Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/02/19

It’s a positive start to the day, following Wednesday’s meltdown. A move through to keep levels will be needed to avoid a reversal later in the day.
Bob Mason
Crypto Majors
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Bitcoin Cash – ABC – Sees Red for a 4th Day

Bitcoin Cash ABC fell by 1.95% on Wednesday, following on from a 0.65% decline on Tuesday. Bitcoin Cash ABC ended the day at $114.03.

A particularly choppy day saw Bitcoin Cash ABC slide to an early morning intraday low $110.34. The sell-off saw Bitcoin Cash ABC fall through the day’s major support levels, before breaking back through the third major support level at $110.73 by late morning.

Support in the late afternoon led to a Bitcoin Cash ABC rally to an intraday high $121.57 before sliding back to $114 levels. The rally saw Bitcoin Cash ABC break through the first major resistance level at $117.65 and second major resistance level at $119.25.

The slide back saw Bitcoin Cash ABC fall back through the first major support level at $114.81.

At the time of writing, Bitcoin Cash ABC was up by 0.72% to $114.85. A positive start to the day saw Bitcoin Cash ABC rise from a morning low $113.11 to a morning high $115.10 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through $115.10 to $115.30 levels would support a run at $120 levels later in the day. Sentiment across the broader market would need to improve further for Bitcoin Cash ABC to hold onto $120 levels in the event of a breakout.

Failure to move through to $115.30 levels could see Bitcoin Cash ABC hit reverse later in the day. A pullback through the morning low $113.11 would bring sub-$110 levels and the first major support level at $109.06 into play before any recovery.

Litecoin sees more Red

Litecoin tumbled by 4.36% on Wednesday, reversing a 0.89% rise from Tuesday. Litecoin ended the day at $32.47.

Bearish through the day, Litecoin tumbled from a start of a day intraday high $34.1 to a morning low $32.22. The sell-off saw Litecoin slide through the first major support level at $33.42 and second major support level at $32.90.

The bearish trend remained, with Litecoin falling to mid-afternoon intraday low $31.95 before recovering to $32 levels. Support at the third major support level at $32 prevented heavier losses on the day.

At the time of writing, Litecoin was up by 0.49% to $32.63. Litecoin moved from a start of a day morning low $32.41 to a morning high $32.78 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high to $32.85 levels would be needed to bring $33 levels and the first major resistance level at $33.73 into play. We would expect Litecoin to come up short of $34 levels and the second major resistance level at $34.99 on the day.

Failure to move through to $32.85 levels could see Litecoin give up early gains. A fall back through the morning low $32.41 could bring sub-$32 levels and the first major support level at $31.58 into play before any recovery. We would expect heavier losses to be avoided barring another mass sell-off.

Ripple Gives up $0.30

Ripple’s XRP slid by 3.23% on Wednesday. Reversing a 0.64% rise from Tuesday, Ripple’s XRP ended the day at $0.29389.

Tracking the broader market, Ripple’s XRP slid from a start of a day intraday high $0.30462 to a mid-afternoon intraday low $0.291 before steadying.

Falling short of the first major resistance level at $0.3066, Ripple’s XRP fell through the first major support level at $0.2997 and second major support level at $0.2960. The day’s third major support level at $0.2892 prevented heavier losses on the day.

At the time of writing, Ripple’s XRP was up by 0.83% to $0.29633. Ripple’s XRP moved from a morning low $0.29381 to a high $0.29637. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.2970 levels would give Ripple’s XRP another run at $0.30 levels and the first major resistance level at $0.3020. For a breakout to $0.31 levels and the second major resistance level at $0.3101, support would need to come from a broad-based crypto rally.

Failure to move back through to $0.2970 levels could see Ripple’s XRP ease back through the day. Following Wednesday’s low $0.291, the day’s first major support level at $0.2884 could come into play in the event of a reversal. We would expect heavier losses to be avoided, however.

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