Australia Markets closed

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/08/19

Bob Mason

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC rallied by 3.57% on Saturday. Reversing a 0.54% fall from Friday, Bitcoin Cash ABC ended the day at $338.67.

A particularly bullish morning saw Bitcoin Cash ABC rally from intraday low $327 to an early morning intraday high $347.39.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $333.67 and second major resistance level at $340.2.

Easing back through the rest of the day, Bitcoin Cash ABC slipped to $332 levels before a bounce back to $338 levels in the final hour.

In spite of the choppy day, Bitcoin Cash ABC left the major support levels untested.

At the time of writing, Bitcoin Cash ABC was down by 1.42% to $333.87. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $337 to a low $333.87.

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

For the day ahead, a move back through the morning high to $338 levels would support a run at the first major resistance level at $348.37.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the morning high $337.

Barring a broad-based crypto rally, Friday’s high $347.39 and first major resistance level at $348.37 would likely limit any upside.

Failure to move through to $338 levels could see Bitcoin Cash ABC take a bigger hit on the day. A fall through to $329 levels would bring the first major support level at $327.98 into play.

Litecoin Back in the Red

Litecoin slipped by 0.72% on Saturday. Following on from a 4.1% slide on Friday, Litecoin ended the day at $94.2.

A mixed start to the day saw Litecoin recover from a morning low $93.92 to strike an early morning intraday high $96.79.

Falling well short of the first major resistance level at $98.47, Litecoin eased back to a late intraday low $93.6.

Steering clear of the first major support level at $91.71, Litecoin recovered to $94 levels to limit the downside on the day.

At the time of writing, Litecoin was down by 0.59% to $93.64. Another mixed start to the day saw Litecoin rise to a morning high $94.79 before hitting reverse.

Falling short of the first major resistance level at $96.13, Litecoin fell to a morning low $93.38 before steadying. In spite of the pullback, Litecoin steered clear of the first major support level at $92.94.

For the day ahead, a move through the morning high to $94.9 levels would support another run at the first major resistance level at $96.13.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $96.79 would limit any upside.

Failure to move through to $94.9 levels could see Litecoin slide deeper into the red. A fall back through the morning low $93.38 would bring the first major support level at $92.94 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$90 levels on the day. Expect the second major support level at $91.67 to come into play in the event of an extended sell-off.

Ripple’s XRP Falls Short of $0.32 Again

Ripple’s XRP gained 1.48% on Saturday. Reversing most of a 1.68% fall from Friday, Ripple’s XRP ended the day at $0.31595.

Bullish through the morning, Ripple’s XRP rallied from an early intraday low $0.31074 to an early afternoon intraday high $0.31771.

Steering clear of the first major support level at $0.3071, Ripple’s XRP broke through the first major resistance level at $0.3166.

Falling short of $0.32 levels for a 2nd consecutive day, Ripple’s XRP eased back to $0.314 levels before a late move back to $0.31595.

At the time of writing, Ripple’s XRP was down by 0.19% to $0.31534. Ripple’s XRP hit an early morning high $0.31706 before falling to a low $0.31462.

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

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.315 levels to support a run at the first major resistance level at $0.3189.

Barring a broad-based crypto rebound, however, Ripple’s XRP would likely continue to fall short of $0.32 levels.

Failure to steer clear of sub-$0.315 levels could see Ripple’s XRP test the first major support level at $0.3119.

In the event of an extended sell-off through the day, Ripple’s XRP could test the second major support level at $0.3078 before any recovery.

Ripple’s XRP should steer clear of the third major support level at $0.3009 and sub-$0.30 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: