Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/08/19
Bitcoin Cash – ABC – Makes a Move
Bitcoin Cash ABC rose by just 0.01% on Sunday. Following a 2.18% fall from Saturday, Bitcoin Cash ABC ended the day at $305.11.
A bullish morning saw Bitcoin Cash ABC rally to a midday intraday high $312 before hitting reverse.
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Falling short of the first major resistance level at $316.71, Bitcoin Cash ABC tumbled to a late intraday low $301.5.
In spite of the reversal, Bitcoin Cash ABC steered clear of the first major support level at $298.77.
Finding support late in the day, Bitcoin Cash ABC managed to reverse the day’s losses to end the week down by 4.13%.
At the time of writing, Bitcoin Cash ABC was up by 2.98% to $314.202. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $306.17 to a high $316 before easing back.
Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $310.91.
For the day ahead, holding above the first major resistance level would support another run at the second major resistance level at $316.7.
Bitcoin Cash ABC would need the support of the broader market, however, to avoid a pullback to sub-$310 levels.
In the event of a continued broad-based rally, $320 levels would likely come into play before any pullback.
Failure to hold above the first major resistance level would bring the first major support level at $300.41 into play.
Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$300 support levels.
Litecoin Targets $76
Litecoin fell by 1.74% on Sunday. Following on from a 2.76% decline from Saturday, Litecoin ended the day at $72.15.
A relatively bullish start to the day saw Litecoin rise to a late morning intraday high $74.88 before succumbing to market forces.
Falling short of the first major resistance level at $75.4, Litecoin slid to a late intraday low $70.66.
The reversal saw Litecoin fall through the first major support level at $71.46 to come within range of the 62% FIB of $70.
Finding support late in the day, Litecoin managed to move back through to $72 levels to limit the downside for the week
A 4th day in the red out of 7 left Litecoin down by 5.43% for the week.
At the time of writing, Litecoin was up by 3.24% to $74.49. Tracking the broader market, Litecoin rallied from a morning low $72.13 to a high $75.55 before easing back.
Steering clear of the major support levels, Litecoin broke through the first major resistance level at $74.47.
For the day ahead, a move back through to $75 levels would bring the second major resistance level at $76.78 into play.
Litecoin would need the continued support of the broader market, however, to break out from the morning high $75.55.
In the event of an extended crypto rally, the second major resistance level would likely cap any upside on the day.
Failure to move back through to $75 levels could see Litecoin hit reverse. A fall back through to $72.5 levels would bring the first major support level at $70.25 into play.
Barring a crypto meltdown, the first major support level and 62% FIB of $70 should limit any downside.
Ripple’s XRP Hits $0.28
Ripple’s XRP slipped by 0.87% on Sunday. Following on from a 1.96% fall from Saturday, Ripple’s XRP ended the day at $0.26968.
Tracking the broader market, Ripple’s XRP rose to a midday intraday high $0.27683 before hitting reverse.
Falling short of the first major resistance level at $0.2789, Ripple’s XRP tumbled to a late intraday low $0.26585.
In spite of the reversal, Ripple’s XRP steered clear of the first major support level at $0.2646. A 5th day in the red out of 7 left Ripple’s XRP down by 5.08% for the week.
At the time of writing, Ripple’s XRP was up by 2.22% to $0.27568. A bullish start to the day saw Ripple’s XRP rally from a morning low $0.26927 to a high $0.28066 before easing back.
Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2757.
For the day ahead, a move back through the first major resistance level at $0.2757 would bring $0.28 levels back into play.
Ripple’s XRP would need the support of the broader market, however, to break through the second major resistance level at $0.2818.
In the event of an extended crypto rally, the second major resistance level would likely leave $0.29 levels out of reach.
Failure to move back through the first major resistance level could see Ripple’s XRP hit reverse.
A fall through to sub-$0.2710 levels would bring the first major support level at $0.2647 into play.
Barring a crypto meltdown, Ripple’s XRP should steer well clear of sub-$0.26 support levels on the day.
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Thanks, Bob