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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 03/06/19

By:
Bob Mason
Published: Jun 3, 2019, 07:05 UTC

The bears take a mid-morning bite to leave the majors in the red early on.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC rose by 2.24% on Sunday. Reversing a 2.38% fall from Saturday, Bitcoin Cash ABC ended the week up 1.83% at $443.25.

A relatively bullish start to the day saw Bitcoin Cash ABC rise from an early intraday low $433.54 to a mid-day intraday high $450.

Steering clear of the first major support level at $424.85, Bitcoin Cash ABC broke through the first major resistance level at $443.74.

Falling short of the second major resistance level at $455.17, Bitcoin Cash ABC eased back to $430 levels before finding support.

The first major resistance level at $443.74 pinned Bitcoin Cash ABC back at the end of the day.

At the time of writing, Bitcoin Cash ABC was down 3.63% to $427.18. After a relatively range-bound early part of the day, a mid-morning sell-off pulled Bitcoin Cash ABC deep into the red.

Bitcoin Cash ABC fell from an early morning high $446.53 to a mid-morning low $427.18. Steering clear of the major resistance levels Bitcoin Cash ABC fell through the first major support level at $434.53.

For the day ahead, a move back through to $435 levels would signal a recovery of the early losses.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to move back into the green.

A broad-based crypto rebound could see Bitcoin Cash ABC take a run at the first major resistance level at $450.99 later in the day.

Failure to move back through to $435 levels would see Bitcoin Cash ABC struggle through the day. A fall back through the morning low $427.18 bring the second major support level at $425.8 into play before any recovery.

BCHABC/USD 03/06/19 Daily Chart

Litecoin on the Slide

Litecoin rose by 1.8% on Sunday. Reversing a 1.72% loss on Saturday, Litecoin ended the week up 1.8% to $114.55.

Tracking the broader market, Litecoin rose from an early morning intraday low $111.9 to a mid-day intraday high $116.65.

Holding above the first major support level at $110.28, Litecoin broke through the first major resistance level at $115.39 before easing back.

A pullback to $112 levels was short-lived, with Litecoin finding support through the afternoon to end the week in the green.

At the time of writing, Litecoin was down 1.05% to $113.35. A choppy start to the day saw Litecoin rise to a morning high $116.11 before hitting reverse. Falling short of the first major resistance level at $116.83, Litecoin fell through the first major support level at $112.08.

For the day ahead, a move back through to $114.4 levels would signal a bullish 2nd half of a day. Litecoin would need support from the broader market, however, to break out from any move through to $115 levels.

Barring a broad-based crypto rebound, Litecoin would likely come up short of the first major resistance level at $116.83.

Failure to move back through to $114 4 levels could see Litecoin fall deeper into the red. A pullback through the first major support level at $112.08 would bring the second major support level at $109.62 into play.

Barring an extended sell-off, however, Litecoin would likely steer clear of sub-$110 levels on the day.

LTC/USD 03/06/19 Daily Chart

Ripple Holds onto $0.44

Ripple’s XRP gained 3.7% on Sunday. Reversing a 2.01% fall from Saturday, Ripple’s XRP ended the week up 8.6% to $0.44455.

Bullish through the morning, Ripple’s XRP rose from an early intraday low $0.4275 to a mid-day intraday high $0.44751.

Steering clear of the first major support level at $0.4173, Ripple’s XRP broke through the first major resistance level at $0.4405.

A pullback in the early afternoon saw Ripple’s XRP fall back to $0.43 levels before finding support.

At the time of writing, Ripple’s XRP was down 0.53% to $0.44220. A bullish start to the day saw Ripple’s XRP strike a morning high $0.46582 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.4522 and second major resistance level at $0.4599.

A mid-morning sell-off saw Ripple’s XRP fall to a morning low $0.43730 before recovering to $0.44 levels.

For the day ahead, a move back through to Sunday’s high $0.4475 would support another run at the first major resistance level at $0.4522.

Ripple’s XRP would need support from the broader market, however, to break out from $0.4475 levels.

Failure to move back through Sunday’s high could see Ripple’s XRP take another hit later in the day.

A pullback through to $0.43 levels would bring the first major support level at $0.4322 into play.

Barring a crypto meltdown, however, Ripple’s XRP would likely steer clear of sub-$0.42 levels on the day.

XRP/USD 03/06/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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