Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/08/19

Bitcoin Cash – ABC – Back on the Slide

Bitcoin Cash ABC rose by just 2.7% on Friday. Following on from a 2.47% gain on Thursday, Bitcoin Cash ABC ended the day at $318.13.

A bearish start to the day saw Bitcoin Cash ABC fall to an intraday low $306.66 before finding support.

Steering clear of the first major support level at $299.23, Bitcoin Cash ABC recovered to $314 levels before an afternoon pullback.

Falling well short of the first major resistance level at $320.92, Bitcoin Cash ABC fell to an afternoon low $308.2.

A late in the day rally back into positive territory reduced the weekly deficit to just 0.04%

At the time of writing, Bitcoin Cash ABC was down by 1.15% to $314.45. Within the first hour, Bitcoin Cash ABC slid from an end of Friday $318.13.

In spite of the early reversal, Bitcoin Cash ABC steered clear of the first major support level at $311.71.

For the day ahead, holding onto $314 levels would support a rebound later in the day. A move through to $316 levels would bring the first major resistance level at $319.50 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $315 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of $320 levels for a 4^th consecutive day.

Failure to hold onto $314 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $312 levels would bring the first major support level at $311.71 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$300 levels. The second major support level at $305.29 should limit any downside on the day.

Litecoin under Pressure

Litecoin rallied by 2.95% on Friday. Following on from a 0.26% gain on Thursday, Litecoin ended the day at $75.48.

A relatively choppy morning saw Litecoin rise to a morning high $74.22 before sliding to a late morning intraday low $72.5.

In spite of the pullback, Litecoin steered clear of the first major support level at $71.24 and the 38.2% FIB of $70.

Finding support through the late morning, Litecoin rallied to an early afternoon intraday high $76.1. Litecoin broke through the first major resistance level at $75.19 before easing back to $74 levels.

Support late in the day rounded off a bullish day for Litecoin. In spite of the Friday, gain, Litecoin was still down by 1.06% for the current week.

At the time of writing, Litecoin was down by 0.26% to $75.28. A bearish start to the day saw Litecoin fall from an early morning high $75.6 to a low $74.91 before finding support.

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

For the day ahead, holding onto $75 levels would bring the first major resistance level at $76.89 into play.

Litecoin would need the support of the broader market, however, to break out from Friday’s high $76.1.

Failure to hold onto $75 levels would see Litecoin take a bigger hit. A fall through $74.70 would bring the first major support level at $73.29 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$72 support levels on the day.

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