Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/02/19

Bitcoin Cash – ABC – Sees Red for a 5^th Day in a Row

Bitcoin Cash ABC fell by 0.89% on Thursday, following on from a 1.95% slide on Wednesday. Bitcoin Cash ABC ended the day at $114.12.

After a choppy Wednesday, it was a relatively range-bound day on Thursday. Upward momentum in the early hours saw Bitcoin Cash ABC rise to a late morning intraday high $115.45 before easing back.

Falling short of $120 levels and the first major resistance level at $120.29, Bitcoin Cash ABC eased to a late intraday low $112.8 before recovering to $113 levels by the day’s end. Bitcoin Cash ABC managed to avoid sub-$110 levels and the first major support level at $109.06.

At the time of writing, Bitcoin Cash ABC was down 0.89% to $113.10.  Bitcoin Cash ABC fell from a morning high $113.52 to a low $113.10 in the early hours. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through the morning high to $114.10 levels would be needed for Bitcoin Cash ABC to a run at $115 levels and the first major resistance level at $115.45. We would expect Bitcoin Cash ABC to come up short of the second major resistance level at $116.77, with Thursday’s high $115.45 likely to limit gains, barring a broad-based crypto rally.

Failure to move through to $114 levels could see Bitcoin Cash ABC fall back deeper into the red. A fall through to $112 levels would likely see Bitcoin Cash ABC fall through the first major support level at $112.80 to bring $111 levels into play.

We would expect Bitcoin Cash ABC to avoid sub-$111 levels, barring a broad-based sell-off, with support from the second major support level at $111.47 likely to prevent heavier losses on the day.

Litecoin Finds Support

Litecoin rose by 1.14% on Thursday. Partially reversing a 4.36% tumble on Wednesday, Litecoin ended the day at $32.85.

A bullish morning saw Litecoin rally from a start of a day intraday low $32.41 to a late morning intraday high $33.19 before easing back.

Falling short of the first major resistance level at $33.73, Litecoin pulled back to $32 levels and an afternoon low $32.50 before finding support. The major support levels were also left untested through the day.

At the time of writing, Litecoin was up 0.15% to $32.90. Litecoin slid to a morning low $32.52 before recovering to hit a morning high $32.90. The days left the major support and resistance levels were untested early on.

For the day ahead, a hold above $32.85 would support a run at $33 levels. A move through to $33 levels will likely see Litecoin break through the first major resistance level at $33.22 to bring the second major resistance level at $33.60 into play. Barring a broad-based crypto rally we would expect Litecoin to come up short of $34 levels on the day.

Failure to hold above $32.85 levels could see Litecoin slide through the first major support level at $32.44 to call on support at the second major support level at $32.04. We would expect sub-$32 to be avoided on the day.

Ripple Struggles at $0.29 Levels

Ripple’s XRP gained 0.36% on Thursday to partially reverse a 3.23% slide on Wednesday. Ripple’s XRP ended the day at $0.29497.

Tracking the broader market, Ripple’s XRP rose from a start of a day intraday low $0.29381 to a late morning intraday high $0.29896. Falling short of $0.30 levels and the first major resistance level at $0.3020, Ripple’s XRP eased back in the 2^nd half of the day.

Ripple’s XRP managed to steer clear of $0.28 levels and the first major support level at $0.2884 on the day.

At the time of writing, Ripple’s XRP was up by 0.6% to $0.29674. Recovering from a morning low $0.29266, Ripple’s XRP hit a high $0.29674 in the early hours. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $0.2960 levels would support a run at the first major resistance level at $0.2980. Ripple’s XRP will likely face plenty of resistance in a run at $0.30 levels, with support from the broader market needed for a run at the second major resistance level at $0.3011.

Failure to hold onto $0.2960 levels could see Ripple’s XRP slide through the first major support level at $0.2929 to bring the second major support level at $0.2908 into play before any recovery. Barring a broad-based sell-off, we would expect Ripple’s XRP to steer clear of sub-$0.29 support levels.

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This article was originally posted on FX Empire

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