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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/08/19

Bob Mason

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC rallied by 6.5% on Sunday. Following on from a 0.83% gain from Saturday, Bitcoin Cash ABC ended the week up 0.47% at $338.29.

A chippy start to the day saw Bitcoin Cash ABC fall to a late morning intraday low $314.45 before finding support.

Steering clear of the first major support level at $306.33, Bitcoin Cash ABC recovered to $322 levels before a late afternoon rally.

The rally saw Bitcoin Cash ABC surge to a late afternoon intraday high $342.51 before easing back to sub-$340 levels.

Bitcoin Cash ABC broke through the first major resistance level at $325.46 and second major resistance level at $333.30.

At the time of writing, Bitcoin Cash ABC was down by 0.28% to $337.34. A range-bound start to the day saw Bitcoin Cash ABC recover from an early morning low $335.3 to a high $337.34.

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

For the day ahead, a move through Sunday’s high $342.51 would support a run at the first major resistance level at $349.05.

Bitcoin Cash ABC would need the support of the broader market, however, to break through to $340 levels.

In the event of another broad-based crypto rally, Bitcoin Cash ABC could visit $350 levels before any pullback.

Failure to move through Sunday’s high could see Bitcoin Cash ABC fall deeper into the red. A fall through to sub-$331 levels would bring the first major support level at $320.99 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$310 levels on the day.

Litecoin Hits Reverse

Litecoin rose by 5.43% on Sunday. Following on from a 1.06% gain on Saturday, Litecoin ended the week down 3.44% at $89.78.

Bullish through much of the day, Litecoin rallied from an early morning intraday low $85.15 to a late afternoon intraday high $91.35.

Litecoin broke through the first major resistance level at $87.72 and second major resistance level at $90.27. At the start of the day, Litecoin had steered well clear of the first major support level at $82.23.

A late pullback left Litecoin at sub-$90 for a 3rd consecutive day.

At the time of writing, Litecoin was down by 1.58% to $88.36. A bearish start to the day saw Litecoin fall from a morning high $89.93 to a low $87.5 before finding support.

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

For the day ahead, a move back through to $89 levels would support a run at the first major resistance level at $92.37.

Litecoin would need the support of the broader market, however, to break back through to $90 levels.

Barring a broad-based crypto rally, Sunday’s high $91.35 and first major resistance level at $92.37 would likely limit any upside.

Failure to move back through to $89 levels could see Litecoin take another hit. A fall through the morning low $87.5 would bring the first major support level at $86.17 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$85 levels on the day.

Ripple’s Holds onto $0.30 Levels

Ripple’s XRP rose by 1.34% on Sunday. Following a 0.73% rise on Saturday, Ripple’s XRP ended the week down 4.95% at $0.30340.

A choppy morning saw Ripple’s XRP rise to an early morning high $0.30291 before falling to a mid-morning intraday low $0.29552.

Steering clear of the major support levels, Ripple’s XRP found support from the broader market in the late afternoon.

Ripple’s XRP rallied to a late intraday high $0.30674 before easing back. The first major resistance level at $0.3068 capped the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.36% to $0.30231. A mixed start to the day saw Ripple’s XRP strike an early high $0.30563 before falling to a morning low $0.30150.

Ripple’s XRP steered clear of the major support and resistance levels early on.

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.3020 levels to support a rebound. A move back through the morning high $0.30563 would bring the first major resistance level at $0.3083 into play.

Ripple’s XRP would need support from the broader market, however, to take a run at $0.31 levels.

Barring a broad-based crypto rally, Sunday’s high $0.30674 and the first major resistance level would likely cap any upside.

Failure to steer clear of sub-$0.3020 levels could see Ripple’s XRP slide back to $0.29 levels before any recovery.

Barring a crypto meltdown, however, the first major support level at $0.2970 should limit any downside on the 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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