U.S. Markets closed

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/08/19

Bob Mason

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC fell by 1.69% on Friday. Reversing a 1.01% gain from Thursday, Bitcoin Cash ABC ended the day at $309.76.

It was another bearish start to the day for Bitcoin Cash ABC. Bitcoin Cash ABC slid from an early morning intraday high $315.10 to a mid-morning intraday low $297.55.

In spite of the early moves, Bitcoin Cash ABC left the major support and resistance levels untested.

Finding support through the late morning, Bitcoin Cash ABC managed to recover to $300 levels and a range-bound 2nd half of a day.

For the bulls, steering clear of the major support levels and the 62% FIB of $262 was key on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.25% to $309.0. Through the first hour, Bitcoin Cash ABC fell to a morning low $309, kicking off the day in the red.

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

For the day ahead, a move through to $310 levels would support a run at the first major resistance level at $317.39.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Friday’s high $315.1.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $320 levels on the day. Friday’s high and the first major resistance level would cap any upside on the day.

Failure to move through to $310 levels could see Bitcoin Cash ABC take another hit. A fall through to $307 levels would bring the first major support level at $299.84 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$290 support levels on the day.

Litecoin Sees More Red

Litecoin fell by 1.95% on Friday. Reversing a 0.63% gain from Thursday, Litecoin ended the day at $74.76.

Tracking the broader market, Litecoin fell from an early morning intraday high $76.37 to a mid-morning intraday low $72.25.

Falling short of the major resistance levels, Litecoin came within range of the first major support level at $71.98.

Finding support from the broader market, Litecoin visited $76 levels in the late afternoon before easing back.

A relatively range-bound 2nd half of the day limited the downside following the morning reversal.

At the time of writing, Litecoin was down by 0.03% to $74.74. A bearish start to the day saw Litecoin fall from a morning high $74.94 to a low $73.94 before finding support.

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

For the day ahead, holding above $74.4 levels would support a run at the first major resistance level at $76.68.

Litecoin would need the support of the broader market, however, to break out from Friday’s high $76.39.

Barring a broad-based crypto rally, Litecoin will likely come up short of the second major resistance level at $78.61. Friday’s high and first major resistance level at $76.68 would likely cap any upside.

Failure to hold above $74.4 levels would bring the first major support level at $72.54 into play.

Barring another crypto sell-off, Litecoin should steer clear of the second major support level at $70.33 and the 62% FIB of $70.

Ripple’s XRP Treads Water

Ripple’s XRP fell by 1.28% on Friday. Reversing a 0.37% gain from Thursday, Ripple’s XRP ended the day at $0.26123.

A bearish start to the day saw Ripple’s XRP fall from an early intraday high $0.26567 to a mid-morning intraday low $0.25510.

Falling short of the first major resistance level at $0.2728, Ripple’s XRP came within range of the first major support level at $0.2529.

Finding support from the broader market, a particularly range-bound afternoon limited the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.1% to $0.26098. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.2620 to a low $0.25876.

Ripple’s XRP steered clear of the major support and resistance levels in the early part of the morning.

For the day ahead, holding onto $0.26 levels would support another run at the first major resistance level at $0.2662.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.2620.

In the event of a broad-based crypto rally, the second major resistance level at $0.2712 would likely limit any upside.

Failure to hold onto $0.26 levels could see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.25876 would bring the first major support level at $0.2557 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.25 levels on the day. The second major support level at $0.2501 should limit any downside.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: