Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/06/19

it’s a mixed start to the day for the majors. Following last week’s losses, the bulls will be looking to make up some lost ground on the day.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Struggles on

Bitcoin Cash ABC slid by 3.64% on Sunday. Following on from a 1.85% on Saturday, Bitcoin Cash ABC ended the week down 14.8% at $377.88.

A positive start to the day saw Bitcoin Cash ABC rise to a late morning intraday high $396.75 before hitting reverse.

While falling short of the first major resistance level at $402.35, Bitcoin Cash ABC moved through the 23.6% FIB of $393.

The reversal saw Bitcoin Cash ABC slide to a late intraday low $370.49 before finding support. Sliding back through the 23.6% FIB, Bitcoin Cash ABC also fell through the first major support level at $383.49 and second major support level at $374.82.

At the time of writing, Bitcoin Cash ABC was down by 0.49% to $376.01. A bearish start to the day saw Bitcoin Cash ABC fall to an early morning low $373.4 before finding support.

Steering clear of the major support levels, Bitcoin Cash ABC recovered to a morning high $379.31 before falling back into the red.

For the day ahead, a move through to $382 levels would support a bullish second half of the day. Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $392.92.

Barring broad-based crypto rally, Bitcoin Cash ABC would likely fall short of $400 levels for a 2nd consecutive day.

Failure to move through to $382 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through the morning low would bring the first major support level at $366.66 into play.

Litecoin Joins the Pack

Litecoin fell by 3.1% on Sunday. Reversing a 1.22% gain from Saturday, Litecoin ended the weel up 0.13% to $114.83.

A relatively choppy morning saw Litecoin fall from an intraday high $119.3 to a morning low $115.4 before finding support.

Steering clear of the major support and resistance levels, Litecoin recovered to $118 levels before succumbing to market forces.

An early afternoon sell-off saw Litecoin slide to an intraday low $111.09 before steadying. Litecoin fell through the first major support level at $115.0 and second major support level at $111.5.

At the time of writing, Litecoin was up by 1.45% to $116.50.  Recovering from a start of a day morning low $112.66, Litecoin rose to a high $116.91 before easing back.

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

For the day ahead, a move through to $117 levels would support a run at the first major resistance level at $119.06.

Litecoin would need support from the broader market, however, to break out from $117 levels. Barring a broad-based crypto rally, Litecoin will likely fall short of $120 levels for a 2nd consecutive day.

Failure to move through to $117 levels could see Litecoin hit reverse. A fall through the morning low $112.66 would bring the first major support level at $110.85 into play.

Barring a crypto meltdown, Litecoin would likely steer clear of sub-$110 levels on the day.

Ripple back at $0.38 Levels

Ripple’s XRP slid by 5.64% on Sunday. Following on from a 2.87% fall from Saturday, Ripple’s XRP ended the week down 13.4% at $0.38525.

Relatively range-bound through the morning, Ripple’s XRP rose from a morning low $0.4045 to a mid-morning intraday high $0.41190.

An early afternoon broad-based crypto sell-off did the damage on the day. Ripple’s XRP slid to an early afternoon intraday low $0.36990 before finding support to move back through to $0.38 levels.

The sell-off saw Ripple’s XRP  fall through the major support levels before moving back through the third major support level at $0.3739.

At the time of writing, Ripple’s XRP was up by 0.67% to $0.38783. Tracking the broader market, Ripple’s XRP recovered from an early morning low $0.38014 to strike a high $0.3900.

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

For the day ahead, a move back through the morning high would support a run at $0.40 levels later in the day.

Ripple’s XRP would need the support of the broader market to break through the first major resistance level at $0.4081.

Barring a broad-based crypto rally, the first major resistance level could leave $0.41 levels out of reach.

Failure to move back through the morning high $0.39 could see Ripple’s XRP hit reverse. A fall through the morning low $0.38014 would bring the first major support level at $0.3661 into play.

Barring a crypto meltdown, the first major support level should leave $0.35 levels out of play through the day.

Please let us know what you think in the comments below

Thanks, Bob

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