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

It’s a bearish start to the day. The majors could be in for a choppy day if there’s no recovery to key levels early on.
Bob Mason
Cryptomania

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC rose by 1.59% on Saturday. Following on from a 0.46% gain from Friday, Bitcoin Cash ABC ended the day at $407.05.

A mixed start to the day saw Bitcoin Cash ABC rise from an intraday low $400.67 to a morning high $406.43 before easing back to $401 levels.

Steering clear of the major support and resistance levels, Bitcoin Cash ABC rallied to a late afternoon intraday high $416.8.

Bitcoin Cash ABC broke through the first major resistance level at $409.98. Falling short of the 23.6% FIB of $418, Bitcoin Cash ABC pulled back to sub-$410 levels late in the day.

At the time of writing, Bitcoin Cash ABC was down by 1.15% to a morning low $402.37. A mixed start to the day saw Bitcoin Cash ABC rise to a morning high $406.63 before falling into the red.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move through to $408 levels would support a run at the first major resistance level at $415.68.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $416.8 would cap any upside on the day.

Failure to move through to $408 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through the first major support level at $399.55 would bring the second major support level at $392.04 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$390 levels.

Litecoin Struggles at $120

Litecoin slipped by 0.18% on Saturday. Following on from a 0.79% fall from Friday, Litecoin ended the day at $118.25.

A bullish start to the day saw Litecoin hit a morning high $120.91. Coming up against the first major resistance level at $120.74 Litecoin pulled back to a morning low $118.18.

Steering clear of the 23.6% FIB of $117 and first major support level at $116.27, Litecoin rallied to a late afternoon intraday high $122.29.

Litecoin broke back through the first major resistance level at $120.74 before sliding to a late intraday low $117.3.

Finding support at the 23.6% FIB of $117, Litecoin recovered to $118 levels to limit the downside on the day.

At the time of writing, Litecoin was down by 0.18% to $118.04. A choppy start to the day saw Litecoin rise from a morning low $117.43 to a high $119.14 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high to $119.30 levels would support a run at the first major resistance level at $121.26.

Litecoin would need the support of the broader market, however, to break clear of $120.

Barring a broad-based crypto rally, Saturday’s high $122.29 should limit the upside on the day.

Failure to move through to $119.30 levels could see Litecoin slide back to $117 levels.

In the event of an extended sell-off, Litecoin could fall through the 23.6% FIB of $117 to test the first major support level at $116.37 before any recovery.

Ripple’s XRP Visits $0.41 Levels

Ripple’s XRP rallied by 3.08% on Saturday. Reversing a 2.15% fall from Friday, Ripple’s XRP ended the day at $0.39155.

Tracking the broader market, Ripple’s XRP rose from an intraday low $0.37936 to a morning high $0.38738.

Ripple’s XRP came within range the first major resistance level at $0.3878 before easing back to $0.381 levels.

An early afternoon rally saw Ripple’s XRP strike an intraday high $0.41113 before sliding back to sub-$0.39 levels.

The rally saw Ripple’s XRP break through the first major resistance level at $0.3878 and second major resistance level at $0.3061.

Ripple’s XRP came up against the third major resistance level at $0.4112 before the reversal.

At the time of writing, Ripple’s XRP was down by 0.6% to $0.38921. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.39199 to a low $0.38820 before steadying.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move through to $0.3940 levels would support a return to $0.40 levels.

Ripple’s XRP would need the support of the broader market, however, to take a run at the first major resistance level at $0.4087.

In the event of a broad-based crypto rebound, the 23.6% FIB of $0.4164 would likely limit any upside on the day.

Failure to move through to $0.3940 levels could see Ripple’s XRP slide through the morning low to sub-$0.3850 levels.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the first major support level at $0.3769.

Please let us know what you think in the comments below

Thanks, Bob

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