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

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.
Bob Mason
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.

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.

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.

Please let us know what you think in the comments below

Thanks, Bob

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