Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/05/19

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC fell by 2.3% on Monday. Reversing a 0.53% gain from Sunday, Bitcoin Cash ABC ended the day at $273.74.

A bearish start to the day saw Bitcoin Cash ABC slide to a late morning intraday low $273.32 before finding support. Bitcoin Cash ABC fell through the first major support level at $283.32 and second major support level at $276.30.

Of greater significance was yet another fall through the 23.6% FIB of $291.

Recovering through the late morning, Bitcoin Cash ABC struck an afternoon intraday high $292.25 before easing back. Bitcoin Cash ABC fell short of the day’s major resistance levels, with the 23.6% FIB pinning back any run at $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 3.48% to $295.00. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $287.74 to a high $295.99.

Bitcoin Cash ABC broke through the 23.6% FIB of $291 and the first major resistance level at $293.79.

For the day ahead, a hold above the first major resistance level would support a run at $300 levels later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from $295 levels.

A breakthrough to $300 levels would bring the second major resistance level at $302.49 into play.

Failure to hold above the first major resistance level could see Bitcoin Cash ABC give up the morning gains. Barring a crypto meltdown, however, Bitcoin Cash ABC would likely steer clear of the first major support level at $274.85.

Litecoin Finds Support at $70

Litecoin fell by 0.96% on Monday. Following on from a 2.87% slide on Sunday, Litecoin ended the day at $74.09.

Tracking the broader market, Litecoin slid to a mid-morning intraday low $70.55 before bouncing back. The reversal saw Litecoin fall through the first major support level at $73.68 and second major support level at $72.58.

Steering clear of sub-$70, Litecoin bounced back to a late afternoon intraday high $76.09 before easing back. The recovery saw Litecoin come up short of the first major resistance level at $76.61 before falling into the red.

At the time of writing, Litecoin was up by 3.66% to $76.80. A particularly bullish start to the day saw Litecoin rally from a morning low $74.10 to a high $77.90 before easing back.

The early rally saw Litecoin break through the first major resistance level at $76.61.

For the day ahead, a hold onto $76 levels through the morning would support a run at $80 levels later in the day. Support from the broader market would be needed, however, for Litecoin to breakout from $77 levels.

Failure to hold onto $76 levels could see Litecoin give up the morning gains. A fall back through to $74 levels would bring $73 levels into play before any recovery. A fall through $73.50 would lead to heavier losses on the day.

Barring a broad-based crypto sell-off, however, Litecoin will likely steer clear of the first major support level at $71.06.

Ripple Struggles on at $0.32 Again

Ripple’s XRP gained 0.99% on Monday. Reversing a 0.86% fall from Sunday, Ripple’s XRP ended the day at $0.31771.

Tracking the broader market early on, Ripple’s XRP fell to a late morning intraday low $0.30926 before recovering.

Ripple’s XRP fell through the first major support level at $0.3112 before finding support from the broader market. A late morning rally saw Ripple’s XRP break through the first major resistance level at $0.3186 to strike an intraday high $0.32337 before easing back.

The second major resistance level at $0.3228 left Ripple’s XRP falling short of $0.33 levels on the day.

At the time of writing, Ripple’s XRP was up by 1.04% to $0.32103. Tracking the broader market, Ripple’s XRP rose from a morning low $0.31783 to a high $0.32303 before easing back.

In spite of the early rally, Ripple’s XRP fell short of the first major resistance level at $0.3243 early on.

For the day ahead, a hold onto $0.32 levels through the morning would support another run at the first major resistance level later in the day.

Ripple’s XRP would need support from the broader market, however, to take a run at $0.33 levels.

Barring an extended crypto rally through the day, however, the first major resistance level will likely pin Ripple’s XRP back from $0.33 levels.

Failure to hold onto $0.32 levels could see Ripple’s XRP hit reverse later in the day. A fall through $0.3170 would bring the first major support level at $0.3102 into play.

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

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Thanks, Bob