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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/06/19

By:
Bob Mason
Published: Jun 7, 2019, 03:48 UTC

It's a mixed start to the day for the majors. A late rebound reversed losses on Thursday. There could be more pressure on the day ahead.

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Avoids a Meltdown

Bitcoin Cash ABC ended the day flat on Thursday. Following a 3.34% gain from Wednesday, Bitcoin Cash ABC ended the day at $398.

A choppy morning saw Bitcoin Cash ABC rise to an early morning intraday high $402.83 before hitting reverse.

Leaving the major resistance levels untested, Bitcoin Cash ABC tumbled to an early afternoon intraday low $366.68.

The reversal saw Bitcoin Cash ABC slide through the 23.6% FIB of $393 and first major support level at $379.61.

Support late in the day led to a partial recovery to $398 levels to reverse the deficit on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.01% to $394.0.

A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $395.3 to a low $389.32 before finding support.

Bitcoin Cash ABC left the major support and resistance levels untested early on, whilst falling through the 23.6% FIB of $393.

For the day ahead, a move back through to $400 levels would be needed to support a run at the first major resistance level at $411.66.

Bitcoin Cash ABC would need support from the broader market, however, to break out from Thursday’s high $402.83.

Barring a broad-based crypto rally, the 23.6% FIB of $393 could limit the upside on the day.

Failure to move through to $400 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through to sub-$390 levels would bring the first major support level at $375.51 into play before any recovery.

Barring a crypto sell-off, Bitcoin Cash ABC would likely avoid a return to sub-$370 levels on the day.

BCHABC/USD 07/06/19 Daily Chart

Litecoin Makes a Move

Litecoin rallied by 7.35% on Thursday. Following on from a 1.63% gain from Wednesday, Litecoin ended the day at $111.47.

Tracking the broader market through the day, Litecoin rose to an early morning high $105.67 before hitting reverse.

Falling short of the first major resistance level at $106.53, Litecoin slid to a late afternoon intraday low $101.05.

In spite of the reversal, Litecoin steered clear of the first major support level at $100.53 and bounced back to a late intraday high $112.33.

The late rally saw Litecoin break through the first major resistance level at $106.53 and second major resistance level at $109.26.

At the time of writing, Litecoin was down by 0.27% to $111.17. A mixed start to the day saw Litecoin rise to a morning high $112.12 before falling to a morning low $109.9.

Steering well clear of the major support and resistance levels, Litecoin managed to recover to $111 levels.

For the day ahead, a hold above $109 levels through the morning would support a run at the first major resistance level at $115.52.

Litecoin would need support from the broader market, however, to break out from Thursday’s high $112.33.

Barring a broad-based crypto rally, Thursday’s high would likely limit Litecoin’s upside on the day.

Failure to hold above $109 levels could see Litecoin take a hit later in the day. A pullback through the morning low $109.9 would bring the first major support level at $104.24 into play.

LTC/USD 07/06/19 Daily Chart

Ripple Finds Late Support

Ripple’s XRP rose by 4.97% on Thursday. Following on from a 0.36% gain on Wednesday, Ripple’s XRP ended the day at $0.42041.

A relatively bearish morning saw Ripple’s XRP fall from a morning high $0.4043 to an early afternoon intraday low $0.39120.

The pullback saw Ripple’s XRP come within range of the first major support level at $0.3903 before finding support.

A mid-afternoon rally saw Ripple’s XRP strike an intraday high $0.42820 before easing back to $0.40 levels.

Ripple’s XRP broke through the first major resistance level at $0.4092 and second major resistance level at $0.4177. Of greater significance was a move through the 23.6% FIB of $0.4164.

In spite of the late pullback, Ripple’s XRP managed to move back through to $0.42 levels late in the day.

At the time of writing, Ripple’s XRP was up by 0.02% to $0.42049. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.41549 before recovering to a high $0.42303.

Ripple’s XRP left the major support and resistance levels untested early on, whilst avoiding a slide through the 23.6% FIB of $0.4164.

For the day ahead, a hold onto $0.42 levels would support a run at Thursday’s high $0.42820.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the first major resistance level at $0.4353.

Failure to hold onto $0.42 levels could see Ripple’s XRP slide back to $0.40 levels before any recovery.

Barring a broad-based crypto sell-off, Ripple’s XRP would likely steer clear of the first major support level at $0.3983.

XRP/USD 07/06/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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