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

It’s a positive start to the day for the majors, but the trio will need to move back through the early highs to avoid a pullback.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC rose by 3.34% on Wednesday. Partially reversing a 5.89% slide on Tuesday, Bitcoin Cash ABC ended the day at $396.12.

A bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high $413.8.

Bitcoin Cash ABC broke through the 23.6% FIB of $393 and the first major resistance level at $400.17 before hitting reverse.

The reversal saw Bitcoin Cash ABC slide through the 23.6% FIB to an afternoon intraday low $380.2.

Finding support at the first major support level at $379.61, Bitcoin Cash ABC moved back through the 23.6% FIB and into the green.

At the time of writing, Bitcoin Cash ABC was up by 1.23% to $401.0. A mixed start to the day saw Bitcoin Cash ABC fall to a morning low $393.53 before rising to a morning high $402.83.

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

For the day ahead, a hold above $396 levels would support further upside on the day. Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $413.21.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $420. Wednesday’s high $413.8 and the first major resistance level would likely pin Bitcoin Cash ABC back.

Failure to hold above $396 levels could see Bitcoin Cash ABC hit reverse. A slide through the morning low $393.53 would bring the first major support level at $379.61 into play.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC would likely steer clear of sub-$380 levels on the day.

Litecoin Avoids sub-$100

Litecoin gained 1.63% on Wednesday. Partially reversing a 3.41% fall from Tuesday, Litecoin ended the day at $103.79.

Tracking the broader market, Litecoin rose to a late morning intraday high $106.0 before hitting reverse.

Litecoin came within range of the first major resistance level at $106.64 before falling to an afternoon intraday low $100.0.

In spite of the pullback, Litecoin steered well clear of the first major support level at $97.35 and moved back into positive territory late on.

At the time of writing, Litecoin was up by 0.57% to $104.38. A relatively bullish start to the day saw Litecoin rise from a morning low $103.21 to a high $105.21 before easing back.

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

For the day ahead, a move back through to $105 levels would support another run at the first major resistance level at $106.53.

Litecoin would need support from the broader market, however, to take a run at the second major resistance level at $109.26.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $106.0 would likely limit any upside on the day.

Failure to move back through to $105 levels could see Litecoin come under pressure later in the day. A fall back through the morning low $103.21 would bring the first major support level at $100.53 into play.

Barring another crypto meltdown, Litecoin would likely steer clear of sub-$100 levels on the day.

Ripple Holding onto $0.40 Levels

Ripple’s XRP gained 0.36% on Wednesday. Partially reversing a 4.12% slide on Tuesday, Ripple’s XRP ended the day at $0.40073.

A choppy start to the day saw Ripple’s XRP fall to a mid-morning low $0.39284 before striking a late morning intraday high $0.40726.

Falling short of the first major resistance level at $0.4168, Ripple’s XRP slid back to an early afternoon intraday low $0.38829.

Steering clear of the first major support level at $0.3826, Ripple’s XRP moved back through to $0.40 levels.

At the time of writing, Ripple’s XRP was up by 0.36% to $0.40217. A relatively range-bound start to the day saw Ripple’s XRP rise from a morning low $0.39903 to a high $0.40454.

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

For the day ahead, a hold onto $0.40 levels would support another run at the first major resistance level at $0.4092.

Ripple’s XRP would need support from the broader market, however, to break out from this morning’s low $0.40454.

Barring a broad-base crypto rally, Ripple’s XRP would likely come up short of $0.41 levels.

Failure to hold onto $0.40 levels could see Ripple’s XRP hit reverse later in the day. A pullback through the morning low $0.39903 would bring the first major support level at $0.3903 into play.

Barring a 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

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