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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/07/19

Bob Mason

Bitcoin Cash – ABC – Slumps

Bitcoin Cash ABC tumbled by 18.15% on Sunday. Following on from a 2.59% fall from Saturday, Bitcoin Cash ABC ended the week down 31.87% at $281.42.

A bearish start to the day saw Bitcoin Cash ABC fall from an intraday high $344.34 to a mid-afternoon low $299.14.

The pullback saw Bitcoin Cash ABC fall through the major support levels before recovering to $311 levels.

A late sell-off did the damage, however. Bitcoin Cash ABC fell to a late intraday low $275. Bitcoin Cash ABC fell back through the third major support level at $304.78.

For the bulls, holding above the 62% FIB of $262 was key on the day.

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At the time of writing, Bitcoin Cash ABC was down 0.07% to $281.24. A particularly bearish start to the day saw Bitcoin Cash ABC fall to a morning low $253.18 before finding support.

Bitcoin Cash ABC fell through the 62% FIB of $262 and first major support level at $256.17 before striking a high $288.46.

Whilst breaking back through the 62% FIB, Bitcoin Cash ABC fell short of the major resistance levels early on.

For the day ahead, a move back through to $300 levels would support a run at the first major resistance level at $325.51

Bitcoin Cash ABC would need support from the broader market, however, to break out from $300.

Failure to move through to $300 levels could see Bitcoin Cash ABC struggle on the day. A fall back through the 62% FIB would bring the first major support level at $256.17 back into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of the second major support level at $230.91.

Litecoin at sub-$90

Litecoin slumped by 11.34% on Sunday. Following on from a 3.88% fall from Saturday, Litecoin ended the week down 25.4% to $89.72.

A mixed start to the day saw Litecoin rise to an early morning high $101.91 before hitting reverse. Falling short of the major resistance levels, Litecoin slid to a mid-afternoon low $88 before finding support.

Litecoin fell through the first major support level at $97.26 and second major support level at $93.38.

Of greater significance was a slide through the 38.2% FIB of $99.

A late recovery to $91 levels was short-lived, with Litecoin sliding back to sub-$90 levels at the day end.

At the time of writing, Litecoin was down by 2.34% to $87.62. Tracking the broader market, Litecoin fell to an early morning low $84.88 before moving back to $90 levels and a morning high $90.42.

While falling short of the major resistance levels, Litecoin came within range of the first major support level at $84.51.

For the day ahead, a move back through the morning high $90.42 to $93 levels would support a run at $100 levels.

Litecoin would need the support of the broader market, however, to break through the first major resistance level at $98.42 and 38.2% FIB of $99.

Failure to move through to $93 levels could see Litecoin fall deeper into the red. A fall through the first major support level at $84.51 could bring sub-$80 support levels into play before any recovery.

Ripple’s XRP Bucks the Trend Early

Ripple’s XRP slid by 7.93% on Sunday. Following on from a 3.65% fall on Saturday, Ripple’s XRP ended the week down 23.72% to $0.30422.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.33435. Falling short of the major resistance levels, Ripple’s XRP slid to a mid-afternoon intraday low $0.29819.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3212 and second major support level at $0.3115.

Steering clear of the third major support level at $0.2904, Ripple’s XRP recovered to $0.31 levels before sliding back to $0.30 levels.

At the time of writing, Ripple’s XRP was up by 3.14% to $0.31378. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.29431 before striking a morning high $0.31687.

Moves through the early hours saw Ripple’s XRP steer clear of the major support and resistance levels.

For the day ahead, a hold above $0.3129 levels would support upside for the day. Ripple’s XRP would need to move through the morning high $0.31687 to bring $0.32 levels into play.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the first major resistance level at $0.3256.

Failure to hold above $0.3129 levels could see Ripple’s XRP hit reverse. A fall through to sub-$0.31 levels would bring the first major support level at $0.2915 into play.

Barring another crypto meltdown, Ripple’s XRP should steer clear of sub-$0.29 support 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

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