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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/12/19

Bob Mason

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 1.08% on Saturday. Following on from a 0.12% loss on Friday, Bitcoin Cash ABC ended the day at $211.68

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $216.0 before hitting reverse.

Bitcoin Cash ABC broke through the first major resistance level at $213.33 and second major resistance level at $215.87.

The reversal saw Bitcoin Cash ABC slide to a late intraday low $210.36 before finding support.

Steering clear of the first major support level at $208.91, Bitcoin Cash ABC recovered to $211 levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.95% to $209.67. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $210.61 to a low $208.69.

Steering clear of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $209.36.

For the day ahead, a move through to $212.70 levels would support a run at the first major resistance level at $215.0.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from $210 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

Failure to move through to $212.70 levels could see Bitcoin Cash ABC spend a 3rd consecutive day in the red.

A fall back through the first major support level would bring the second major support level at $207.04 into play.

Barring an extended sell-off through the day, however, Bitcoin Cash ABC should steer clear of sub-$207 levels.

Litecoin

Litecoin fell by 0.35% on Saturday. Partially reversing a 1.14% rise from Friday, Litecoin ended the day at $45.21

A bullish start to the day saw Litecoin rally to an early morning intraday high $46.54 before hitting reverse.

Breaking through the first major resistance level at $45.98, Litecoin came up against the second major resistance level at $46.61.

The reversal saw Litecoin slide to a late intraday low $45.03 before finding support.

Steering clear of the first major support level at $44.41, Litecoin moved back through to $45.2 levels, limiting the downside.

At the time of writing, Litecoin was down by 0.35% to $45.05. A bearish start to the day saw Litecoin fall from an early morning high $45.25 to a low $44.92.

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

For the day ahead, a move through to $45.60 levels would support a run at the first major resistance level at $46.16.

Litecoin would need the support of the broader market, however, to break back through to $46 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move through to $45.6 levels could see Litecoin slide deeper into the red.

A fall back through to sub-$45 levels would bring the first major support level at $44.65 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of the second major support level at $44.08.

Ripple’s XRP

Ripple’s XRP rose by 0.63% on Saturday. Following on from a 2.04% rally on Friday, Ripple’s XRP ended the day at $0.22883.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22950 before sliding to a late morning intraday low $0.22462.

Steering clear of the major support levels, Ripple’s XRP bounced back through the afternoon.

The rebound saw Ripple’s XRP strike a late intraday high $0.22973 before easing back.

While coming up short of the first major resistance level at $0.2305, it was the highest closeout for December.

At the time of writing, Ripple’s XRP was down by 1.13% to $0.22625. A choppy start to the day saw Ripple’s XRP strike an early morning high $0.23064 before sliding to a low $0.22558.

Ripple’s XRP came up against the first major resistance level at $0.2308 before falling through the first major support level at $0.2257.

For the day ahead, a move through to $0.2280 levels would support another run at the first major resistance level at $0.2308.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move back through to $0.2280 levels would see Ripple’s XRP struggle throughout the day.

A fall back through the first major support level at $0.2257 would bring $0.2240 levels into play before any recovery.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level at $0.22260 should limit any downside 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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