Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/08/19

It’s back into the red for the majors after a bullish Monday and Litecoin’s halving event. The majors could see heavier losses if key levels aren’t hit…
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC rallied by 2.54% on Monday. Following a 0.09% fall on Sunday, Bitcoin Cash ABC ended the day at $345.28.

A particularly bullish morning saw Bitcoin Cash ABC rally from an intraday low $336.71 to a late morning intraday high $345.99.

Bitcoin Cash ABC broke through the first major resistance level at $340.65 and second major resistance level at $344.60.

The third major resistance level at $354.87 capped the upside on the day. A choppy afternoon saw Bitcoin Cash ABC pullback to wrap up the day at $345 levels.

At the time of writing, Bitcoin Cash ABC was down by 2.37% to $337.08. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $349.91 to a low $337.08.

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

For the day ahead, a move back through to $345.66 would support a run at the first major resistance level at $354.61.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $345 levels.

Barring another broad-based crypto rally, Monday’s high $354.99 and first major resistance level would cap any upside.

Failure to move back through to $345.66 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the first major support level at $336.33 would bring sub-$330 levels into play before any recovery.

Barring an extended crypto sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $327.38.

Litecoin Sees Red after Halving

Litecoin rallied by 5.33% on Monday. Reversing a 1.38% fall from Sunday, Litecoin ended the day at $97.9.

A bullish morning saw Litecoin rally from an intraday low $92.98 to a late morning intraday high $107.04.

Steering clear of the major support levels, Litecoin broke through the major resistance levels and 38.2% FIB of $99.

Litecoin’s 2nd visit to $100 levels in the month was short-lived, however. A pullback through the 2nd half of the day saw Litecoin fall back through the third major resistance level at $101.29.

More significantly, Litecoin was unable to hold above the 38.2% FIB of $99.

At the time of writing, Litecoin was down by 3.04% to $94.92. Tracking the broader market, Litecoin fell from a morning high $96.48 to a low $93.62 before finding support.

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

For the day ahead, a move back through the 38.2% FIB of $99 would support a return to $100 levels.

Litecoin would need support from the broader market, however, to take a run at the first major resistance level at $105.63.

Barring a broad-based crypto rally, Litecoin would likely come up short of Monday’s high $107.04.

Failure to move back through the 38.2% FIB could see Litecoin struggle on the day. A fall back through the morning low $93.62 would bring the first major support level at $91.57 into play.

Barring a crypto meltdown, Litecoin should continue to steer clear of sub-$90 levels.

Ripple’s XRP Slides into the Red

Ripple’s XRP rose by 1% on Monday. Following on from a 1.01% gain on Sunday, Ripple’s XRP ended the day at $0.3224.

Tracking the broader market through the morning, Ripple’s XRP rallied from an intraday low $0.31921 to a high $0.33196.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.3243 and second major resistance level at $0.3293.

Ripple’s XRP first visit to $0.33 levels since 22nd July was short-lived, with an afternoon pullback limiting the upside on the day.

At the time of writing, Ripple’s XRP was down by 1.28% to $0.31826. Bearish in the early hours, Ripple’s XRP fell from a morning high $0.32258 to a low $0.31762.

The early pullback saw Ripple’s XRP come within range of the first major support level at $0.3171.

For the day ahead, a move through to $0.3245 levels would bring the first major resistance level at $0.3298 into play.

Ripple’s XRP would need the support of the broader market, however, to break out form this morning’s high $0.32258.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.33 levels and Monday’s high $0.33196.

Failure to move through to $0.3245 levels could see Ripple’s XRP take a bigger hit on the day. A fall through the first major support level at $0.3171 would bring the second major support level at $0.3118 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.31 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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