s XRP rallied to a mid-morning intraday high $0.29158. Ripple’s XRP came up short of the first major resistance level at $0.2971.

Tracking the broader market, Ripple’s XRP hit reverse, sliding to a late intraday low $0.27604.

Steering clear of sub-$0.27 levels and the first major support level at $0.2676, Ripple’s XRP recovered to $0.28 levels to limit the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.97% to $0.27968. Bearish from the get-go, Ripple’s XRP fell from a morning high $0.28302 to a low $0.27828 before steadying.

Falling short of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.2751.

For the day ahead, a move through the morning high to $0.2835 levels would support a run at $0.29 levels.

Ripple’s XRP would need the support of the broader market to break out from the first major resistance level at $0.2907.

Barring a broad-based crypto rebound, Ripple’s XRP will likely come up short of Monday’s high $0.29158.

Failure to move through to $0.2835 levels could see Ripple’s XRP take a hit on the day. A fall through to $0.2770 levels would bring the first major support level at $0.2751 into play.

In the event of an extended sell-off, Ripple’s XRP would likely test the second major support level at $0.2678…

Please let us know what you think in the comments below

Thanks, Bob