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

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.

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