Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/11/19

It’s a bearish start to the majors, with Ripple’s XRP seeing heavy losses early on. It could be a bearish day for the cryptos…
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC rallied by 4.19% on Wednesday. Following on from a 0.88% gain on Tuesday, Bitcoin Cash ABC ended the day at $305.29.

A mixed start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $290.68 before making a move.

Steering clear of the first major support level at $286.62, Bitcoin Cash ABC rallied to a mid-morning high $307.86.

Bitcoin Cash ABC broke through the first major resistance level at $298.69 and second major resistance level at $304.6

A pullback through late morning saw Bitcoin Cash ABC fall back to sub-$298 levels before finding support.

Through the 2nd half of the day, Bitcoin Cash ABC broke back through the first and second major resistance levels to wrap up the day at $305 levels.

It was the first closeout at $300 levels since late September.

At the time of writing, Bitcoin Cash ABC was down by 0.08% to $305.04. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $306.06 before falling to a low $304.29.

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

For the day ahead, a move back through to $306 levels would support a run at the first major resistance level at $311.87.

Bitcoin Cash ABC would need the support of the broader market to break out from Wednesday’s high $307.86.

Barring a broad-based crypto rally, however, resistance at $310 would likely limit any upside.

Failure to move back through to $306 levels could see Bitcoin Cash ABC fall deeper into the red.

A fall through to $301.2 levels would bring the first major support level at $294.69 into play.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer clear of sub-$290 support levels.

Litecoin Struggles to hold at $64

Litecoin rose by 1.55% on Wednesday. Following on from a 2.85% rise on Tuesday, Litecoin ended the day at $64.16.

A bearish start to the day saw Litecoin fall to an early morning intraday low $62.59 before finding support.

Steering clear of the first major support level at $61.23, Litecoin rallied to a mid-morning high $63.94.

Falling short of the first major resistance level at $64.64, Litecoin fell back to sub-$63 levels before finding support.

In the second half of the day, Litecoin rallied to a late intraday high $64.31. In spite of the late rally, Litecoin came up short of the first major resistance level at $64.64. It was, however, Litecoin’s highest end of day price since 23rd September.

At the time of writing, Litecoin was down by 0.19% to $64.04. A bearish start to the day saw Litecoin fall from an early morning high $64.32 to a low $63.84.

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

For the day ahead, a move back through the morning high $64.32 would bring the first major resistance level at $64.78 into play.

Litecoin would need the support of the broader market, however, to break out from $64.3 levels.

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

Failure to move back through the morning high could leave Litecoin struggling through the day.

A fall through to sub-$63.70 levels would bring the first major support level at $63.06 into play.

Barring an extended sell-off, however, Litecoin should steer well clear of the second major support level at $61.97.

Ripple’s XRP back at sub-$0.31

Ripple’s XRP rose by 3.07% on Wednesday. Following on from a 0.37% gain on Tuesday, Ripple’s XRP ended the day at $0.3109.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.29778 before finding support.

Steering clear of the first major support level at $0.2963, Ripple’s XRP rose to a mid-morning high $0.30341.

Falling short of the first major resistance level at $0.3068, Ripple’s XRP fell back to sub-$0.300 levels.

A late rally delivered the upside on the day. Ripple’s XRP broke through the first major resistance level at $0.3068 and second major resistance level at $0.3120 to strike a late intraday high $0.3141.

Whilst easing back late in the day, Ripple’s XRP held onto $0.31 levels.

At the time of writing, Ripple’s XRP was down by 3.51% to $0.30000. A particularly bearish start to the day saw Ripple’s XRP fall from an early morning high $0.3150 to a low $0.29623.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.3011.

For the day ahead, a move back through the first major support level would signal the start of a rebound.

Ripple’s XRP would need to break through to $0.3080 levels, however, to move back through to $0.31 levels.

Barring a broad-based crypto rebound later in the day, Ripple’s XRP would likely fall short of the first major resistance level at $0.3174.

Failure to move back through the first major support level could see Ripple’s XRP slide deeper into the red.

A fall back through the morning low $0.29623 would bring the second major support level at $0.2913 into play.

Barring a meltdown, however, Ripple’s XRP should steer clear of sub-$0.29 levels.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US