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

By:
Bob Mason
Published: Jun 6, 2019, 02:48 UTC

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.

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.

BCHABC/USD 06/06/19 Daily Chart

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.

LTC/USD 06/06/19 Daily Chart

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.

XRP/USD 06/06/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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