Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 13/06/19

It’s a mixed start to the day for the majors, with Litecoin among the crypto top 10 to sit in the red early on. Moves through the late morning will be key.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Sees Green

Bitcoin Cash ABC rose by 0.84% on Wednesday. Reversing a 0.04% fall from Tuesday, Bitcoin Cash ABC ended the day at $394.07.

A choppy morning saw Bitcoin Cash ABC recover from an early intraday low $383.44 to strike a morning high $394.

Falling short of the first major resistance level at $396.52, the 23.6% FIB of $393 continued to be the line in the sand.

Bitcoin Cash ABC eased back to $388 levels before an early afternoon rally saw Bitcoin Cash ABC strike an intraday high $403.25.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $396.42 and second major resistance level at $402.26.

A mid-afternoon pullback saw Bitcoin Cash ABC slide to $391 levels before finding support.

At the time of writing, Bitcoin Cash ABC was by 0.84% to $397.40. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $394.64 to a high $404.66.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $403.73 before easing back.

For the day ahead, a hold above the 23.6% FIB of $393 would support another run at $400 levels later in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from the first major resistance level.

Barring a broad-based crypto rally, Wednesday’s high $403.25 and the first major resistance level would limit any upside.

Failure to hold above the 23.6% FIB could see Bitcoin Cash ABC test the first major support level at $383.92 before any recovery.

Barring a crypto meltdown, Bitcoin Cash ABC would likely steer clear of sub-$380 levels on the day.

Litecoin Bucked the Trend

Litecoin ended the day flat on Wednesday. Following a 5.1% rally from Tuesday, Litecoin ended the day at $136.19.

Bullish through much of the day, Litecoin rallied from a morning low $134.2 to an afternoon intraday high and new swing hi $144.34.

Litecoin broke through the first major resistance level at $141.68 before sliding back to a late intraday low $130.45.

Steering clear of the major support levels, Litecoin managed to reverse the day’s loss late on.

At the time of writing, Litecoin was down by 1.08% to $134.72. A mixed start to the day saw Litecoin rise to a morning high $136.79 before falling to a low $133.33.

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

For the day ahead, a move back through the morning high to $137 levels would support a run at $140 levels.

Litecoin would need to move through to $140 levels by the early afternoon to take a run at the first major resistance level at $143.54.

In the event of another breakout, a visit to $145 levels remains on the cards.

Failure to move through to $137 levels could see Litecoin struggle through the day.  A fall back through the morning low $133.33 could see Litecoin test the first major support level at $129.65.

Barring a broad-based sell-off, however, Litecoin would likely avoid heavier losses on the day.

Ripple’s XRP holds onto $0.40

Ripple’s XRP rose by 2.48% on Wednesday. Partially reversing a 2.09% fall from Tuesday, Ripple’s XRP ended the day at $0.40304.

Tracking the broader market, Ripple’s XRP rose from an early intraday low $0.38091 to an early afternoon intraday high $0.40431.

The early pullback saw Ripple’s XRP fall through the first major support level at $0.3832. The afternoon high saw Ripple’s XRP test the first major resistance level at $0.4034 before easing back.

Late support from the broader market led Ripple’s XRP back through to $0.40 levels by the day end.

At the time of writing, Ripple’s XRP was up by 0.86% to $0.40651. A bullish start to the day saw Ripple’s XRP rise from a morning low $0.40023 to a high $0.4107.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.4086.

For the day ahead, a hold onto $0.40 levels would support another break through the first major resistance level to $0.41 levels.

Ripple’s XRP would need support from the broader market, however, to take a run at the second major resistance level at $0.4141 and 23.6% FIB of $0.4164.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.41 levels at the 2nd time of asking.

Failure to hold onto $0.40 levels could see Ripple’s XRP slide back through the morning low $0.40023.

A broad-based sell-off would bring the first major support level at $0.3933 into play before any recovery.

Please let us know what you think in the comments below

Thanks, Bob

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