Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/06/19

It’s a mixed start to the day for the majors, with Litecoin trailing early on. Support from the broader market could deliver an afternoon recovery…
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – On the Up

Bitcoin Cash ABC rose by 0.36% on Saturday. Following on from a 2.69% gain from Friday, Bitcoin Cash ABC ended the day at $422.5.

Another relatively choppy day saw Bitcoin Cash ABC fall from an early morning high $424 to an early afternoon intraday low $413.11.

Steering clear of the first major support level at $408.67, Bitcoin Cash ABC rallied to a late afternoon intraday high $426.00.

Bitcoin Cash ABC came up short of the first major resistance level at $428.67 before easing back to sub-$420 levels. In spite of the late pullback, Bitcoin Cash ABC managed to recover to $220 levels to end the day in the green.

At the time of writing, Bitcoin Cash ABC was up by 0.91% to $426.36. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $421.08 to a high $426.36.

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

A hold onto $426 levels through the morning would support a run at the first major resistance level at $427.96.

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

In the event of a broad-based crypto rally, Bitcoin Cash ABC could visit $430 levels before any pullback.

Failure to hold onto $426 levels could see Bitcoin Cash ABC hit reverse. A fall through to sub-$420 levels would bring the first major support level at $415.07 into play.

Litecoin in the Red

Litecoin rallied by 4.36% on Saturday. Following on from a 1.36% increase on Friday, Litecoin ended the day at $138.35.

A bullish start to the day saw Litecoin rally from an intraday low $132.57 to an early morning high $137.31 before easing back.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $135.33 before falling back to $133 levels by late morning.

A second rally in the late afternoon saw Litecoin strike an intraday high $140.00 before falling back. The rally saw Litecoin break through the first major resistance level at $135.33 and second major resistance level at $138.09.

At the time of writing, Litecoin was down by 1.4% to $136.42. Bucking the trend from across the broader market, Litecoin fell from a morning high $138.46 to a low $135.00.

Litecoin steered clear of the major support and resistance levels early on.

For the day ahead, a move back through to $137 levels would be needed to bring $140 levels back into play.

Litecoin would need support from the broader market, however, to take a run at the first major resistance level at $141.38.

Barring a broad-based crypto rally, Litecoin would likely fall short of $141 levels on the day.

Failure to move back through to $137 levels could see Litecoin fall deeper into the red. A pullback through the morning low $135 would bring the first major support level at $133.95 into play.

Barring a crypto meltdown, Litecoin should steer clear of sub-$130 levels on the day.

Ripple’s XRP Finds Support

Ripple’s XRP increased by 2.01% on Saturday. Following on from a 1.03% rise from Friday, Ripple’s XRP ended the day at $0.41155.

A bullish start to the day saw Ripple’s XRP rise from a morning low $0.40180 to a morning high $0.41133 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.4085 before sliding to an early afternoon intraday low $0.40098.

Steering clear of the first major support level at $0.3952, Ripple’s XRP rallied to a late intraday high $0.41499. The rally saw Ripple’s XRP break through the first major resistance level at $0.4085 and second major resistance level at $0.4133.

At the time of writing, Ripple’s XRP was up by 1.88% to $0.41930. Recovering from an early dip to a morning low $0.40787, Ripple’s XRP rallied to a morning high $0.42183 before easing back.

Holding above the first major support level at $0.4034, Ripple’s XRP broke through the 23.6% FIB of $0.4164 and first major resistance level at $0.4174.

For the day ahead, a hold above the 23.6% FIB of $0.4164 would support further upside in the day. A move back through to $0.42 levels would bring the second major resistance level at $0.4232 into play.

Barring a broad-based crypto rally, Ripple’s XRP would likely fall short of $0.43 levels on the day.

Failure to hold above the 23.6% FIB could see Ripple’s XRP hit reverse. A fall through the morning low $0.40787 would bring the first major support level at $0.4034 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.40 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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