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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/08/19

Bob Mason

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC rallied by 2.54% on Monday. Following a 0.09% fall on Sunday, Bitcoin Cash ABC ended the day at $345.28.

A particularly bullish morning saw Bitcoin Cash ABC rally from an intraday low $336.71 to a late morning intraday high $345.99.

Bitcoin Cash ABC broke through the first major resistance level at $340.65 and second major resistance level at $344.60.

The third major resistance level at $354.87 capped the upside on the day. A choppy afternoon saw Bitcoin Cash ABC pullback to wrap up the day at $345 levels.

At the time of writing, Bitcoin Cash ABC was down by 2.37% to $337.08. A bearish start to the day saw Bitcoin Cash ABC slide from a morning high $349.91 to a low $337.08.

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

For the day ahead, a move back through to $345.66 would support a run at the first major resistance level at $354.61.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $345 levels.

Barring another broad-based crypto rally, Monday’s high $354.99 and first major resistance level would cap any upside.

Failure to move back through to $345.66 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the first major support level at $336.33 would bring sub-$330 levels into play before any recovery.

Barring an extended crypto sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $327.38.

Litecoin Sees Red after Halving

Litecoin rallied by 5.33% on Monday. Reversing a 1.38% fall from Sunday, Litecoin ended the day at $97.9.

A bullish morning saw Litecoin rally from an intraday low $92.98 to a late morning intraday high $107.04.

Steering clear of the major support levels, Litecoin broke through the major resistance levels and 38.2% FIB of $99.

Litecoin’s 2nd visit to $100 levels in the month was short-lived, however. A pullback through the 2nd half of the day saw Litecoin fall back through the third major resistance level at $101.29.

More significantly, Litecoin was unable to hold above the 38.2% FIB of $99.

At the time of writing, Litecoin was down by 3.04% to $94.92. Tracking the broader market, Litecoin fell from a morning high $96.48 to a low $93.62 before finding support.

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

For the day ahead, a move back through the 38.2% FIB of $99 would support a return to $100 levels.

Litecoin would need support from the broader market, however, to take a run at the first major resistance level at $105.63.

Barring a broad-based crypto rally, Litecoin would likely come up short of Monday’s high $107.04.

Failure to move back through the 38.2% FIB could see Litecoin struggle on the day. A fall back through the morning low $93.62 would bring the first major support level at $91.57 into play.

Barring a crypto meltdown, Litecoin should continue to steer clear of sub-$90 levels.

Ripple’s XRP Slides into the Red

Ripple’s XRP rose by 1% on Monday. Following on from a 1.01% gain on Sunday, Ripple’s XRP ended the day at $0.3224.

Tracking the broader market through the morning, Ripple’s XRP rallied from an intraday low $0.31921 to a high $0.33196.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.3243 and second major resistance level at $0.3293.

Ripple’s XRP first visit to $0.33 levels since 22nd July was short-lived, with an afternoon pullback limiting the upside on the day.

At the time of writing, Ripple’s XRP was down by 1.28% to $0.31826. Bearish in the early hours, Ripple’s XRP fell from a morning high $0.32258 to a low $0.31762.

The early pullback saw Ripple’s XRP come within range of the first major support level at $0.3171.

For the day ahead, a move through to $0.3245 levels would bring the first major resistance level at $0.3298 into play.

Ripple’s XRP would need the support of the broader market, however, to break out form this morning’s high $0.32258.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.33 levels and Monday’s high $0.33196.

Failure to move through to $0.3245 levels could see Ripple’s XRP take a bigger hit on the day. A fall through the first major support level at $0.3171 would bring the second major support level at $0.3118 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.31 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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