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

It’s a mixed start to the day, with the bulls looking to end the week on a high, Litecoin amongst the trailblazers through the first week.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Struggles Continue

Bitcoin Cash ABC slipped by 0.68% on Saturday, reversing a 0.38% gain from Friday, to end the day at $158.7.

A relatively choppy day saw Bitcoin Cash ABC slide to a late morning intraday low $155.82 before bouncing back in the early afternoon, Bitcoin Cash ABC steering clear of the major support levels on the day.

The early afternoon rally saw Bitcoin Cash ABC break through the 38.2% FIB Retracement Level of $163 and first major resistance level at $163.86 to strike an intraday high $165 before sliding back to sub-$160 levels by the day’s end.

At the time of writing, Bitcoin Cash ABC was down 1.01% to $157.1, with Saturday’s late reversal spilling into the early hours, Bitcoin Cash ABC falling from a start of a day morning high $158.6 to a low $157, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $158.6 to $160 levels would support another run at the 38.2% FIB of $163 to bring the first major resistance level at $163.86 into play, with $163 continuing to be the line in the sand for the bulls. Any attempts at a breakout will likely be capped by Saturday’s $165 high.

Failure to move back through the morning high to $160 levels could leave Bitcoin Cash ABC under pressure through the day, with a pullback through the morning low $157 bringing $155 levels and the first major support level at $154.68 into play before any recovery.

 

Litecoin Leads the Way

Litecoin rallied by 7.68% on Saturday, following on from a 1.33% rise on Friday, to end the day at $34.48, its highest end price since late November.

Bullish through most of the day, Litecoin rallied from a start of a day intraday low $32.01 to a late afternoon intraday high $36.11, breaking through the day’s major resistance levels before easing back to $34 levels by the day’s end, Litecoin unable to hold above the day’s third major resistance level $35.15.

A bullish week for Litecoin, which is up 9.25% through Saturday has been attributed to a number of factors including the launch of Ethereum and Litecoin perpetual swaps by Crypto exchange OKEx earlier in the week and increased adoption.

At the time of writing, Litecoin was up 0.64% to $34.7, with moves through the early hours seeing Litecoin strike a morning high $35.17 before pulling back to a morning low $34.06, the major support and resistance levels left untested early on.

For the day ahead, a hold above $34.20 through the morning would support another move through to $35 levels, bringing the first major support level at $36.39 into play, with Friday’s high $36.11 likely to pin Litecoin back from a breakout and run at the second major resistance level at $38.30.

Failure to hold above $34.2 could see Litecoin hit reverse later in the day, with a pullback through the morning low $34.06 bringing $32 level and the first major support level at $32.29 into play before any recovery, heavier losses not expected barring a broad based crypto sell-off.

Ripple Looks for Support

Ripple’s XRP fell by 2.02% on Saturday, reversing a 0.23% rise on Friday, to end the day at $0.3611.

A start of a day intraday high $0.37823 saw Ripple’s XRP come up against the day’s first major resistance level at $0.3758 before easing back to $0.36 levels.

Late in the day, Ripple’s XRP slid to an intraday low $0.35014, Ripple’s XRP falling through the first major support level at $0.3599 to call on support at the second major support level at $0.3512 before moving back through to $0.36 levels.

At the time of writing, Ripple’s XRP was up 0.68% to $0.36355, with Ripple’s XRP falling from a morning high $0.36586 to a morning low $0.36036 before recovering, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.36586 would bring $0.37 and the day’s first major resistance level at $0.3762 into play before any pullback, support from the broader market needed for Ripple’s XRP to move through to $0.38 levels later in the day.

Failure to move back through the morning high could see Ripple’s XRP pullback through the morning low to $0.35 levels, bringing the first major support level at $0.3481 into play before any recovery, the second major support level at $0.3351 unlikely to be tested barring a broad based crypto sell-off later in the day.

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