Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/10/19

It’s another bearish start to the day for the majors. A recovery through to key levels by late morning would support a rebound…
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Sees Red Again

Bitcoin Cash ABC fell by 0.04% on Saturday. Following on from a 0.40% decline on Friday, Bitcoin Cash ABC ended the day at $221.64.

A bearish start to the day saw Bitcoin Cash ABC slide from an early morning high $221.73 to a mid-morning low $219.22.

Steering clear of the major support and resistance levels, Bitcoin Cash ABC recovered to $220 levels. A second sell-off saw Bitcoin Cash ABC fall to an early afternoon intraday low $219.03 before finding support.

Holding above the first major support level at $218.26, Bitcoin Cash ABC bounced back to a late intraday high $222.31.

A final hour pullback left Bitcoin Cash ABC back at $221 levels at the day end.

At the time of writing, Bitcoin Cash ABC was down by 0.80% to $219.87. Another bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $222.09 to a low $219.87.

Falling short of the first major resistance level at $222.96, Bitcoin Cash ABC came within range of the first major support level at $219.68.

For the day ahead, a move back through to $221 levels would support another run at the first major resistance level at $222.96.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the morning high $222.09.

Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to fall short of the second major resistance level at $224.27.

Failure to move back through the $221 levels could see Bitcoin Cash ABC slide through the first major support level at $219.68.

Barring an extended sell-off through the day, however, we would expect Bitcoin Cash ABC to steer clear of sub-$218 support levels.

Litecoin Struggles at $57

Litecoin rose by 0.69% on Saturday. Following on from a 0.12% gain on Friday, Litecoin ended the day at $56.85.

Tracking the broader market, Litecoin fell from an early morning high $56.81 to an early afternoon intraday low $55.68.

Holding above the first major support level at $55.33, Litecoin bounced back to an early afternoon intraday high $57.45.

The afternoon rally saw Litecoin come within range of the first major resistance level at $57.59 before easing back $55 levels.

Finding support late in the day, Litecoin moved back to $56 levels to end the day in the green.

At the time of writing, Litecoin was down by 1.99% at $55.72. A particularly bearish start to the day saw Litecoin slide from an early morning high $56.96 to a mid-morning low $55.50.

Falling short of the major resistance levels, Litecoin fell through the first major support level at $55.87.

For the day ahead, a move back through the first major support level to $56.70 levels would support a bullish move.

Litecoin would need the support of the broader market, however, to break back through the $57 levels.

Barring a broad-based crypto rebound, we would expect Litecoin to fall short of the first major resistance level at $57.64.

Failure to break back through the first major support level to $56.70 levels could see Litecoin fall deeper into the red.

A fall through the morning low $55.50 would bring the second major support level at $54.89 into play.

Barring a crypto meltdown, we would expect Litecoin to steer clear of sub-$54 support levels on the day.

Ripple’s XRP Holds onto $0.25

Ripple’s XRP rose by 0.36% on Saturday. Following on from a 2.27% rally on Friday, Ripple’s XRP ended the day at $0.25434.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.25620 before falling to a late morning low $0.25151.

In spite of the choppy start, Ripple’s XRP left the major support and resistance levels untested through the morning.

In the 2nd half of the day, Ripple’s XRP rallied to a late afternoon intraday high $0.25771.

Falling short of the first major resistance level at $0.2592, Ripple’s XRP slid to a late intraday low $0.24552.

The pullback saw Ripple’s XRP fall through the first major support level at $0.2467 before recovering to $0.25 levels.

At the time of writing, Ripple’s XRP was down by 0.41% to $0.25329. A relatively choppy morning saw Ripple’s XRP fall to an early morning low $0.25161 before finding support.

Steering clear of the major support levels, Ripple’s XRP bounced back to a mid-morning high $0.25636.

In spite of the morning rally, Ripple’s XRP fell short of the first major resistance level at $0.2595 early on.

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.2530 levels to support an afternoon recovery.

A move back through to $0.2550 levels would bring the first major resistance level at $0.2595 into play.

Barring a broad-based crypto rally, however, Ripple’s XRP would likely fall short of $0.26 levels for a 4th consecutive day.

Failure to steer clear of sub-$0.2530 levels could see Ripple’s XRP struggle throughout the day. A fall through to $0.2510 levels would bring the first major support level at $0.2473 into play before any recovery.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of the second major support level at $0.2403.

Please let us know what you think in the comments below

Thanks, Bob

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