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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/09/19

Bob Mason

Bitcoin Cash – ABC – Holds onto $300

Bitcoin Cash ABC rose by 4.57% on Saturday. Reversing a 1.75% fall from Friday, Bitcoin Cash ABC ended the day at $301.5.

A bearish start to the day saw Bitcoin Cash ABC fall to a late morning intraday low $286.33 before making a move.

Holding well above the first major support level at $277.7, Bitcoin Cash ABC rallied to a late intraday high $305.11.

Bitcoin Cash ABC broke through the first major resistance level at $299.76 and closed out the day at $300 levels for the first time since 27th August.

At the time of writing, Bitcoin Cash ABC was up by 0.3% to $302.39. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $303.41 before easing back to $302 levels.

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

For the day ahead, a move through to $304 levels would support a run at the first major resistance level at $308.96

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Saturday’s high $305.11.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely struggle to break through to $310 levels.

Failure to move through to $304 levels could see Bitcoin Cash ABC hit reverse. A fall through to $297.7 levels would bring the first major support level at $290.18 into play.

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

Litecoin Struggles at $70

Litecoin rallied by 6.1% on Saturday. Reversing a 0.43% fall from Friday, Litecoin ended the day at $68.87.

A relatively range-bound start to the day saw Litecoin ease to an early morning intraday low $64.64 before finding support.

Steering well clear of the first major support level at $63.15, Litecoin struck an early afternoon intraday high $70.58.

Litecoin broke through the first major resistance level at $67.52 and second major resistance level at $70.07.

A pullback through the late part of the day left Litecoin at sub-$70 for a 4th consecutive day.

At the time of writing, Litecoin was up by 0.28% to $69.06. A bullish start to the day saw Litecoin rise to an early morning high $70 before pulling back to a morning low $68.74.

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

For the day ahead, a move back through to $70 levels would support a run at the first major resistance level at $71.42.

Litecoin would need support from the broader market, however, to break out from Saturday’s high $70.58.

Barring a broad-based crypto rally, Saturday’s high and resistance at $70 would likely limit any upside on the day.

Failure to move back through to $70 levels could see Litecoin slide back into the red. A fall through to $67 levels would bring the first major support level at $65.48 into play before any recovery.

Barring an extended crypto reversal, Litecoin should steer clear of sub-$65 levels on the day.

Ripple’s XRP Holds onto $0.26

Ripple’s XRP gained 3.76% on Saturday. Reversing a 1.85% fall from Friday, Ripple’s XRP ended the day at $0.26087.

Range-bound through most of the morning, Ripple’s XRP recovered from a start of a day intraday low $0.25054 to hit a late morning high $0.25366.

Ripple’s XRP left the major support and resistance levels untested ahead of a broad-based crypto rally.

Finding support from the broader market, Ripple’s XRP struck a late afternoon intraday high $0.26403 before easing back.

Ripple’s XRP broke through the first major resistance level at $0.2584 and held onto $0.26 levels through the rest of the day.

At the time of writing, Ripple’s XRP was up by 0.15% to $0.26127. A mixed start to the day saw Ripple’s XRP rise from an early morning low $0.26061 to a high $0.26195 before easing back.

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

For the day ahead, a hold onto $0.26 levels would support a run at the first major resistance level at $0.2664.

Ripple’s XRP would need support from the broader market, however, to break through Saturday’s high $0.26403.

Barring a crypto breakout, Saturday’s high and first major resistance level would likely continue to pin Ripple’s XRP back from $0.27 levels.

Failure to hold onto $0.26 levels could see Ripple’s XRP hit reverse. A fall through to $0.2585 levels would bring the first major support level at $0.2529 into play.

In the event of an early sell-off, Ripple’s XRP could visit sub-$0.25 levels before any recovery. We would expect Ripple’s XRP to steer clear of the second major support level at $0.2450, however.

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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