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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/07/19

Bob Mason

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC rose by 1.79% on Sunday. Following on from a 1.59% gain on Saturday, Bitcoin Cash ABC ended the week up 3.85% to $411.6

Bearish through most of the day, Bitcoin Cash ABC fell from a morning high $406.63 to a late afternoon intraday low $397.25.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $399.55 before finding support.

A late afternoon rally saw Bitcoin Cash ABC strike an intraday high $414.93 before easing back to sub-$411 levels.

Bitcoin Cash ABC fell short of the first major resistance level at $415.68 and the 23.6% FIB of $418 on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.75% to $408.50. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $413.08 to a low $408.50.

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

For the day ahead, hold onto $408 levels would support a move back through the morning high to $415 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $410 levels on the day.

A broad-based crypto rebound would bring the 23.6% FIB of $418 and first major resistance level at $418.6 into play.

Failure to hold onto $408 levels could see Bitcoin Cash ABC test the first major support level at $400.92.

In the event of an extended crypto market sell-off, Bitcoin Cash ABC could visit sub-$400 levels before any recovery.

The second major support level at $390.25 should limit the downside in the event of a major reversal.

Litecoin Finds Support

Litecoin rose by 1.71% on Sunday. Reversing a 0.18% fall from Saturday, Litecoin ended the week down 1.52% at $120.18.

Range-bound through much of the day, Litecoin rose from an early morning low $117.43 to a late morning high $119.84.

Steering clear of the major support and resistance levels through the morning, Litecoin slid to a late afternoon intraday low $117.0.

The reversal saw Litecoin test support at the 23.6% FIB of $117 before striking an intraday high $121.39.

Litecoin broke through the first major resistance level at $121.26 before falling back to $120 levels.

At the time of writing, Litecoin was down by 0.31% to $119.81. Tracking the broader market, Litecoin fell from a morning high $120.71 to a low $119.41 before finding support.

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

For the day ahead, a hold above $119.5 levels would support another run at $121 levels. Litecoin would need the support of the broader market, however, to break out from this morning’s high $120.71.

In the event of a broad-based crypto rally, the first major resistance level at $122.05 would likely come into play.

Failure to hold above $119.5 levels could see Litecoin test the first major support level at $117.66.

In the event of an extended reversal through the day, Litecoin would likely fall through the 23.6% FIB of $117 before any recovery.

Barring a crypto meltdown, Litecoin should steer well clear of the second major support level at $115.13.

Ripple’s XRP Struggles at $0.40

Ripple’s XRP rose by 1.88% on Sunday. Following on from 3.08% gain from Saturday, Ripple’s XRP ended the week up 1.15% to $0.39885.

Bullish through the morning, Ripple’s XRP rose from an early intraday low $0.38820 to a late morning intraday high $0.40172.

Falling short of the first major resistance level at $0.4087, Ripple’s XRP slid to a late afternoon low $0.38899 before recovering to $0.39 levels. Ripple’s XRP left the major support levels untested on the day.

At the time of writing, Ripple’s XRP was down by 0.69% to $0.39610. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.39952 to a low $0.39515.

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

For the day ahead, a hold onto $0.3960 levels would support a run at the first major resistance level at $0.4043.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.39952.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.41 levels. The second major resistance level at $0.4098 would cap any upside on the day.

Failure to hold onto $0.3960 levels could see Ripple’s XRP slide deeper into the red. A fall through the morning low to $0.3930 levels would bring the first major support level at $0.3908 into play.

Barring an extended crypto market sell-off, Ripple’s XRP should steer clear of the second major support level at $0.3827.

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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