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

The majors see red early on as a late pullback from Thursday continues into the early hours. A move back through key levels would signal a rebound…
Bob Mason
Bitcoin 1

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

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US