Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/09/19

It’s a slow start to the day for the majors. Failure to make a move by late morning could prove costly for the bulls.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC slid by 1.75% on Friday. Following on from a 0.62% decline on Thursday, Bitcoin Cash ABC ended the day at $287.96.

A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $292.54 to a mid-morning intraday high $301.3.

Bitcoin Cash ABC broke through the first major resistance level at $297.11 before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to a late intraday low $279.24, falling through the first major support level at $285.72.  Bitcoin Cash ABC found support at the second major support level at $279.5 to wrap up the day at $287 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.41% to $286.78. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $288.31 to a low $286.78.

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

For the day ahead, a move through the morning high to $290 levels would support a run at the first major resistance level at $299.76.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break through to $290 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of $300 levels on the day.

Failure to move through to $290 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $282 levels would bring the first major support level at $277.70 into play.

Barring another crypto meltdown, however, Bitcoin Cash ABC should steer clear of the second major support level at $267.44.

Litecoin Finds Support

Litecoin slipped by 0.43% on Friday. Following on from a 2.77% slide on Thursday, Litecoin ended the day at $64.98.

Tracking the broader market, Litcoin rallied to a late morning intraday high $68.24. The morning rally saw Litecoin break through the first major resistance level at $67.08 before hitting reverse.

Coming up short of the second major resistance level at $68.88, Litecoin slid to a late intraday low $63.87.

Finding support at the first major support level at $63.85, Litecoin bounced back to $65 levels before easing to sub-$65 at the day end.

At the time of writing, Litecoin was up by 0.09% to $65.04. A relatively range-bound start to the day saw Litecoin rise from an early morning low $64.8 to a high $65.12.

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

For the day ahead, a move through to $65.70 levels would support a run at the first major resistance level at $67.52.

Litecoin would need to move through to $66 levels by the early afternoon, however, to support a breakthrough to $67 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $68.24 would likely limit any upside.

Failure to move through to $65.70 levels could see Litecoin slide back into the red. A fall through the morning low $64.80 to $64.30 levels would bring the first major support level at $63.15 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$63 support levels on the day.

Ripple’s XRP Clings onto $0.25

Ripple’s XRP slid by 1.85% on Friday. Following a 0.95% from Thursday, Ripple’s XRP ended the day at $0.25180.

A relatively bullish start to the day saw Ripple’s XRP rise to a late morning intraday high $0.25962 before hitting reverse.

Falling short of the first major resistance level at $0.2597, Ripple’s XRP slid to a late intraday low $0.2475.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2537 and second major support level at $0.2508.

A late recovery through the second major support level limited the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.1% to $0.25154. A mixed start to the day saw Ripple’s XRP rise from an early morning low $0.25054 to a high $0.25195 before easing back.

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

For the day ahead, a move through to $0.2530 levels would support a run at the first major resistance level at $0.2584.

Ripple’s XRP would need the support of the broader market, however, to break out from $0.2530 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $0.25962 would likely limit any upside.

Failure to move through to $0.2530 levels could see Ripple’s XRP hit reverse. A fall through the morning low $0.25054 would bring the first major support level at $0.2463 into play.

In the event of a sell-off, the second major support level at $0.2403 should limit any downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

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