Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/06/19

It’s a mixed start to the day for the majors. A move back through morning highs would signal a bullish start to the month.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC rose by 4.15% on Friday. Partially reversing a 7.79% slide from Thursday, Bitcoin Cash ABC ended the day at $441.62.

A relatively range-bound morning saw Bitcoin Cash ABC fall from a morning high $429.75 to an intraday low $412.25.

Steering well clear of the first major support level at $388.91, Bitcoin Cash ABC rallied to a late intraday high $444.00.

In spite of the afternoon rally, Bitcoin Cash ABC fell short of the first major resistance level at $469.02.

For the month of May, Bitcoin Cash ABC surged by 67.3%.

At the time of writing, Bitcoin Cash ABC was up by 1.11% to $446.53. A positive start to the day saw Bitcoin Cash ABC rise from a morning low $441.89 to a high $446.53.

In spite of the bullish start to the day, Bitcoin Cash ABC fell short of the first major resistance level at $453 early on.

For the day ahead, a hold onto $440 levels through the morning would support a run at the first major resistance level at $453.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from $445 levels on the day.

In the event of a broad-based crypto rally, the second major resistance level at $464.37 could come into play before any pullback.

Failure to hold onto $440 levels could see Bitcoin Cash ABC struggle through the day. A fall through $432 levels would bring the first major support level at $421.25 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC will likely avoid sub-$420 levels on the day.

Litecoin Bounces Back

Litecoin gained 5.97% on Friday. Reversing a 6.34% fall from Thursday, Litecoin ended the day at $114.47.

A mixed start to the day saw Litecoin fall from a morning high $109.49 to a mid-morning intraday low $104.47.

Steering clear of the first major support level at $99.43, Litecoin rallied through the afternoon to a late intraday high $114.8.

In spite of the afternoon recovery, Litecoin left the first major resistance level at $118.73 untested on the day.

For the month of May, Litecoin gained 55.7%.

At the time of writing, Litecoin was up by 0.61% to $115.17. A mixed start to the day saw Litecoin rise from a morning low $113.31 to a high $116.11 before easing back.

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

For the day ahead, a move back through to $116 levels would support a run at the first major resistance level at $118.02.

Support from the broader market would be needed, however, for Litecoin to breakout from $116 levels.

Barring a broad-based crypto rally, Litecoin will likely come up short of $120 levels on the day.

Failure to move back through to $116 levels could see Litecoin hit reverse. A pullback through the morning low $113.31 would bring the first major support level at $107.69 into play.

Barring a crypto meltdown, Litecoin would likely steer well clear of the second major support level at $100.92.

Ripple Back at $0.43 Levels

Ripple’s XRP rose by 4.52% on Friday. Reversing most of a 5.97% slide from Thursday, Ripple’s XRP ended the day at $0.43754.

Tracking the broader market, Ripple’s XRP fell to a mid-morning intraday low $0.4070 before finding support.

Steering clear of the first major support level at $0.3875, Ripple’s XRP rallied to a late intraday high $0.43914.

Ripple’s XRP fell short of the first major resistance level at $0.4623 on the day, while holding onto $0.43 levels at the day end.

For the month, Ripple’s XRP gained 34.7%.

At the time of writing, Ripple’s XRP was down by 0.08% to $0.43730. A mixed start to the day saw Ripple’s XRP rise from a morning low $0.43199 to a high $0.44093 before easing back.

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

For the day ahead, a move back through to $0.44 levels would support a run at the first major resistance level at $0.4488.

Ripple’s XRP would need support from the broader market, however, to break out from $0.4410 levels.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.45 levels on the day.

Failure to move back through to $0.44 levels could see Ripple’s XRP struggle through the day. A pullback through the morning low $0.43199 would bring the first major support level at $0.4167 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP would likely steer clear of sub-$0.41 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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