Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/09/19

It’s a mixed start for the majors. Ripple’s XRP could struggle through the day, while Litecoin and Bitcoin Cash find early support.
Bob Mason
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Bitcoin Cash – ABC – on the Move

Bitcoin Cash ABC fell by 0.62% on Thursday. Following on from a 1.93% decline from Wednesday, Bitcoin Cash ABC ended the day at $291.95.

A choppy morning saw Bitcoin Cash ABC rise to an early morning intraday high $296.05 before hitting reverse.

Falling short of the first major resistance level at $299.27, Bitcoin Cash ABC slid to a late afternoon intraday low $284.66.

Bitcoin Cash ABC fell through the first major support level at $291.02 and second major support level at $288.27.

Finding support late in the day, Bitcoin Cash ABC broke back through the major support levels to limit the loss on the day.

At the time of writing, Bitcoin Cash ABC was up by 0.98% to $294.8. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $292.54 before striking a high $294.8.

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

For the day ahead, hold onto $294 levels would support a run at the first major resistance level at $297.11.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Thursday’s high $296.05.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up the second major resistance level at $302.28.

Failure to hold onto $294 levels could see Bitcoin Cash ABC slide back into the red. A fall through to $290 levels would bring the first major support level at $285.72 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$280 support levels on the day.

Litecoin Finds Support

Litecoin fell by 2.77% on Thursday. Following on from a 2.95% slide on Wednesday, Litecoin ended the day at $65.27.

A relatively range-bound start to the day saw Litecoin rise from an early low $66.62 to a mid-morning intraday high $67.46.

Falling short of the first major resistance level at $68.81, Litecoin slid to a late morning low $64.24.

The reversal saw Litecoin fall through the first major support level at $66.0 and second major support level at $64.87.

After recovering to $65 levels, Litecoin fell back through the second major support level to a late intraday low $64.23.

Finding late support from the broader market, Litecoin managed to close out the day at $65 levels.

At the time of writing, Litecoin was up by 1.82% to $66.46. A bullish start to the day saw Litecoin rise from an early morning low $65.12 to a high $66.68.

In spite of the early moves, Litecoin left the major support and resistance levels untested.

For the day ahead, a hold onto $66 levels would support a run at the first major resistance level at $67.08.

Litecoin would need to move back through the morning high $66.68 by late morning, however, to support a breakout.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $67.46 would likely cap any upside.

Failure to hold onto $66 levels could see Litecoin slide through the morning low to sub-$65 levels before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of the first major support level at $63.85.

Ripple’s XRP Sees More Red

Ripple’s XRP fell by 0.95% on Thursday. Following on from a 1.62% fall from Wednesday, Ripple’s XRP ended the day at $0.25655.

A mixed start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.26006.

Falling short of the first major resistance level at $0.2627, Ripple’s XRP slid to a late morning intraday low $0.2540.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2563. Finding support at the second major support level at $0.2534, Ripple’s XRP recovered to $0.2580 levels by late morning.

A second sell-off saw Ripple’s XRP slide back through the first major support level before breaking back through the first major support level to limit the loss on the day.

At the time of writing, Ripple’s XRP was down by 0.06% to $0.25640. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.25535 before recovering to a high $0.25661.

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

For the day ahead, a move through to $0.2570 levels would bring the first major resistance level at $0.2597 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.25661.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.2629.

Failure to move through to $0.2570 levels could see Ripple’s XRP fall for a 3rd consecutive day.

A pullback through the morning low $0.25535 would bring the first major support level at $0.2537 into play.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of the second major support level at $0.2508.

Please let us know what you think in the comments below

Thanks, Bob

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