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

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC gained 0.99% on Monday. Following on from a 1.79% rise on Sunday, Bitcoin Cash ABC ended the day at $417.18.

A mixed start to the day saw ease to a mid-morning intraday low $407 before finding support.

Steering well clear of the first major support level at $400.92, Bitcoin Cash ABC rallied to a late intraday high $418.87.

Bitcoin Cash ABC came up against the 23.6% FIB of $418 and the first major resistance level at $418.60 before easing back.

At the time of writing, Bitcoin Cash ABC was up by 0.46% to $419.09. A range-bound first hour saw Bitcoin Cash ABC rise from a morning low $418.18 to a high $419.09.

While Bitcoin Cash ABC left the major support and resistance levels untested, Bitcoin Cash ABC found support at the 23.6% FIB of $418.

For the day ahead, a hold above the 23.6% FIB would support further upside on the day. A move through Monday’s high $418.87 would bring the first major resistance level at $421.7 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $420.

Failure to hold above the 23.6% FIB of $418 could see Bitcoin Cash ABC test the first major support level at $409.83.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$400 levels, however. The second major support level at $402.48 would limit any downside in the event of an extended sell-off.

Litecoin Makes a Move

Litecoin gained 2.69% on Monday. Following on from a 1.71% rise on Sunday, Litecoin ended the day at $123.50.

A bearish start to the day saw Litecoin fall to an early morning intraday low $118.01 before finding support.

Steering clear of the first major support level at $117.66, Litecoin recovered to $120 levels ahead of a late rally.

The late rally saw Litecoin break through the first major resistance level at $122.05 and second major resistance level at $123.91.

In spite of the late move, Litecoin eased back through the second major resistance level by the day end.

At the time of writing, Litecoin was down by 0.49% to $122.89. A bearish start to the day saw Litecoin fall from a morning high $123.64 to a low $122.2 before finding support.

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

For the day ahead, a hold above $122.40 would support a bounce back later in the day. A move through the morning high $123.64 would bring Monday’s high $125.67 into play.

Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $126.78.

Failure to hold above $122.4 could see Litecoin take a bigger hit on the day. A fall through to $120 levels would bring the first major support level at $119.12 into play.

Barring a crypto meltdown, Litecoin should steer clear of the 23.6% FIB of $117 on the day.

Ripple’s XRP Returns to $0.40

Ripple’s XRP gained 1.05% on Monday. Following on from a 1.88% rise from Sunday, Ripple’s XRP ended the day at $0.4030.

Tracking the broader market, Ripple’s XRP slipped to an early morning intraday low $0.39331 before making a move.

Steering clear of the first major support level at $0.3908, Ripple’s XRP rallied to an early afternoon intraday high $0.4050.

The late morning rally saw Ripple’s XRP break through the first major resistance level at $0.4043 before pulling back to sub-$0.40 levels.

Finding support from the broader market, Ripple’s XRP bounced back late on to end the day at $0.40 levels.

At the time of writing, Ripple’s XRP was up by just 0.01% to $0.40304. A choppy start to the day saw Ripple’s XRP rise to a morning high $0.40827 before falling to a morning low $0.40228.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.4076 before the pullback.

For the day ahead, a move back through to $0.4050 levels would support another run at the first major resistance level at $0.4076.

Ripple’s XRP would need the support of the broader market, however, to break out from Monday’s high $0.4050.

In the event of a broad-based crypto rally, Ripple’s XRP could touch $0.41 levels before any pullback.

Failure to move back through to $0.4050 levels could see Ripple’s XRP struggle on the day. A fall through the morning low $0.40228 to $0.4000 would bring the first major support level at $0.3959 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.3887.

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Thanks, Bob