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

It’s deep in the red in the early hours, with heavier losses on the cards should a recovery not kick in by the early afternoon.
Bob Mason
Crypto Slide
Cryptomania

Bitcoin Cash – ABC – Dives

Bitcoin Cash ABC fell by 0.65% on Tuesday, following a 0.02% fall on Monday. Bitcoin Cash ABC ended the day at $116.06.

An early morning intraday high $118 saw Bitcoin Cash ABC fall short of the first major resistance level at $118.48 before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to a late afternoon intraday low $115.16 before recovering to $116 levels by the day’s end. The slide saw Bitcoin Cash ABC fall through the first major support level at $116.48 to call on support at the second major support level at $115.44.

At the time of writing, Bitcoin Cash ABC stood at $111.35, with a loss of 4.06% early on. A bearish start to the day saw Bitcoin Cash ABC slide from a start of a day high $116.30 to a morning low $110.34.

The sell-off saw Bitcoin Cash ABC fall through the day’s major support levels before breaking back through the third major support level at $110.73.

For the day ahead, a move back through the morning high $116.30 would support a bounce back in the 2nd half of the day. While a rebound would bring the first major resistance level at $117.65 into play, Tuesday’s high $118 will likely pin Bitcoin Cash ABC back from a breakout from $117 levels.

Failure to move back through the morning high will likely see Bitcoin Cash ABC languish deep in the red. A slide back through the third major support level at $110.73 could bring late January’s swing lo $105 into play before any recovery.

Litecoin Takes a Hit

Litecoin rose by 0.89% on Tuesday, following on from a 2.31% rally on Monday. Litecoin ended the day at $33.95.

Recovering from a morning low $33.32, Litecoin struck a late morning high $34.15 to come within range of the first major resistance level at $34.24 before hitting reverse.

Litecoin slid to a late afternoon intraday low $33.26 before moving back into positive territory by the day’s end. The day’s major support levels were left untested.

At the time of writing, Litecoin was down by 4.59% to $32.39. Falling from a morning high $34.1, Litecoin slid through the first major support level at $33.42 and second major support level at $32.90 to a morning low $32.22.

For the day ahead, a break back through the second major support level at $32.90 to $33 levels would signal a bounce back later in the day. For Litecoin to move back into positive territory, however, a move through to $33.80 levels would be needed by the early afternoon. We would expect the day’s major resistance levels to be left untested.

Failure to break back through the second major support level could see Litecoin slide back through the morning low $32.22 and the third major support level at $32.02 to $31 levels before any recovery.

Ripple Gives up $0.30

Ripple’s XRP rose by 0.64% on Tuesday. Partially reversing a 1.38% fall from Monday, Ripple’s XRP ended the day at $0.3034.

Relatively range-bound through most of the day, Ripple’s XRP slipped to an early morning intraday low $0.29918 before recovering to $0.30 levels. Ripple’s XRP called on support at the first major support level at $0.2966 to move back through to $0.30 levels.

A late afternoon rally to an intraday high 0.30604 saw Ripple’s XRP come up short of the first major resistance level at $0.3079. The only bullish move of the day left $0.31 levels off the table for a 2nd consecutive day.

At the time of writing, Ripple’s XRP was down by 2.9% to $0.2946. Tracking the broader market in the early hours, Ripple’s XRP slid from a start of a day high $0.30462 to a morning low $0.29221.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2997 and second major support level at $0.2960 before partially recovering.

For the day ahead, a move back through the support levels to $0.3030 would signal a rebound later in the day. Sentiment across the broader market would need to materially improve, however, for Ripple’s XRP to take a run at the first major resistance level at $0.3066.

Failure to move back through the support levels by the early afternoon could see Ripple’s XRP fall back through the morning low $0.29221 to bring sub-$0.29 levels and the third major support level at $0.2892 into play before any recovery.

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