Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/06/19

Litecoin steams ahead as buyer interest continues to build ahead of this summer’s halving event. Bitcoin Cash ABC sees red early on to buck the trend.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Bucks the Trend

Bitcoin Cash ABC slipped by 0.04% on Tuesday. Following a 3.01% rally from Monday, Bitcoin Cash ABC ended the day at $390.78.

A choppy start to the day saw Bitcoin Cash ABC rise to a morning high $392.75 before hitting reverse.

Falling short of the first major resistance level at $402.91, Bitcoin Cash ABC slid to a late afternoon intraday low $380.

Bitcoin Cash ABC managed to hold above the first major support level at $375.13 to strike a late intraday high $394 before easing back.

While falling short of the major resistance levels and $400, Bitcoin Cash ABC continued to sit around the 23.6% FIB of $393 at the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 0.43% to $389.09. A choppy start to the day saw Bitcoin Cash ABC recover from a morning low $383.44 to strike a morning high $394.

Steering clear of the major support and resistance levels, Bitcoin Cash ABC failed to break out from the 23.6% FIB of $393, leading to a fall back into the red.

For the day ahead, a hold above $388.5 levels would support upward momentum through the afternoon.

A move through the 23.6% FIB to the morning high $394 would bring the first major resistance level at $396.52 into play.

Bitcoin Cash ABC would need support from the broader market, however, to break out from $396 levels.

Barring an extended crypto rally through the day, Bitcoin Cash ABC would likely come up short of $400 levels once more.

Failure to hold above $388.5 levels could see Bitcoin Cash ABC fall through the first major support level at $382.52 to sub-$380 levels.

Barring a crypto meltdown, however, Bitcoin Cash ABC would likely leave the second major support level at $374.26 untested.

Litecoin Leads the Way Again

Litecoin rallied by 5.1% on Tuesday. Following on from a 13.01% surge on Monday, Litecoin ended the day at $136.2.

A relatively range-bound morning saw Litecoin fall from a morning high $130.94 to a late morning intraday low $125.34.

Steering well clear of the first major support level at $118.02, Litecoin rallied to late intraday high and new swing hi $138.99.

The rally saw Litecoin break through and held above the first major resistance level at $136.14.

At the time of writing, Litecoin was up by 3.78% to $139.98. A bullish start to the day saw Litecoin rally from an early morning low $134.2 to a mid-morning high and new swing hi $141.42.

Steering clear of the major support levels, Litecoin came up against the first major resistance level at $141.68.

For the day ahead, a move back through to $141 levels would support a break out from the first major resistance level.

Litecoin would need continued support from the broader market, however, to take a run at $145 levels.

Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move back through to $141 levels could see Litecoin give up some of the morning gains.

Barring a crypto meltdown, however, Litecoin will likely steer well clear of sub-$130. Litecoin will also likely steer clear of the first major support level at $128.03.

Ripple’s XRP still at sub-$0.40

Ripple’s XRP fell by 2.09% on Tuesday. Partially reversing a 4.26% gain from Monday, Ripple’s XRP ended the day at $0.39321.

It was bearish through to the early afternoon. Ripple’s XRP slid from an early intraday high $0.40369 to a late afternoon intraday low $0.38350.

Falling short of the first major resistance level at $0.4108, Ripple’s XRP slid through the first major support level at $0.3863.

Finding support late on, Ripple’s XRP recovered to $0.396 levels before easing back at the day end.

At the time of writing, Ripple’s XRP was up 0.41% to $0.39482. Recovering from a morning low $0.38901, Ripple’s XRP struck a morning high $0.39784 before easing back.

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

For the day ahead,

A hold above $0.3935 levels would support another run at the first major resistance level at $0.4034.

Ripple’s XRP would need support from the broader market, however, to break through $0.40 levels.

Barring an extended crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.4137.

Failure to hold above $0.3935 levels could see Ripple’s XRP slide back into the red. A fall through the morning low $0.38901 would bring the first major support level at $0.3832 into play.

Barring a crypto meltdown, Ripple’s XRP would likely continue to avoid sub-$0.37 levels, however.

Please let us know what you think in the comments below

Thanks, Bob

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