Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 09/06/19

It’s a bearish start to the day for the majors. Following a mixed bag on Saturday, an early recovery would be needed to avoid a sell-off.
Bob Mason
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Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 1.85% on Saturday. Reversing a 1.08% gain from Friday, Bitcoin Cash ABC ended the day at $392.17.

A relatively choppy morning saw Bitcoin Cash ABC rise to an early intraday high $403.86 before falling to a morning low $390.38.

While steering clear of the major support and resistance levels, Bitcoin Cash ABC fell through the 23.6% FIB of $393.

Falling short of $400 levels through the rest of the day, Bitcoin Cash ABC fell to a late afternoon intraday low $385 before finding support.

Bitcoin Cash ABC fell back through the 23.6% FIB of $393 and through the first major support level at $389.02.

At the time of writing, Bitcoin Cash ABC was flat at $392.17. Bitcoin Cash ABC bucked the trend from across the broader market and held steady at the start of the day.

With the flat start to the day, Bitcoin Cash ABC left the major support and resistance levels untested.

For the day ahead, a move through the 23.6% FIB of $393 to $394 levels would support a run at the first major resistance level at $402.35.

The sentiment from across the broader market would need to improve, however, for Bitcoin Cash ABC to break out from the 23.6% FIB.

Failure to move through to $393.79 could see Bitcoin Cash ABC join the rest of the pack in the red. A fall through to sub-$390 levels would bring the first major support level at $383.49 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should avoid sub-$380 levels for a 2nd consecutive day.

Litecoin Outperforms the Pack Again

Litecoin rose by 1.22% on Saturday. Following on from a 5% gain on Friday, Litecoin ended the day at $118.5.

Bearish through most of the day, Litecoin fell to a late afternoon intraday low $114.0 before finding support.

Holding above the first major support level at $110.79, Litecoin rallied to a late intraday high $120 before easing back.

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

At the time of writing, Litecoin was down by 0.82% to $117.53. A mixed start to the day saw Litecoin rise to an early morning high $119.3 before falling to a low $117.13.

In spite of the pullback, Litecoin left the major support and resistance levels untested early on.

For the day ahead, a hold onto $117.5 levels through the morning would support another run on Saturday’s high $120.0.

Litecoin would need support from the broader market, however, to take a run at the first major resistance level and 23.6% FIB at $121.

Barring a broad-based crypto rebound, Saturday’s high $120 would likely limit any upside on the day.

Failure to hold onto $117.5 levels could see Litecoin test the first major support level at $115.0.  An extended sell-off across the broader market would bring the second major support level at $111.5 into play.

Barring a crypto meltdown, Litecoin should avoid sub-$110 levels.

Ripple Avoids sub-$0.40

Ripple’s XRP slid by 2.87% on Saturday. Following on from a 0.03% fall from Friday, Ripple’s XRP ended the day at $0.40848.

Also bearish through most of the day, Ripple’s XRP fell from an early morning intraday high $0.42365 to a late intraday low $0.4045.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4124 to find support at the second major support level at $0.4044. Ripple’s XRP came up well short of the major resistance levels at the start of the day.

Of greater significance on the day was the fall through the 23.6% FIB of 0.4164.

At the time of writing, Ripple’s XRP was down by 0.46% to $0.4066. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.41008 to a low $0.4055.

Moves through the early left the major support and resistance levels untested.

For the day ahead, a move back through the morning high to $0.4125 levels would support a run at the first major resistance level at $0.4199.

Ripple’s XRP would need support from the broader market, however, to break out from this morning’s high $0.41008.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall short of Saturday’s high $0.42365 on the day.

Failure to move through to $0.4125 levels could see Ripple’s XRP fall deeper into the red. A fall through the morning low $0.4055 would bring the first major support level at $0.4008 into play.

An extended sell-off across the broader market would see Ripple’s XRP test the second major support level at $0.3931 before any recovery.

Please let us know what you think in the comments below

Thanks, Bob

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