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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/07/19

Bob Mason

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC tumbled by 11.10% on Tuesday. Reversing an 11.19% gain from Monday, Bitcoin Cash ABC ended the day at $284.24.

A particularly bearish morning saw Bitcoin Cash ABC slide from an early intraday high $318.88 to a late afternoon intraday low $265.5.

The reversal saw Bitcoin Cash ABC slide through the first major support level at $269.65.

Finding support late on, Bitcoin Cash ABC recovered to $290 levels before easing back. Key on the day was a hold above the 62% FIB of $262.

At the time of writing, Bitcoin Cash ABC was up by 2.18% to $287.36. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $275.64 before finding support. Steering clear of the major support levels, Bitcoin Cash ABC rose to a morning high $294.26.

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In spite of the recovery, Bitcoin Cash ABC came up short of the first major resistance level at $311.58.

For the day ahead, a move through to $289 levels would support a run at the first major resistance level at $311.58.

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

In the event of a breakout, the first major resistance level and Tuesday’s high $318.88 should leave Bitcoin Cash ABC short of $320 levels.

Failure to move through to $289 levels could see Bitcoin Cash ABC hit reverse. A fall through the morning low $275.64 would bring $260 levels into play.

Barring another crypto sell-off, the 62% FIB of $262 should limit any downside on the day. In the event of a sell-off, Bitcoin Cash ABC could test the first major support level at $258.20.

Litecoin Visits sub-$80

Litecoin slumped by 11.99% on Tuesday. Following a 0.87% rise from Monday, Litecoin ended the day at $79.68.

A relatively range-bound morning saw Litecoin fell from an early intraday high $91.89 to a mid-morning low $87.4.

Leaving the major support and resistance levels untested early on, Litecoin recovered to a $91 levels before hitting reverse.

The reversal saw Litecoin slide to a late afternoon intraday low $76.63. Litecoin fell through the first major support level at $85.92 and second major resistance level at $81.34.

It was Litecoin’s first visit to sub-$80 since mid-May.

At the time of writing, Litecoin was up by 1% to $80.48. A bearish start to the day saw Litecoin fall to a morning low $76.8 before rising to a morning high $81.25.

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

For the day ahead, a move through to $83 levels would support a run at the first major resistance level at $88.84.

Litecoin would need the support of the broader market, however, to break out from $85 levels.

In the event of a broad-based crypto rally, Litecoin could touch $90 levels before any pullback.

Failure to move through to $83 levels could see Litecoin give up the morning gain. A fall through the morning low $76.80 would bring the first major support level at $73.58 into play.

Barring another crypto meltdown, however, we would expect Litecoin to steer clear of the 62% FIB of $70.

Ripple’s XRP Looking for $0.30 Levels

Ripple’s XRP fell by 5.71% on Tuesday. Reversing a 2.75% gain from Monday, Ripple’s XRP ended the day at $0.29435.

Tracking the broader market through the day, Ripple’s XRP fell from an early intraday high $0.31878 to a late afternoon intraday low $0.2825.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2967.

Holding above the second major support level at $0.2813, Ripple’s XRP recovered to $0.30 levels before sliding back.

At the time of writing, Ripple’s XRP was up by 1.68% to $0.29929. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.2916 before rising to a high $0.30397.

In spite of the choppy morning, Ripple’s XRP left the major support and resistance levels untested.

For the day ahead, a hold onto $0.299 levels would support another run at the first major resistance level at $0.3146. Bitcoin would need support from the broader market, however, to break out from $0.30 levels.

In the event of a breakout, Ripple’s XRP could visit $0.32 levels before any pullback.

Failure to hold onto $0.299 levels could see Ripple’s XRP slide back into the red. A fall through the morning low $0.2916 would bring the first major support level at $0.2783 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.27 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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