Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/07/19

It’s a mixed start to the day for the majors, with investors treading carefully following Thursday’s late sell-off. Bitcoin will be the barometer early on.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC slid by 5% on Thursday. Reversing a 2.25% gain from Wednesday, Bitcoin Cash ABC ended the day at $398.17.

Relatively range-bound through most of the day, Bitcoin Cash ABC rose to a mid-morning intraday high $420.79 before falling to a late morning low $410.9.

Whilst steering clear of the major support and resistance levels, Bitcoin Cash ABC fell back through the 23.6% FIB of $418.

A brief visit to $419 levels was short-lived, with Bitcoin Cash ABC sliding to an intraday low $398.17 in the final hour of the day.

The sell-off saw Bitcoin Cash ABC slide through the 23.6% FIB and first major support level at $407.36.

At the time of writing, Bitcoin Cash ABC was up by 0.9% to $401.77. A relatively bullish start to the day saw Bitcoin Cash ABC rise from a morning low $396.33 to a high $402.01.

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

For the day ahead, Bitcoin Cash ABC would need to move through to $406 levels to support a run at the first major resistance level at $413.25.

Bitcoin Cash ABC would need support from the broader market, however, to break through to $410 levels.

In the event of a broad-based crypto rally, Bitcoin Cash ABC could take a run at $420 levels.

Failure to move through to $406 levels could see Bitcoin Cash ABC hit reverse. A fall through the morning low $396.33 would bring the first major support level at $390.63 into play.

Barring another crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$390 support levels on the day.

Litecoin under Pressure

Litecoin fell by 1.8% on Thursday. Partially reversing 2.69% rise from Wednesday, Litecoin ended the day at $119.59.

A bullish start to the day saw Litecoin rally from a morning low $119.03 to a late morning intraday high $127.37.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $124.22 and second major resistance level at $126.66.

After pulling back to $121 levels Litecoin managed a return to $126 levels before succumbing to market forces.

A final hour sell-off saw Litecoin slide to an intraday low $118.59. In spite of the sell-off, Litecoin left the first major support level at $118.28 untested on the day.

At the time of writing, Litecoin was down by 0.05% to $119.53. A mixed start to the day saw Litecoin rise from a low $118.5 to a high $120.14 before easing back.

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

For the day ahead, a move through to $122 levels would support a run at the first major resistance level at $124.96.

Litecoin would need the support of the broader market, however, to take a run at Thursday’s high $127.37. An early move through to $125 levels would bring the second major resistance level at $130.34 into play.

Failure to move through to $122 levels could see Litecoin fall deeper into the red. A fall through the morning low $118.5 would bring the 23.6% FIB of $117 into play before any recovery.

Barring a broad-based crypto sell-off, Litecoin should steer clear of the first major support level at $116.62.

Ripple’s XRP back at sub-$0.39 Levels

Ripple’s XRP slid by 4.47% on Thursday. Reversing a 1.33% from Wednesday, Ripple’s XRP ended the day at $0.38787.

Bearish from the start of the day, Ripple’s XRP fell from an early intraday high $0.40659 to a late intraday low $0.3857.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.3984 and second major support level at $0.3914.

At the time of writing, Ripple’s XRP was down by 0.01% to $0.38783. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.3892 to a low $0.3844 before steadying.

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

For the day ahead, a move through to $0.3935 levels would support a run at the first major resistance level at $0.4011.

Ripple’s XRP would need the support of the broader market, however, for a break out from $0.3950 levels.

Barring a broad-based crypto rally, Ripple’s XRP will likely come up short of $0.40 levels on the day.

Failure to move through to $0.3935 levels could see Ripple’s XRP fall deeper into the red. A fall through the morning low $0.3844 would bring the first major support level at $0.3802 into play.

An extended sell-off through the day could see Ripple’s XRP fall to sub-$0.38 levels before any recovery.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.3725.

Please let us know what you think in the comments below

Thanks, Bob

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