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

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