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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/06/19

By:
Bob Mason
Published: Jun 24, 2019, 02:07 UTC

The majors hit reverse at the start of the week. Moves through the mid-morning will be key.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Eases Back

Bitcoin Cash ABC fell by 1.67% on Sunday. Partially reversing a 9.93% bounce from Saturday, Bitcoin Cash ABC ended the week up 11.22% to $474.45.

A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $498 before hitting reverse.

Falling short of the first major resistance level at $519.93, Bitcoin Cash ABC fell back to a morning low $472.05 before finding support.

Bitcoin Cash ABC recovered to $493.66, late in the day, before sliding back to an intraday low $470.00. Bitcoin Cash ABC steered well clear of the first major support level at $435.84 on the day.

At the time of writing, Bitcoin Cash ABC was down by 1.49% to $467.37. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $473.78 before falling to a low $460.78.

The pullback saw Bitcoin Cash ABC fall through the first major support level at $463.63 before finding support.

For the day ahead, a move back through the morning high $473.78 to $480 levels would support a run at the first major resistance level at $491.63.

Bitcoin Cash ABC would need support from the broader market, however, to break out from $480 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of $490 levels on the day.

Failure to move back through the morning high to $480 levels could see Bitcoin Cash ABC fall deeper into the red.

A fall back through the first major support level at $463.63 would bring the second major support level at $452.82 into play.

BCHABC/USD 24/06/19 Daily Chart

Litecoin Stumbles

Litecoin slid by 3.34% on Sunday. Reversing a 1.6% gain from Saturday, Litecoin ended the week down 0.25% at $136.66.

Bearish through most of the day, Litecoin fell from an early intraday high $142.2 to a late morning low $139.0 before finding support.

Steering clear of the major support and resistance levels, Litecoin hovered at around $140 before a late sell-off. The sell-off saw Litecoin slide through the first major support level at $137.35 to a final hour intraday low $135.2.

At the time of writing, Litecoin was down by 1.28% to $134.91. Tracking the broader market, Litecoin fell from a morning high $136.66 to a low $133.21.

The early sell-off saw Litecoin fall through the first major support level at $133.84 before finding support.

For the day ahead, a move back through the morning high to $138 levels would support a run at the first major resistance level at $140.84.

Litecoin would need support from the broader market, however, to break out from $138 levels.

Barring a broad-based crypto rebound, the first major resistance level at $140.84 would likely limit any upside on the day.

Failure to move through to $138 levels could see Litecoin struggle through the day.  A fall back through the first major support level at $133.84 could bring $132 levels into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $131.02.

LTC/USD 24/06/19 Daily Chart

Ripple’s XRP back at sub-$0.46 Levels

Ripple’s XRP fell by 1.5% on Sunday. Partially reversing a 7.15% rally from Saturday, Ripple’s XRP ended the week up 9.9% to $0.47086.

A bullish start to the daw saw Ripple’s XRP strike an early intraday high $0.49328 before hitting reverse.

Falling well short of the first major resistance level at $0.5109, Ripple’s XRP fell to a late morning low $0.47 before recovering to $0.489 late in the day.

A final hour sell-off saw Ripple’s XRP slide to an intraday low $0.46506 before recovering to $0.47 levels.

In spite of the late pullback, Ripple’s XRP held well above the first major support level at $0.4441.

At the time of writing, Ripple’s XRP was down by 3.09% to $0.45632. A particularly bearish start to the day saw Ripple’s XRP slide from a morning high $0.47046 to a low $0.44627 before steadying.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4595 and second major support level at $0.4482.

For the day ahead, a move back through the morning high $0.47046 to $0.4770 levels would support a run at $0.48 levels.

Ripple’s XRP would need support from the broader market, however, to break through the first major resistance level at $0.4877.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of Sunday’s high $0.49328 on the day.

Failure to move back through the morning high $0.47046 to $0.4770 levels could see Ripple’s XRP see heavier losses.

A fall back through the second major support level at $0.4482 could bring $0.43 levels into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer clear of the third major support level at $0.4200.

XRP/USD 24/06/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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