Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 14/06/19

Bitcoin Cash – ABC – Holds onto $400

Bitcoin Cash ABC rallied by 5.08% on Thursday. Following on from a 0.84% increase on Wednesday, Bitcoin Cash ABC ended the day at $412.98.

Bullish through most of the day, Bitcoin Cash ABC rallied from an early intraday low $394.64 to a late intraday high $424.10.

Bitcoin Cash ABC broke through the first major resistance level at $403.73 and second major resistance level at $413.40. At the start of the day, Bitcoin Cash ABC steered clear of the major support levels and 23.6% FIB of $393.

In spite of a late pullback, Bitcoin Cash ABC managed to hold onto $400 levels at the day end.

At the time of writing, Bitcoin Cash ABC was down by 1.38% to $407.27.  Thursday’s late reversal continued into the early hours. Bitcoin Cash ABC fell from a start of a day morning high $410.96 to a morning low $406.59 before steadying.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move back through to $410 levels would support another run at $420 levels later on in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Thursday’s high $424.1 and take a run at the first major resistance level at $426.51.

Barring a broad-based crypto rebound, Bitcoin Cash ABC would likely come up short of $420 levels on the day.

Failure to move through to $410 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through the morning low $406.59 could bring the first major support level at $397.05 into play.

Barring an extended sell-off, however, Bitcoin Cash ABC would likely hold above the 23.6% FIB of $393.

Litecoin Takes a Hit

Litecoin fell by 3.9% on Thursday. Following a flat Wednesday, Litecoin ended the day at $130.89.

A relatively range-bound morning saw Litecoin fall from a morning high $136.79 to a mid-day low $132.46.

Leaving the major support and resistance levels untested, Litecoin rose to an early afternoon intraday high $136.95 before hitting reverse.

Falling well short of the first major resistance level at $143.54, Litecoin slid to an intraday low $128 before recovering to $130 levels late in the day.

At the time of writing, Litecoin was down by 1.04% to $129.53. A bearish start to the day saw Litecoin fall from a morning high $131.5 to a low $128.56 before finding support.

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

For the day ahead, a move back through the morning high to $132 levels would support a run at the first major resistance level at $135.89.

In spite of Thursday’s trend-bucking moves, support from the broader market would be needed for a breakout from $132 levels.

A broad-based market rally would bring the second major resistance level at $140.90 into play.

Failure to move back through the morning high could pressure Litecoin through the day. A pullback through to sub-$130 levels would bring the first major support level at $126.94 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$125 support levels on the day.

Ripple’s XRP Back at sub-$0.40

Ripple’s XRP slipped by 0.90% on Thursday. Partially reversing a 2.48% gain from Thursday, Ripple’s XRP ended the day at $0.0.39957.

A bullish start to the day saw Ripple’s XRP hit an early intraday high $0.41070 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.4086 before sliding to a mid-day intraday low $0.39667.

Steering clear of the first major support level at $0.3933, Ripple’s XRP recovered to $0.40555 before pulling back to sub-$0.40 levels late on.

At the time of writing, Ripple’s XRP was down by 0.79% to $0.39640. Tracking the broader market, Ripple’s XRP fell from an early morning high $0.40107 to a morning low $0.39307.

The reversal saw Ripple’s XRP test the first major support level at $0.3939 early on.

For the day ahead, a move back through the morning high to $0.4020 levels would be needed for an afternoon rally.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4080.

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

Failure to move back through the morning high could see Ripple’s XRP slide deeper into the red. A fall through the first major support level at $0.3939 could bring sub-$0.39 levels into play.

Barring a crypto meltdown, the second major support level at $0.3883 should limit the downside on the day.

Please let us know what you think in the comments below

Thanks, Bob