Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/08/19
Bitcoin Cash – ABC – Stumbles
Bitcoin Cash ABC slid by 3.64% on Wednesday. Following on from a 2.43% decline on Tuesday, Bitcoin Cash ABC ended the day at $304.
A particularly bearish morning saw Bitcoin Cash ABC tumble from an early morning intraday high $315.47 to a mid-day low $290.37.
The reversal saw Bitcoin Cash ABC slide through the first major support level at $310.42 and second major support level at $304.64.
Bitcoin Cash ABC failed to recover to $300 levels through the afternoon, which led to a second sell-off. The sell-off saw Bitcoin Cash ABC slide through the third major support level at $291.49 to an intraday low $289.
In spite of the meltdown, Bitcoin Cash ABC managed to close out the day at o $300 levels to avoid a 1st sub-$300 close since 23rd July.
At the time of writing, Bitcoin Cash ABC was down by 3.1% to $294.58. Another bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $305.87 to a low $294.58.
In spite of the early pullback, Bitcoin Cash ABC steered clear of the major support levels early on.
For the day ahead, a move back through to $303 levels would signal a rebound later in the day.
Bitcoin Cash ABC would need the support of the broader market, however, to break through to $310 levels.
Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of the first major resistance level at $316.65.
Failure to move back through to $303 levels could see Bitcoin Cash ABC spend another day in the deep red.
A fall through the first major support level at $290.18 would bring the second major support level at $276.35 into play before any recovery.
Litecoin Does Better than Most
Litecoin declined by 2.56% on Wednesday. Following on from a 2.66% fall from Tuesday, Litecoin ended the day at $73.19.
Tracking the broader market through the morning, Litecoin slid from an early intraday high $75.35 to a mid-day intraday low $70.
The sell-off saw Litecoin fall through the first major support level at $73.11 and second major support level at $71.12.
Finding support at the 62% FIB of $70, Litecoin bounced back to $74 levels late in the day before falling back $73 levels.
At the time of writing, Litecoin was down by 2.83% to $71.12. Pressured by the broader market, Litecoin fell from an early morning high $73.85 to a low $70.90.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move back through to $72.90 levels would signal a run at the first major resistance level at $75.69.
Litecoin would need the support of the broader market, however, to move back through the morning high $73.85.
Barring a broad-based crypto rebound, Litecoin would likely struggle to break back through to $75 levels.
Failure to move through to $72.90 levels could see Litecoin take another hit. A fall through the morning low $70.9 would bring the first major support level at $70.3 and 62% FIB of $70 into play.
Barring another crypto meltdown, however, Litecoin should steer clear of the second major support level at $67.50.
Ripple’s XRP Tracks the Pack
Ripple’s XRP fell by 3.14% on Wednesday. Following on from a 2.82% decline on Tuesday, Ripple’s XRP ended the day at $0.2664.
Through the morning, Ripple’s XRP slid from an intraday high $0.27504 to a mid-day intraday low $0.25841.
Ripple’s XRP fell through the first major support level at $0.2689 and second major support level at $0.2632.
Steering clear of the third major support level at $0.2504, Ripple’s XRP managed to close out the day above the second major support level at $0.2632.
At the time of writing, Ripple’s XRP was down by 1.39% to $0.26271. A mixed start to the day saw Ripple’s XRP hit an early morning high $0.26275 before hitting reverse.
The reversal saw Ripple’s XRP fall to an early morning low $0.26120. In spite of the early moves, Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead, a move back through to $0.2670 levels would support a run at the first major resistance level at $0.2748.
Ripple’s XRP would need the support of the broader market, however, to break through to $0.27 levels.
Barring a broad-based crypto rebound, Ripple’s XRP would likely fall well short of $0.27 levels on the day.
Failure to move back through to $0.2670 levels will likely see Ripple’s XRP slide deeper into the red.
A fall through the morning low $0.26062 would bring the first major support level at $0.2582 into play.
Barring another crypto meltdown, Ripple’s XRP should steer clear of the second major support level at $0.2500.
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Thanks, Bob
This article was originally posted on FX Empire
