Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/06/19

Ripple’s XRP joins Bitcoin in the green in the early hours. Litecoin is looking to break back into positive territory, however…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Touches $440

Bitcoin Cash ABC gained 2% on Sunday. Following on from a 0.36% rise from Saturday, Bitcoin Cash ABC ended the week up 13.6% to $430.0.

A bullish morning saw Bitcoin Cash ABC rally from an early intraday low $421.08 to late morning intraday high $440.0.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $427.96 and second major resistance level at $433.43.

Relatively choppy through the remainder of the day, Bitcoin Cash ABC slid to $422 levels in the late morning and late evening before recovering to $430 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.7% to $427.00. A mixed start to the day saw Bitcoin Cash ABC rise from a morning low $426.0 to a high $432.61 before sliding back.

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

For the day ahead, a move back through to $430 levels would support a run at the first major resistance level at $439.64.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $440 would likely limit any upside.

In the event of a crypto rally, Bitcoin Cash ABC could take a run at the second major resistance level at $449.28.

Failure to move back through to $430 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $425 levels would bring the first major support level at $420.72 into play.

In the event of a broad-based sell-off, the second major support level at $411.44 would likely prevent a visit to sub-$410 levels.

Litecoin in Recovery

Litecoin fell by 1.05% on Sunday. Partially reversing a 4.36% gain from Saturday, Litecoin ended the week up 19.3% to $137.0.

A relatively choppy day saw Litecoin rise to a mid-morning intraday high $139.14 before hitting reverse.

Falling short of the first major resistance level at $141.38, Litecoin fell to a mid-morning intraday low $133.07.

Litecoin fell through the first major support level at $133.95 before striking an afternoon high $137.63.

A choppy afternoon saw Litecoin fall back to $134 levels before finding support to cut the deficit on the day.

At the time of writing, Litecoin was down by 0.91% to $135.76. A bearish start to the day saw Litecoin fall from a morning high $137.4 to a low $134.99 before finding support.

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

For the day ahead, a move back through to $136.5 levels would signal a recovery. Litecoin would need to move through to $138 levels, however, to bring the first major resistance level at $139.74 into play.

Barring a broad-based crypto rally, Sunday’s high $139.14 and the first major resistance level would likely pin Litecoin back from a break out to the second major resistance level at $142.47.

Failure to move through to $136.5 levels could see Litecoin fall further back. A fall through the morning low $134.99 would bring the first major support level at $133.67 into play.

Barring a crypto meltdown, the second major support level at $130.33 would likely limit the downside on the day.

Ripple’s XRP Makes a Move

Ripple’s XRP rallied by 4.07% on Sunday. Following on from a 2.01% rise from Saturday, Ripple’s XRP ended the week up 11.2% to $0.42838.

Bearish through much of the day, Ripple’s XRP rallied from an early intraday low $0.40787 to a late afternoon intraday high $0.44400.

Steering clear of the major support levels, Ripple’s XRP broke through the 23.6% FIB of $0.4164 and major resistance levels.

A pullback to $0.41 levels was short-lived, with Ripple’s XRP managing to end the day at $0.42 levels.

At the time of writing, Ripple’s XRP was up by 0.44% to $0.43028. In the early hours, Ripple’s XRP rose from a morning low $0.42807 to a high $0.43343 before easing back.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a hold above $0.4270 levels would support upward momentum in the day ahead.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4456.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.44 levels on the day.

Failure to hold above $0.4270 levels could see Ripple’s XRP slide back to sub-$0.42 levels before any recovery.

Barring a broad-based crypto sell-off, the first major support level at $0.4095 would limit any 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

Top Promotions

Top Brokers

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