Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 02/06/19

Bitcoin Cash ABC leads the trio early on. Is a weekend rally about to kick in?
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – A Sunday Rebound?

Bitcoin Cash ABC fell by 2.38% on Saturday. Partially reversing a 4.15% gain from Friday, Bitcoin Cash ABC ended the day at $432.3.

A relatively bearish start to the day saw Bitcoin Cash ABC fall from an early intraday high $447.72 to an early afternoon intraday low $428.83.

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

Finding support through the afternoon, Bitcoin Cash ABC managed to strike an afternoon high $441.62 before easing back.

At the time of writing, Bitcoin Cash ABC was up by 1.62% to $439.31. A relatively bullish start to the day saw Bitcoin Cash ABC rise from a morning low $433.54 to a high $439.31.

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

For the day ahead, a hold above $436 levels would support a run at the first major resistance level at $443.74.

Bitcoin Cash ABC  would need support from the broader market, however, to break out from $440 levels.

Failure to hold above $436 levels could see Bitcoin Cash ABC hit reverse on the day. A pullback through to sub-$430 levels would bring the first major support level at $424.85 into play.

Barring a crypto meltdown, Bitcoin Cash ABC would steer clear of sub-$420 levels on the day.

Litecoin in a Holding Pattern

Litecoin slipped by 1.72% on Saturday. Partially reversing a 5.97% gain from Friday, Litecoin ended the day at $112.48.

A relatively bearish start to the day saw Bitcoin Cash ABC fall from an early intraday high $116.11 to a mid-morning intraday low $111.00.

Range-bound through the rest of the day, Litecoin failed to break out from $114 levels, whilst avoiding sub-$111 levels on the day.

Litecoin left the day’s major support and resistance levels untested through the day.

At the time of writing, Litecoin was down by 0.04% to $112.44. A relatively range-bound start to the day saw Litecoin fall from a morning high $113.77 to a low 111.90 before finding support.

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

For the day ahead, a move back through to $113.20 levels would signal a run at $115 levels later in the day.

Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $115.39.

Failure to move back through to $113.20 levels could see Litecoin slide deeper into the red. A fall back through the morning low $111.90 would bring the first major support level at $110.28 into play.

Barring a broad-based crypto sell-off, Litecoin will likely steer clear of sub-$110 support levels on the day.

 

Ripple Struggles at $0.43

Ripple’s XRP fell by 2.01% on Saturday. Partially reversing a 4.52% fall from Friday, Ripple’s XRP ended the day at $0.42873.

A bearish start to the day saw Ripple’s XRP slide from an early intraday high $0.43296 to an early afternoon intraday low $0.41775.

Falling well short of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.4167.

Finding support late in the day, Ripple’s XRP recovered to $0.43 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.66% to $0.43156. Range-bound through the early hours, Ripple’s XRP rose from a morning low $0.42750 to a high $0.43444 before easing back.

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

For the day ahead, a hold onto $0.43 levels would support a run at the first major resistance level at $0.4405.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from $0.4350 levels.

Failure to hold onto $0.43 levels could see Ripple’s XRP hit reverse on the day. A pullback through the morning low $0.42750 would bring $0.41 levels into play before any recovery.

Barring a crypto meltdown, the first major support level at $0.4173 would likely limit the downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

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