Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/06/19

Litecoin bucks the trend early on, with the rest of the majors struggling. A move through key levels could deliver a weekend rally…
Bob Mason
Bitcoin 1

Bitcoin Cash – ABC – Struggles at $400

Bitcoin Cash ABC rose by 1.08% on Friday. Following a flat Thursday, Bitcoin Cash ABC ended the day at $390.56.

A relatively choppy day saw Bitcoin Cash ABC fall to an early morning intraday low $389.32 before finding support.

While steering clear of the major support levels, Bitcoin Cash ABC fell through the 23.6% FIB of $393 before rallying through to a late intraday high $410.7.

In spite of the afternoon rally, Bitcoin Cash ABC came up short of the first major resistance level at $411.66. A late pullback left Bitcoin Cash ABC at sub-$400 levels at the day end.

At the time of writing, Bitcoin Cash ABC was down by 0.38% to $398.03. Bitcoin Cash ABC rose to a morning high $403.86 before falling to a low $396.04.

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

For the day ahead, a move back through to $400 levels would support a run at the first major resistance level at $410.4.

Bitcoin Cash ABC would need support from the broader market, however, to break out from $400.

Barring a broad-based crypto rally, the first major resistance level at $410.4 and Friday’s high $410.7 would likely cap any upside.

Failure to move back through to $400 levels could see Bitcoin Cash ABC take a hit on the day. A fall back through the morning low $396.04 would bring the first major support level at $389.02 into play.

Barring a broad-based sell-off, the 23.6% FIB of $393 and first major support level should limit the downside.

Litecoin Outperforms the Pack

Litecoin gained 5% on Friday. Following on from a 7.35% rally on Thursday, Litecoin ended the day at $117.07.

Bullish through most of the day, Litecoin rallied from a start of a day intraday low $109.9 to a late intraday high $121.57.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $115.52 and second major resistance level at $119.56 before easing back to $117 levels late in the day.

Of greater significance on the day was Litecoin’s attempt at breaking through the 62% FIB of $121.

At the time of writing, Litecoin was up by 0.44% to $117.58. Bucking the trend, Litecoin fell to a morning low $115.72 before striking a morning high $118.8.

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

For the day ahead, a hold onto $117 levels through the morning would support a run at the 62% FIB of $121.

Litecoin would need support from the broader market, however, to break out from the 62% FIB and take a run at the first major resistance level at $122.46.

Barring a broad-based crypto rally, the 62% FIB and Friday high $121.57 would likely limit any upside.

Failure to hold onto $117 levels could see Litecoin join the pack.

A fall through the morning low $115.72 would bring the first major support level at $110.79 into play.

Barring a crypto market sell-off, Litecoin should continue to steer clear of sub-$100 levels. The second major support level at $104.51 would limit the downside in the event of a reversal.

Ripple Trails the Pack

Ripple’s XRP slipped by just 0.03% on Friday. Following a 4.97% gain Thursday, Ripple’s XRP ended the day at $0.42053.

Tracking the broader market, Ripple’s XRP rallied from an early morning low $0.41549 to an early afternoon intraday high $0.4332.

Steering clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.4353 before hitting reverse.

The reversal saw Ripple’s XRP slide through the 23.6% FIB of $0.4164 to an intraday low $0.41473 before finding support.

At the time of writing, Ripple’s XRP was down by 0.52% to $0.41834. A mixed start to the day saw Ripple’s XRP fall from a morning high $0.42365 to a low $0.41502.

In spite of a choppy start to the day, Ripple’s XRP left the major support and resistance levels untested.

For the day ahead, a move back through to $0.4230 levels would be needed to support a bullish day ahead.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4309.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.4413.

The first major resistance level and Friday’s high $0.4332 would likely pin Ripple’s XRP back on the day.

Failure to move back through to $0.4230 levels could see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.41502 would bring the first major support level at $0.4124 into play.

Barring a crypto meltdown, Ripple’s XRP should avoid sub-$0.41 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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