Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 04/06/19

The majors took a hit on Monday and will need to recover early losses to avoid another sell-off on the day.
Bob Mason
Cryptomania

Bitcoin Cash – ABC – Tanks

Bitcoin Cash ABC tumbled by 9.08% on Monday. Reversing last week’s 1.83% gain with interest, Bitcoin Cash ABC ended the day at $403.0.

A choppy start to the day saw Bitcoin Cash ABC rise to an early intraday high $446.31 before hitting reverse.

Falling short of the major resistance levels, Bitcoin Cash ABC slid to an early afternoon low $417.81.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $434.53 and second major support level at $425.80.

A brief return to $420 levels was short-lived, with Bitcoin Cash ABC sliding to a late intraday low $395.0.

Bitcoin Cash ABC slid through the third major support level at $409.34 to come within range of the 23.6% FIB of $393 before recovering to $400 levels.

At the time of writing, Bitcoin Cash ABC was down 2.31% to $393.71. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $403 to a low $376 before finding support.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $383.16 early on.

For the day ahead, a move back through to $400 levels would signal a recovery of the early losses.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the major resistance levels.

Bitcoin Cash ABC would need to move through to $415 levels to take a run at the first major resistance level at $434.69.

Failure to move back through to $400 levels could see Bitcoin Cash ABC slide back later in the day. A pullback through the first major support level at $383.16 would bring $370 levels back into play.

Litecoin Avoids sub-$100

Litecoin fell by 7.68% on Monday. Reversing a 1.8% increase from the previous week, Litecoin ended the day at $105.87.

A mixed start to the day saw Litecoin fall from an early intraday high $116.11 to a mid-morning low $109.

Litecoin fell through the first major support level to test the second major support level at $109.62.

Litecoin recovered to $113 levels before easing back through the afternoon. A late crypto sell-off did the damage on the day. Litecoin slid to a late intraday low $104.59 before finding support.

The reversal saw Litecoin fall through the second major support level at $109.62 and third major support level at $104.87.

At the time of writing, Litecoin was down by 0.93% to $104.89. Tracking the broader market, Litecoin slid from a morning high $106.34 to a low $101.02.

Litecoin tested the first major support level at $101.60 early on.

For the day ahead, a move through the morning high to $109 levels would bring the first major resistance level at $113.12 into play.

Litecoin would need support from the broader market, however, to break out from this morning’s high $106.34.

Failure to recover the early losses could see Litecoin fall further into the red. A fall through the first major support level at $101.60 could bring $100 levels into play before any recovery.

Barring another crypto meltdown, Litecoin would likely avoid sub-$100 levels.

Ripple Touches sub-$0.40

Ripple’s XRP fell by 6.28% on Monday. Partially reversing an 8.6% gain from last week, Ripple’s XRP ended the day at $0.41676.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.46582 before hitting reverse.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.4522 and second major resistance level at $0.4599.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4322 to a morning low $0.42885.

Ripple’s XRP managed to move back through to $0.44 levels before a late crypto sell-off. Ripple’s XRP fell through the first major support level at $0.4322 and second major support level at $0.4198 to an intraday low $0.41575.

At the time of writing, Ripple’s XRP was down 0.69% to $0.41390.

Moves in the early hours saw Ripple’s XRP slide from a morning high $0.41708 to a low $0.39315 before steadying.

Ripple’s XRP fell through the first major support level at $0.3997 in the early hours.

For the day ahead, a hold onto $0.40 levels through the morning would support a move back through to $0.42 levels.

Ripple’s XRP would need support from the broader market, however, to take a run at the major resistance levels. Ripple’s XRP would need to move through to $0.4350 levels to support a run at the first major resistance level at $0.4498.

Failure to hold onto $0.40 levels could see Ripple’s XRP slide back through the first major support level at $0.3997.

Barring another crypto meltdown, Ripple’s XRP would likely steer clear of sub-$0.39 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US