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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/12/18

Bob Mason
Updated

Bitcoin Cash – ABC Finds Support

Bitcoin Cash ABC fell by 1.49% on Friday, following a 16.37% slide on Thursday, to end the day at $104.53, a 5th consecutive day in the red for the current week leaving Bitcoin Cash ABC down 38.42%.

A bearish start to the day saw Bitcoin Cash ABC slide through the first major support level at $97.6 to an early morning intraday low and new swing lo $94.6 before bouncing back.

The mid-morning bounce back saw Bitcoin Cash ABC strike an intraday high $115.36 before easing back to a relatively range bound afternoon, sub-$100 support giving Bitcoin Cash ABC a hold onto $100 levels by the day’s end.

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At the time of writing, Bitcoin Cash ABC was down 1.47% to $106.07, a bullish start to the day seeing Bitcoin Cash ABC move from a start of a day morning low $103.27 to a morning high $108.89 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $105 through the morning would support another run at $110 levels, with sentiment across the broader market to dictate whether Bitcoin Cash ABC can take a run at the first major resistance level at $115.06.

Failure to hold above $105 levels could see Bitcoin Cash ABC cough up the morning gains, with a fall through the morning low $103.27 bringing sub-$100 levels and the day’s first major support level at $94.3 into play before any recovery.

Exchange support for the Bitcoin Cash ABC network has provided some relief at the start of the weekend.

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Litecoin Slides Again

Litecoin fell by 5.39% on Friday, following on from Thursday’s 8.63% slide, to end the day at $24.77, a 4th day in the red for the current week leaving Litecoin down 25.7% Monday through Friday.

Following a relatively range bound morning, an early afternoon slide to an intraday low and new swing lo $22.24 saw Litecoin fall through the first major support level at $24.59 and second major support level at $22.92 before finding support. Litecoin managed to bounce back to $25 levels before easing back late in the day.

At the time of writing, Litecoin was up 4% to $25.76, with Friday’s late in the day recovery continuing into the early hours, Litecoin rising from a start of a day morning low $24.73 to a morning high $26.53 before easing back.

For the day ahead, a hold onto $25 levels through the morning would support another run at $26 levels to bring the first major resistance level at $26.66 into play before any reversal, though it’s not just Litecoin that will need to hold onto key levels through the morning to support an afternoon breakout.

Failure to hold onto $25 levels could see Litecoin fall back through the morning low $24.73 to $23 levels, with the day’s first major support level at $22.56 in play later in the day should Litecoin see red.

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Ripple Sees sub-$0.30

Ripple’s XRP fell by 1.6% on Friday, following an 8.34% slide on Thursday, to end the day at $0.30582, a 4th day in the red for the current week leaving Ripple’s XRP down 17.77% Monday through Friday.

Relatively bearish through much of the day, Ripple’s XRP fell through the first major support level at $0.2954 to a late afternoon intraday low $0.29225 before bouncing back. A late in the day recovery saw Ripple’s XRP strike an intraday high $0.3196, falling well short of the first major resistance level at $0.3370 before easing back to $0.30 levels by the day’s end.

At the time of writing, Ripple’s XRP was up 3.64% to $0.31696, with Ripple’s XRP breaking through the first major resistance level at $0.3195 to a morning high $0.32845 before easing back.

For the day ahead, a move back through the first major resistance level at $0.3195 to $0.32 levels would support a run at $0.33 levels and the second major resistance level at $0.3332, with Ripple’s XRP needing to hold onto $0.31 levels through to the early afternoon to support a move later in the day.

Failure to move back through the first major resistance level at $0.3195 could see Ripple’s XRP hit reverse later in the day, with failure to hold onto $0.31 levels likely to see Ripple’s XRP pullback through a morning low $0.3057 to bring the first major support level at $0.2922 into play before any recovery.

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This article was originally posted on FX Empire

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