Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/10/19

It’s back into the red for the crypto majors, with Bitcoin at sub-$8,000 levels weighing on the broader market.
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Back at sub-$220

Bitcoin Cash ABC fell by 0.97% on Sunday. Following on from a 0.04% decline on Saturday, Bitcoin Cash ABC ended the week up by 0.98% to $219.93.

A bearish morning saw Bitcoin Cash ABC slide from an early morning high $222.09 to a late morning low $218.00.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $219.68.

Finding support in the early afternoon, Bitcoin Cash ABC bounced back to an early afternoon intraday high $222.51.

Falling short of the first major resistance level at $222.96, Bitcoin Cash ABC slid back to a late afternoon intraday low $216.

Bitcoin Cash ABC fell through the first major support level at $219.68 and the second major support level at $217.71.

Finding support late on, Bitcoin Cash ABC managed to break back through the major support levels to limit the downside on the day.

At the time of writing, Bitcoin Cash ABC was down by 0.43% to $218.99. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $219.99 before falling to a low $218.99.

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

For the day ahead, Bitcoin Cash ABC would need to move back through to $219.50 levels to support a run at $220 levels.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $222.96.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $222.51 would likely cap any upside.

Failure to move through to $219.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $217 levels would bring the first major support level at $216.45 into play.

Barring an extended sell-off through the day, however, Bitcoin Cash ABC should steer clear of sub-$216 support levels.

Litecoin Back at $54 Levels

Litecoin slid by 4.17% on Sunday. Reversing a 0.69% gain from Saturday, Litecoin ended the week up by 1.08% at $54.48.

Bearish through the day, Litecoin tumbled from a start of a day intraday high $56.96 to a late afternoon intraday low $53.03.

Litecoin fell through the day’s major support levels before finding support from the broader market late in the day.

A partial recovery saw Litecoin break back through the third major support level at $53.12 to reduce the loss on the day.

At the time of writing, Litecoin was down by 0.62% to $54.14. A bearish start to the day saw Litecoin fall from an early morning high $54.50 to a low $53.35 before finding support.

In spite of the early sell-off, Litecoin steered clear of the major support levels early on.

For the day ahead, a move through to $54.80 levels would support a run at the first major resistance level at $56.62.

Support from the broader market would be needed, however, for Litecoin to break out from $55 levels.

Barring a broad-based crypto rebound, Litecoin would likely come up short of $57 levels for a 2nd consecutive day.

Failure to move through to $54.80 levels could see Litecoin spend a 2nd consecutive day in the red.

A fall back through the morning low $53.25 would bring the first major support level at $52.69 into play.

Ripple’s XRP Bucked the Trend

Ripple’s XRP rose by 0.78% on Sunday. Following on from a 0.36% gain on Saturday, Ripple’s XRP ended the week up by 6.28% to $0.25633.

A choppy morning saw Ripple’s XRP fall to an early morning intraday low $0.25161 before finding support.

Steering clear of the first major support level at $0.2473, Ripple’s XRP struck a mid-morning high $0.25636.

Falling short of the major resistance levels, Ripple’s XRP fell back to $0.2510 levels before rallying to a late afternoon intraday high 0.25726.

The late recovery saw Ripple’s XRP come within range of the first major resistance level at $0.2595 before easing back.

Ripple’s XRP fell back to $0.2520 levels and into the red before a final-hour recovery.

At the time of writing, Ripple’s XRP was down by 0.17% to $0.25590. A mixed start to the day saw Ripple’s XRP fall from an early morning high $0.25684 to a low $0.25424 before finding support.

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

For the day ahead, holding onto $0.255 levels would support a run at the first major resistance level at $0.2585.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.25726.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall short of $0.26 levels for a 6th consecutive day.

Failure to hold onto $0.255 levels could see Ripple’s XRP slide back deep into the red. A fall through the morning low $0.25424 would bring the first major support level at $0.2529 into play.

In the event of an extended sell-off, Ripple’s XRP could test the second major support level at $0.2494 before any recovery.

Please let us know what you think in the comments below

Thanks, Bob

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