U.S. Markets open in 8 hrs 13 mins

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/11/19

Bob Mason

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC rallied by 4.19% on Wednesday. Following on from a 0.88% gain on Tuesday, Bitcoin Cash ABC ended the day at $305.29.

A mixed start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $290.68 before making a move.

Steering clear of the first major support level at $286.62, Bitcoin Cash ABC rallied to a mid-morning high $307.86.

Bitcoin Cash ABC broke through the first major resistance level at $298.69 and second major resistance level at $304.6

A pullback through late morning saw Bitcoin Cash ABC fall back to sub-$298 levels before finding support.

Through the 2nd half of the day, Bitcoin Cash ABC broke back through the first and second major resistance levels to wrap up the day at $305 levels.

It was the first closeout at $300 levels since late September.

At the time of writing, Bitcoin Cash ABC was down by 0.08% to $305.04. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $306.06 before falling to a low $304.29.

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

For the day ahead, a move back through to $306 levels would support a run at the first major resistance level at $311.87.

Bitcoin Cash ABC would need the support of the broader market to break out from Wednesday’s high $307.86.

Barring a broad-based crypto rally, however, resistance at $310 would likely limit any upside.

Failure to move back through to $306 levels could see Bitcoin Cash ABC fall deeper into the red.

A fall through to $301.2 levels would bring the first major support level at $294.69 into play.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer clear of sub-$290 support levels.

Litecoin Struggles to hold at $64

Litecoin rose by 1.55% on Wednesday. Following on from a 2.85% rise on Tuesday, Litecoin ended the day at $64.16.

A bearish start to the day saw Litecoin fall to an early morning intraday low $62.59 before finding support.

Steering clear of the first major support level at $61.23, Litecoin rallied to a mid-morning high $63.94.

Falling short of the first major resistance level at $64.64, Litecoin fell back to sub-$63 levels before finding support.

In the second half of the day, Litecoin rallied to a late intraday high $64.31. In spite of the late rally, Litecoin came up short of the first major resistance level at $64.64. It was, however, Litecoin’s highest end of day price since 23rd September.

At the time of writing, Litecoin was down by 0.19% to $64.04. A bearish start to the day saw Litecoin fall from an early morning high $64.32 to a low $63.84.

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

For the day ahead, a move back through the morning high $64.32 would bring the first major resistance level at $64.78 into play.

Litecoin would need the support of the broader market, however, to break out from $64.3 levels.

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

Failure to move back through the morning high could leave Litecoin struggling through the day.

A fall through to sub-$63.70 levels would bring the first major support level at $63.06 into play.

Barring an extended sell-off, however, Litecoin should steer well clear of the second major support level at $61.97.

Ripple’s XRP back at sub-$0.31

Ripple’s XRP rose by 3.07% on Wednesday. Following on from a 0.37% gain on Tuesday, Ripple’s XRP ended the day at $0.3109.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.29778 before finding support.

Steering clear of the first major support level at $0.2963, Ripple’s XRP rose to a mid-morning high $0.30341.

Falling short of the first major resistance level at $0.3068, Ripple’s XRP fell back to sub-$0.300 levels.

A late rally delivered the upside on the day. Ripple’s XRP broke through the first major resistance level at $0.3068 and second major resistance level at $0.3120 to strike a late intraday high $0.3141.

Whilst easing back late in the day, Ripple’s XRP held onto $0.31 levels.

At the time of writing, Ripple’s XRP was down by 3.51% to $0.30000. A particularly bearish start to the day saw Ripple’s XRP fall from an early morning high $0.3150 to a low $0.29623.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.3011.

For the day ahead, a move back through the first major support level would signal the start of a rebound.

Ripple’s XRP would need to break through to $0.3080 levels, however, to move back through to $0.31 levels.

Barring a broad-based crypto rebound later in the day, Ripple’s XRP would likely fall short of the first major resistance level at $0.3174.

Failure to move back through the first major support level could see Ripple’s XRP slide deeper into the red.

A fall back through the morning low $0.29623 would bring the second major support level at $0.2913 into play.

Barring a meltdown, however, Ripple’s XRP should steer clear of sub-$0.29 levels.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: