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STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/08/19

Bob Mason

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC fell by 2.18% on Saturday. Reversing most of a 2.7% gain from Friday, Bitcoin Cash ABC ended the day at $307.61.

A bullish start to the day saw Bitcoin Cash ABC rise to an intraday high $316.98 before hitting reverse.

Falling short of the first major resistance level at $319.50, Bitcoin Cash ABC slid to a mid-day intraday low $299.04.

Bitcoin Cash ABC slid through the first major support level at $311.71 and second major support level at $305.29.

A choppy afternoon saw Bitcoin Cash ABC fall back through the second major support level after a return to $307 levels.

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Support in the final hour, however, limited the downside for the day.

At the time of writing, Bitcoin Cash ABC was down by 1.3% to $303.6. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $305.08 to a low $303.6.

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

For the day ahead, a move through to $308 levels would support a run at the first major resistance level at $316.71. Bitcoin Cash ABC would need the support of the broader market, however, to break out from $310 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $316.98 would likely leave Bitcoin Cash ABC short of $320 levels.

Failure to move through to $308 levels could see Bitcoin Cash ABC spend another day in the red. A fall through Saturday’s low $299.04 would bring the first major support level at $298.77 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $289.94.

Litecoin Finds Support

Litecoin fell by 2.76% on Saturday. Reversing ay 2.95% rise from Friday, Litecoin ended the day at $73.4.

A particularly bearish start to the day saw Litecoin fall from an early morning intraday high $75.6 to a late morning intraday low $71.59.

Falling short of the first major resistance level at $76.89, Litecoin fell through the first major support level at $73.29.

Holding above the second major support level at $71.09, Litecoin bounced back to $74 levels late on before a pullback to wrap up the day at $73 levels.

At the time of writing, Litecoin was down by 0.37% to $73.13. A bearish start to the day saw Litecoin fall from an early morning high $73.61 to a low $72.85.

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

For the day ahead, a move back through to $73.6 levels would support a run at the first major resistance level at $75.47.

Litecoin would need the support of the broader market, however, to break out from $74 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $75.6 would likely limit any upside.

Failure to move back through to $73.6 levels could see Litecoin fall deeper into the red. A slide back through the morning low would bring the first major support level at $71.46 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of the 62% FIB of $70 and second major support level at $69.52.

Ripple’s XRP Struggles at $0.27

Ripple’s XRP fell by 1.96% on Saturday. Partially reversing a 2.44% rise from Friday, Ripple’s XRP ended the day at $0.27206.

Tracking the broader market, Ripple’s XRP fell from an early intraday high $0.27815 to a late morning intraday low $0.26384.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2705. Finding support at the second major support level at $0.2637, Ripple’s XRP bounced back to $0.27 levels late in the day.

At the time of writing, Ripple’s XRP was down by 0.86% to $0.26972. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.27280 to a low $0.26829.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move back through to $0.2715 levels would bring the first major resistance level at $0.2789 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2700.

Barring a broad-based crypto rebound, Saturday’s high $0.27815 and first major resistance level at $0.2789 would likely limit any upside.

Failure to move through to $0.2715 levels could see Ripple’s XRP spend a second consecutive day in the red.

A fall through to $0.2670 levels would bring the first major support level at $0.2646 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels for a 4th consecutive day.

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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